Let's talk about technology!
In the modern age, technology has made everything so much easier. With the challenges brought upon by the pandemic, technology provided a seamless way for people around the world to communicate with each other. Aside from communication, technology has expedited the process of numerous facets of businesses - with real estate and its individual processes being one of them.
The introduction of cutting-edge technologies in real estate promises to change the way business forever is conducted in this age-old industry. The real estate market is a major component of the world's economy, with a global value of over $7,196 billion.
In the past, the adoption of technology in the real estate sector has lagged behind its use in other business sectors such as finance and retail. But now, these issues are fading, and the market has seen an increase in real estate tech in recent years.
Now, big real estate industry players are starting to understand the benefits of investing and using modern technologies.
If you want to learn more about the state of the real estate industry after the pandemic, technology trends in real estate for 2022, and software development trends in real estate, keep reading for three recent trends!
Proptech
Proptech, which is a term coined from the words "property" and "technology", is the application of information technology and platform economics to the real estate industry. It encompasses the various solutions that are involved in the growth of commercial real estate software. Property technology overlaps with financial technology, including uses like online payment and booking systems.
Examples of Proptech include solutions that operate on:
- big data
- artificial intelligence (AI)
- machine learning
- virtual reality (VR)
- augmented reality (AR)
- Internet of Things (IoT)
- 5G
- the Blockchain
As real estate continues to thrive as both a necessity and a form of investment, the Proptech industry shows no signs of slowing down with new generations of consumers and realtors opting for smart solutions that facilitate faster rentals and more convenient living arrangements.
Mobile Applications
One of the best (and most popular) technologies used in the industry are mobile applications. The ones that are used by the vast majority are rental and purchasing mobile platforms.
Prominent examples of these applications include:
- Zillow
- Redfin
- Realtor
- Xome
- Trulia
These applications offer numerous advantages to potential homebuyers and renters who are interested in finding out more information about a property. The databases in these applications are frequently updated, meaning that they provide live, up to date information on homes and apartments that are available on the market, and those that are no longer available on the market.
Consumers who are also interested in selling or listing a property up for rent may also make use of these applications. Some even expedite the process and put you in touch with a real estate agent that may help you seal the deal. If you are someone looking to be more involved in real estate for the years to come, mobile apps are a must.
Real Estate Transaction Management Software
Last but not least, we can’t forget real estate transaction management software, which we here at Transactly make use of. This software enables agents to create, share and electronically sign forms and contracts.
Some popular examples of these include:
- Northspyre
- dotloop
- iHomefinder
- Agora
As a transaction coordination platform, Transactly assists real estate agents in performing everything for contract to close duties, which can not be done without the use of these transaction management software. By making use of these software, we can continue to provide top-of-the-line transaction coordinator services to our clientele.
Transactly is compatible with the tools you already use.
Our transaction coordinators manage your technology and your transactions. You stay compliant, get paid, and have fewer headaches.
Learn more at: https://info.transactly.com/
Thank you to Softermii.com for providing us with the inspiration for this blog post! (Source: https://www.softermii.com/blog/technologies-in-real-estate-proptech-trends-the-changing-industry)
