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Artificial Intelligence Will Revolutionize Real Estate Tech

Nov 11

According to IBIS World Industry Reports ( 2021), the real estate industry is a $35 billion asset and generates more revenue than $1 trillion annually. Until recently, however, venture capital investors have been reluctant to invest in real estate technology. The main reason is that real estate IT systems can be complex and require extensive knowledge of software architecture and cloud computing. Most real estate IT systems applications are proprietary. Venture investors would have to make sure that the system they purchase is compatible with the realty trading platform.

Another reason investors are reluctant to invest in real estate technology is the belief that IT solutions are too expensive and difficult to find. Technology is improving and some new features will be more affordable. A large number of professionals are available to mentor and train technical staff to help them bring real estate technology up to the next level. The result, according to research conducted by IBM's Institute of Business Value, is that today's real estate IT systems have an impact on real estate sales. As an example, luxury properties (urban and suburban) saw a 6 percent increase in sales in the third quarter 2021, compared with the first quarter.

Investing in real estate technology also has the potential to reduce operational costs, because some features of the tech make the property inventory process faster and easier. Such technology includes multi tenant inventory management, real estate asset tracking and property management software. Real estate IT systems also provide real estate industry tenants with online tenant payment options. Software that allows landlords to send information about late rent payments directly from their bank accounts to tenants is one example.

IBM believes that there are many other trends affecting sales processes. One trend, according to IBM, is that consumers are becoming less tolerant of incomplete or inaccurate information. Real estate agents must stay current on market trends, and practices. This way, they can better communicate with clients and represent their interests more honestly.

A trend that is affecting real estate technology trends includes clients demanding instant results. Today's consumers have become more comfortable with the ease of doing tasks online. Real estate business owners feel compelled to invest technology that allows their agents to instantly present options to clients and track listings. Real estate companies can use data from Facebook, Twitter, and Google to integrate data with their clients. This allows agents to share information directly from these social media sites with clients.

Real estate technology sales professionals must embrace mobile technology. Marketers should invest in real estate apps to help clients find properties, schedule showings and contact sales professionals. Real estate apps can be used to enhance real estate marketing and increase customer base. Real estate companies will be able to make more money by incorporating mobile technologies in their Real Estate Standards Organization business plans.