6 Emerging Real Estate Tech Trends

The real estate industry is growing with each passing day. In spite of the setbacks caused by the pandemic, agents and real estate experts found new ways to capitalize on the situation. Recent growth sees the real estate industry valued at $326.5 trillion dollars.

With new trends emerging, real estate agents can help buyers and sellers achieve their goals. That being said, the old trend is being refined while the advancement of technology is paving the way for new ones such as virtual reality and 3D digital twin models.

These are the real estate trends that are shaping the 2020s. 

A new online real estate era

Listing and buying a house has never been easier before. Imagine that you can purchase your dream house from the comfort of your bed or while you are out sipping on a latte. Old catalogs and newspaper listings are slowly but surely fading out in the background, the new online marketplace offers convenience never before seen.

However, finding the best online sources of listing and real estate insights is not easy. For that reason, you can head over to websites such as Wahi and find an all-in-one type of experience. With the help of Wahi’s expertly designed features, you can even calculate your mortgage.

It’s no wonder that going online made real estate more accessible, especially to millennials. However, that doesn’t mean that the older generations can‘t benefit from the wonderfully designed real estate sites that foster real estate knowledge and wise investments.

Augmented reality 

Speaking of convenience, can you imagine viewing a house without even making the trip? A potential real estate investment might be 500 miles away from you, however, that doesn’t mean that you have to waste money on gas to see it.

With the help of virtual reality and virtual reality headsets, you can view any space from the comfort of your home as if you were there. Real estate agents are using this method to showcase properties so that they minimize costs for both parties. 

Virtual house viewing is much safer and more practical. You can feel the aura and essence of the house without getting into contact with anyone. More than 50% of adults in the USA have taken a virtual house tour and 92% of home buyers want to have a full experience before making any purchase decision.

Alternative payments

With each passing year, cryptocurrencies are getting more traction. House sellers in the past were cautious when crypto was the transaction’s currency, however, now the story is different. 

Buying and selling with crypto is much easier than dealing with banks. However, in the future, federal agencies might implement rules that will stabilize crypto payments as well. That being said, you should always be careful when purchasing property with cryptocurrency. Crypto can be extremely volatile and the chances of making a bad investment are not that low.

Digital twins

A digital twin is a digital representation or a virtual copy of a real estate asset. Digital twins allow buyers to view the entire house model and zoom in on the property to see everything in detail. With the help of digital twin technology, home buyers are able to see the entire house model and determine if there are any environmental conditions that could cause damage.

The future of building design could be shaped by digital twin technology. With digital twin tech, real estate developers can keep buildings from collapsing by having all safety information at their fingertips.

Big data

Data warehouses and databases are used to store huge amounts of information about consumer preferences.

Real estate apps based on machine learning models can predict changes to rent rates with 90% accuracy while other property metrics can be predicted with 60% accuracy. This can help real estate agents make sure that they determine which property is best for their clients, regardless of whether the property in question is commercial or residential.

Automation

Real estate is a complex business with many tasks. They can be time-consuming and overwhelming. Automating these tedious and mundane tasks allows realtors to concentrate on selling or buying properties.

Automating tasks that are essential to real estate agencies, such as email processing and sending monthly invoices, can help them save time and money. If you’re a real estate agent looking to increase leads and save money, automation could be the answer.

Final Thoughts

Real estate is an ever-evolving industry that shows no signs of slowing down. The new emerging real estate trends are largely present due to convenience reasons and technological advancement. If you are a real estate agent and these trends aren’t part of your strategy, you are lagging behind the competition.

On the other hand, if you are a home buyer make sure that you are not taking advantage of these trends’ benefits to make sure your investments are sound and backed by facts.