Real Estate and Technology

How Technology Revolutionises the Real Estate Industry?

February 26, 2021

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How Technology Revolutionises the Real Estate Industry?

Technology has been the buzzword in several industries for years. Some ignore it big time, while others take advantage and move towards the goal. Similar is the matter with the real estate industry.

One good example was seen in 2020 when the coronavirus pandemic spread across the country, shutting businesses down, while the real estate market flourished exponentially using technology's power.

Using technology, real estate professionals are better equipped with market knowledge, developing more beneficial marketing campaigns, closing leads, and more.

How technology has boosted the market (especially in the post-pandemic period) is what we'll focus on here.

How Technology Revolutionises the Real Estate Industry?

The real estate market is such a big marketplace. It is almost unavoidable for this industry to refrain from using technology. From simple real estate websites to powerful CRMs, technology has already revolutionised the industry.

Here are more examples where technology proved to be a game-changer for real estate professionals:

Market Knowledge

With just a click of a button, you could see the entire real estate community. What sellers are selling, what buyers are looking for, what industry experts are saying, and more.

Previously, we had to meet all these people to inquire and understand the real estate market and people's opinions. It isn't the case anymore.

This use of technology is most important for those starting a career as a real estate professional.

Lead Generation

How real estate professionals use technology to boost their leads is best understood with a simple example of using social media platforms:

  • By using different analytical tools for social media platforms, realtors could analyze user data. The data could relate to what people want to buy or when to buy. Developing surveys or polls give a large chunk of related data.
  • From the data grabbed using different analytical tools, professionals could generate vital marketing insights and reports.
  • These insights could then be used to develop different marketing campaigns to target the audience.
  • The outcomes of these marketing campaigns would allow real estate agents to close the deals by giving clients what they need.

Market Prediction

Data is crucial for every business today. Single-handedly, data can predict the future and uplift any business.

Real estate is no exception to this. With accurate historical data, real estate professionals can predict real estate trends and could run marketing campaigns based on the season, age group, location, income group, and more.

Furthermore, the data could also help builders launch new projects based on their audience's perspective. For instance, there's a dire need for single-family homes as homebuyers prefer these homes over condos after the country's virus spread.

Keeping this in mind, new development projects are in the pipeline to cater to buyers' needs.

Virtual Tours

Due to the coronavirus pandemic, many real estate professionals uploaded videos and pictures of homes for sale during the lockdown. Some use 3D technology (360-degree view) to take their clients on a virtual tour. 

Some stick to their smartphone cameras to give a virtual tour and set a meeting between the buyer and seller.

Virtual Agents

Virtual agents are automated correspondents, similar to an autoreply to users' emails or messages on Facebook. However, these aren't smart enough to respond to every query.

There are more advanced tools where real estate professionals could build a system of automated customer support facilities. These systems require a list of pre-written replies against typical questions from visitors/clients on their websites or when a potential client sends them a call.

The Bottom Line

Technology is always evolving. No one could live without it. And so, it's better to equip oneself according to the shift and grow with the surrounding.

BungalowFinder has always valued technology, which is why we have shifted to a more advanced CRM-based web portal. We plan to move accordingly to help our clients the best of our services by using the latest technologies. 

If you would like to know how to find your new home, you could either sign up as a new user or contact us directly.