The real estate industry has finally caught on when it comes to technology. The industry as a whole has seen technological advancement in many different areas, including how people search for available properties. According to the National Association of Realtors, more than 44 percent of people search for a property online. Today, we will explore three tech innovations and updates in the real estate industry that have taken hold during the pandemic.
Virtual Reality Allows for Remote Tours of Homes
Searching for a property online has become so effective because of virtual reality. Now you can tour homes that interest you without leaving the comfort of your own home or office. Virtual tours include pictures and video walkthroughs.
Virtual reality makes it easy for those moving cross-country to find a home without traveling ahead of time. It also keeps homebuyers, sellers, and agents safe in the middle of the pandemic. The National Association of Realtors report that 87 percent of people find photos helpful and 46 percent find virtual tours helpful.
In this category is the use of drones to create panoramic views of properties. Drone photos and videos of homes and commercial properties make it easier for potential buyers to see the size of the property before requesting an in-person tour or making an offer.
Customer relationship management (CRM) software is vital to the real estate industry. Agents lives are made much easier when using CRM software and for various reasons, including the following:
- A contact management system
- Third-party application integration
- List management
- Compatibility with mobile devices
- Drip marketing capabilities
Machine Learning Algorithms
Business intelligence is a major innovation in the real estate industry. Machine learning algorithms allow real estate agents to better understand the preferences of clients in terms of the size and type of dwelling in which they are interested. These algorithms can also help predict changes in rates for rent with 90 percent accuracy, according to research conducted by Better Estimate.
The pandemic has forced the real estate industry to adapt in order to meet health guidelines. Those adaptations have come in the form of technological advancement in machine learning algorithms, CRM software, and virtual reality.