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How Are Emerging Technologies Shaping the Future of the Real Estate Market?

Introduction

According to the National Association of Realtors, 97% of homebuyers have begun to search online for homes, and more than 75% of people use mobile for the same. Several emerging technologies are working as fuel for the excellent future of the Real Estate market.

It is the result of digitizing the real estate business and the optimistic approach of the professionals to bring this sector online. As a result, many people have started to think about developing apps for the real estate business and look for the best real estate app development company that can understand their business objectives.

In addition, due to the Pandemic, sellers and buyers started to use real estate apps for all the property-related works. This is called PropTech (Property Technology) which makes it easy for people to buy, sell, research, and manage properties.

Many apps use emerging technologies and provide facilities like Home Tour, AI Chatbot, Street View, and many other things. You will be shocked by knowing how technologies have changed the real estate sector. Let’s know about the emerging technology below and then its impact.

What Is Emerging Technology?

As the name implies, emerging technologies are those technologies whose potential is still largely unrealized but they are modernizing the different industries impressively. Augmented reality app development is the best example of this type of technology. AR market is expected to grow more than 1.5 billion.

In the same way, Virtual Reality is playing a crucial role in the real estate market. As per the research by Goldman Sachs, VR alone can help to generate around 2.6 billion by 2025. The recent 10% growth in the Real estate agents to use VR and AR apps to show home to the clients is a positive sign that real estate app development is also boosting.

Not only AR and VR but also other emerging technologies are used in the real estate market for the convenience of buyers and sellers around the globe. In 2022, you can see many real estate apps using the latest technologies. So, read about the top 10 emerging technologies of 2022, that can revolutionize the property market and many others as well.

Some of the main technologies are AI, Blockchain, AR, VR, Voice Assistant, and Cloud in real estate. But, not all technologies are used in the real estate industry. So the top mobile app development company Technource researched and found the important ones that are influencing the real estate market. Read them one by one below, and know-how emerging technologies are shaping the future of the Real Estate market.

Which Technologies Are Shaping the Future of Real Estate?

Emerging technology gives an impressive user experience because it is efficient, easy to use, time savvy, and highly productive. Real estate startups can include added features like digital home tours in their apps. It is because around 80% of people book the Home Tour online. So, it will give rise to the revenue who owns the real estate app.

The use of emerging technology is not limited to this, people invest in the real estate market with the Fintech apps. Read the list of technologies shaping the future of the real estate market below.

• AR/VR
• Blockchain
• AI
• Big Data

Have a look at each technology one by one.

AR/VR:

Sometimes back, you had to see the location physically. And if you wanted to buy a home, you had to go to the place manually to check. Now, you can have a virtual tour of the home and see every corner of the house without even going to the place physically. This is all possible because of Virtual Reality.

The Virtual 360 views of the exterior and interior of the property make it easy and convenient for the Realtors, agents, and buyers. Zillow and Trulia apps provide this type of facility. If you want to make this type of website or app, know the cost to develop real estate apps like Zillow & Trulia. So that you can hire augmented reality developers as per your budget.

Blockchain:

You get to listen to several security breaches in buying and selling properties in the new channels. Online transactions seem unsafe to many property buyers and sellers. Likewise, they are afraid of spreading their personal information.

Blockchain is a solution to all these issues. It allows secure, transparent, and robust online transactions. Moreover, there is no need for a middleman. The real estate professionals can encrypt (Block) the information strongly in the database (Chain).

AI:

Everyone is busy in this era, and can’t wait for the replies from the buyers or sellers. So, in this case, Artificial intelligence is used to create AI Chatbot. When you hire artificial intelligence developers for building a real estate app, they include a Chatbot that automatically replies to the queries of the customers.
In the same way, Voice assistants also provide help to the customer for their general queries. A custom AI Chatbot for Real Estate businesses is available 24/7 for instant replies. An increase in the leads can be seen due to the AI use in the real estate website and apps.

Big Data:

Realtors can accumulate the real estate data with the help of Big data in real-time. It emperors the professionals, investors, and companies to do an accurate risk assessment. The professionals can analyze the data related to property and predict the real estate values.

According to Mckinsey, big data is transforming the future of the real estate market because data prediction and identification are easy now. Moreover, the decisions on capital expenditure and the effect of traditional market analysis on the same are possible with big data.

So, these are the top tools and technologies to be used in 2022. If you also have a plan to develop an app or website for the real estate business, you must know how it can help you. Read about the same below.

How Useful Are Emerging Technologies in Real Estate?

Till now, you have read that emerging technologies can impact the future of the real estate market. Now you will know how these can do the same. Below you will know how useful are the emerging technologies in the real estate industry. So, that you don’t get confused to hire reputed web development company for your idea.

• Automated Rental & Purchasing Property
• 3D Virtual House Tours
• Conversational AI
• Navigation & Street View
• Cost & Mortgage calculation
• AI Chatbot
• Real-time messaging

Scroll down to know about each benefit in detail below.

Automated Rental & Purchasing Property:

You have to manage several documents relate to property, in this case, security and management is the big issue. Buildium is an example of an app to resolve this type of issue. The owners can control every aspect of their business from anywhere.

3D Virtual House Tours:

Now, the buyers don’t have to go to the site to take a house tour. They can do it virtually with the help of a 3D virtual house tour. So, this technology saved the real estate market from failing in the Pandemic. Likewise, searches for the real estate app development company also increased.

Conversational AI:

If you are busy and can’t reply to the customer, Coversional AI will do this for you. Today, when people hire AI developers, they ask for the AI chatbot also. It is because conversational AI has proved immensely helpful to real estate professionals.

Navigation & Street View:

You can have a street view and find the location easily before buying a house. Even, with the help of navigation and real-time images, you can get regular updates on the development of your house. It reduces the headache of real estate agents as well.

Cloud Integration:

Cloud is one of the crucial technologies as this is used in various ways in the real estate industry. From making processes easier, fast, secure to renewing the lease with a tenant, it works everywhere. So, this one from the emerging technologies in 2022 can make your work easy.

Now, you must have understood how beneficial are the emerging technologies in the real estate market. But, you should know one more thing, UUI/UX designs must be attractive because users interact with the design of the app or website before they take services.

For an impressive website or app, know about the web design trends. So that you can use them in your web or app and give the best in class experience to the users. If you want to know the real estate apps, know them according to their types below.

Types of Real Estate Apps & Websites

Here are the important types of real estate apps and websites. Examples are also included to help you know better and get an idea for your app development.

• Renting
• Property Management
• Home Value
• Property listing
• Auction

Renting:

You can rent using this type of app without any hassle. You will not have to find the tenants physically, they can contact on this type of app.
Example: Apartments.com.

Property Management:

From buying, selling to renting, you can manage the property as well. Zillow and Hommati are the best examples of this type of app. Moreover, you can have AR home tours as well.

Home Value:

You can browse for a home tour, apartment, and house for sale. And find values as per your budget using an app or website.
Examples: Trulia, Redfin.

Auction:

The app type implies you can use it for Auction purposes. Before buying, you can have a 3D street view and see the images of the place.
Example: Xome Auctions.

You can notice in these apps AR/VR technology is used widely. So, if you also want Augmented reality development in your app or website, find skilled developers.

Wrapping Up

Emerging technologies are proving effective in all the sectors and real estate is also not devoid of it. Technource provides you with skilled developers who use the latest technologies in your app or web development. You can have a robust and scalable AR/VR app under your budget to increase the leads.