7 Digital Trends Influencing Real Estate in 2023
Over the past few years, technology has drastically changed the landscape of all industries. Although the property and real estate industry is traditionally relatively slow to adopt technology, it has undergone a significant digital transformation recently. Real estate is a highly regulated industry and this long awaited change is necessary to keep up with the rest of the digitally growing world. There are many digital trends, such as artificial intelligence, big data, virtual reality, and internet of things that will greatly influence and affect the industry in 2023.
These trends bring a variety of opportunities for real estate agents and customers to navigate the physical space of the property for sale, as well as the automation of rental and purchasing property platforms. Real estate technology refers to proptech software, tools, apps, and other kinds of technology that improve the efficiency and help facilitate real estate activities, from buying, renting, and managing to marketing and investing real estate.
7 Digital Trends Influencing Real Estate in 2023
- Virtual Reality – Virtual reality in real estate makes the search for property and the buying experience better. It provides a virtual tour of the property. This practice was definitely accelerated by the pandemic. Property owners had to resort to virtual property tours for live showings. The virtual showing provides the potential buyers the opportunity to remotely view the home. Now, buyers and sellers are able to make a deal for the home without even meeting as well.
- AI – Enhanced Analytics – Property investors are able to use enhanced analytics at a rate and speed that were previously unimaginable. The combination of AI and big data have made this possible. Insights can be gained from the data regarding trends in the market, and agents can gain a better understanding of buyers needs. AI is instrumental in providing a better overall purchase experience. AI chatbots help keep agents connected with their clients around the clock. AI personalization helps streamline the home search process in the online real estate marketplace. The system is able to determine the expectations of the consumer and recommends properties accordingly.
- Robotic Process Automation (RPA) – Software is used now to automate manual, repetitive, and rule-based processes and tasks. Data scraping, processing, and other mundane tasks can be automated for efficiency and better quality. Marketing automation enables agents to deliver real-time customized marketing messages during the sales process.
- Blockchain Technology – This trend is growing in the real estate industry. For home buyers it means being able to track the history of a property and its ownership. Blockchain is also helping to lower the rate of real estate fraud and increase compliance. This will lead to minimal tax leaks and better property prices. Blockchain technology is used to optimize property sales, streamline payments, and increase access to real estate funds and investment opportunities.
- Cloud Computing and Storage – One of the top technology trends is migration to the cloud. The cloud allows businesses to store data, such as client or property details, online. This avoids the need to manage onsite data centers or to organize paperwork. This eliminates the need to worry about data security and accessibility, system maintenance, and document storage. Cloud computing allows for flexibility because it allows real estate professionals to access information from anywhere. Agents are more productive, collaborative, and satisfied in their jobs. Additionally, since all of the data resides in the cloud, away from the unsecured network, breaches in security are unlikely to happen. The use of the cloud for storage also enables real estate agencies to cut down on their use of paper.
- Internet of Things – Due to the Internet of Things, technology is all around us in things like windows, doors, light switches, and appliances. Various types of IoT devices and sensors facilitate quick access to information. Voice and speech recognition sensors in virtual assistant devices allow for communication with people and control over smart devices in a home or workplace. Cameras and motion detectors monitor the physical environment of a building and keep it secure. Water pressure and electricity usage can be monitored as well. Data from all of these sensors allow for monitoring of different aspects of a property.
- Drones – Drones allow prospective buyers to view properties they are interested in from an aerial perspective. This allows for a more engaging buying experience and helps buyers make more informed decisions. Drones can also be used for property maintenance. They can take images of otherwise inaccessible areas leading to better property records and property monitoring. Drone images can also enhance marketing of a home.
Technology in real estate is helping to improve the property buying experience for clients, automate building processes, and allow for real estate agencies to make more informed decisions. These technology trends will continue to grow and help real estate agents derive more value from client interactions. However, the technology available will never replace the value of a skilled and knowledgeable real estate agent.
Boyle and Kahoe can help you find the perfect location and housing features whether you are moving to a completely new area or staying close to the office.
Finding a reliable real estate agent and lawyer may help ease the burden of buying or selling your home. Boyle and Kahoe Real Estate was founded in April 2019 by Jessica Boyle Tsottles and Robert Kahoe. The brokerage foundation is based on a strong passion for real estate and helping connect clients to the right properties. Jessica Boyle Tsottles is an experienced Realtor in Harford County, and Robert Kahoe is an experienced attorney focusing on real estate, estates and trusts. Together, the two are blending their vast knowledge bases together in a brokerage that will be able to handle any real estate transaction. Visit https://boyleandkahoe.com/ for more information.