How Does Tech Affect the Real Estate Industry?

    Constantly growing numbers of the world’s population expanse make the real estate industry only more and more in demand on a global scale. This specialized field is striving and active as ever and, currently, a variety of software solutions is used to optimize the day-to-day workflow of busy real estate experts. Let’s discuss which exactly are commonly used nowadays below.

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    Top 5 Real Estate Efficiency-Boosting Solutions

    The following four tech concepts are all the rage in the realty niche right now and they will stay as such for some time to come.

    1. 3D builders.

    An interactive tour is one of the best ways to demonstrate a real estate object of any kind (be it a commercial, living or manufacturing area), allowing potential buyers and renters to take a remote, yet thorough look at each nook and cranny of the housing space they are about to buy/rent. Every other realty object is replicated as a 3-dimensional virtual model that can be used for a vivid client presentation or for a careful delineation of important working moments in terms of construction. Additional, diversifying functionality will only do good within such solutions. For instance, you can let users put down the work scheduling data, providing them with a full-blown 4D interactive builder (the fourth dimension here is time). As an option, you can go further and develop a 5D project, offering users an ability to calculate the related realty costs inside a solution, or even a 6D project where models can be corrected and updated during the construction process.

    2. Self-driving vehicles.

    Pilotless drones – yet another technological concept to enter the real estate industry and give it a respective efficiency boost. Drones are awesome at taking the photo and video footage from unattainable heights to later demonstrate a realty object from different angles and display a building in close detail, which is especially relevant during the large-scale object building. All that, in turn, significantly lowers workforce expenses as well as human resource requirements.

    3. Augmented reality (AR) and virtual reality (VR).

    These two technological concepts are currently pretty actively used in retail to provide new vivid customer impressions. Augmented reality combines virtual elements with the real environment, allowing realty agents to personalize customer experience using intelligent analytics. Moreover, AR can be integrated with solutions that process the Big Data – such a combination will help retailers understand customer needs better and implement the notorious individual client-oriented approach.

    4. Smart interactive systems.

    Robotics and artificial intelligence-based products are also quite actively and usefully involved in the real estate industry. Interactive systems provided in the form of public access software allow clients to go through the assortment of existing retail offers, compare prices on the market, and read through descriptions of objects they are interested in. As for robotics – robotized and automatic equipment processes will be of the most use in construction, when it comes to building elements that pose danger for human workers (especially, if we are talking about the high-rise construction).

    5. Big Data.

    By its definition, data becomes ‘big’ when legacy systems can’t cope with efficiently processing it. Processing it allows getting insights into a variety of things, from your customers to your company’s spending. Big Data reshapes a number of industries, and real estate is one of them. How does it benefit real estate companies? First of all, it allows personalizing marketing messages, thus making targeting more accurate, as well as upselling and cross-selling – more efficient. Apart from this, Big Data powers predictive analytics for smart interactive systems and employee management systems.

    Summary

    The mentioned above most commonly used new technological concepts are not exactly innovational – they are more at the stage of active full adaptation to the industry. This does not make them less important in terms of the major benefit for the industry, however. Besides, these five technologies are not the only ones shaping the real estate industry today – there are also artificial intelligence and machine learning, blockchain, and more. And planning to create your own piece of software to make the real estate easier for specialists or enter the arena yourself, you should definitely check out what the Artelogic have to offer in terms of real estate software development.

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