Are you struggling to face the many obstacles in the Real Estate sector? Increasing expenses, volatile markets, and intricate asset management are merely the start. Clients also anticipate smooth experiences—no lags, no interruptions. Is SAP for Real Estate the answer?

The Real Estate Industry is evolving—are you adapting? Sticking to outdated processes is a one-way ticket to falling behind.
This is where SAP for Real Estate changes the game. Consider it your comprehensive control hub. It simplifies processes and consolidates finances. Apart from that, it automates property administration while providing real-time insights.

What is SAP in Real Estate?

SAP for Real Estate is a turbocharged ERP system. Do you have to manage commercial buildings, residential units, or vast property portfolios? SAP can empower you to manage all these and more effortlessly.

Everything you need—property management, lease administration, financial tracking, and customer relationships—is integrated into one platform. No more juggling multiple systems. No more drowning in scattered data.

With SAP real estate management, you can:

• Automate workflows
• Track assets with precision
• Make data-driven decisions—all from a single dashboard

Why Real Estate Firms Need SAP Now More Than Ever

The real estate sector is developing at breakneck speed. Conventional approaches aren’t merely old-fashioned—they’re a risk. Real estate companies that do not adopt smart technology may lose revenue, efficiency, and clients to rivals that have already begun the transition. 

Here’s how SAP real estate management tackles the biggest challenges:

Smarter Financial & Lease Management: More Than Just Automation

Managing leases, rent payments, and finances isn’t just about avoiding errors—it’s about unlocking untapped revenue potential.
Most firms depend on reactive financial management, which means they monitor income and expenses after transactions take place. SAP changes the game by integrating lease administration with financial tracking, so firms can:

• Predict lease renewals before they expire
• Optimize rental pricing using market trend analysis
• Automate payment cycles to avoid late fees and disputes

 Real-Time Insights for Smarter, Predictive Decision-Making

Most real estate firms make investment decisions based on historical data or market speculation. The problem? The market shifts too fast for that approach to work anymore.

SAP’s analytics change the game by offering:

• Predictive market trends—helping firms buy and sell at the right time
• Real-time asset valuation—ensuring investments yield maximum returns
• Tenant behaviour insights—allowing landlords to anticipate renewal patterns

Consider this: Would you rather invest in a property based on last year’s trends or based on live data showing real-time demand shifts?
Point to Ponder: SAP doesn’t just provide data—it provides context. Most analytics tools stop at “what happened“. SAP answers “What’s happening now,” and “What should you do next?”

Enhanced Customer Experience & Tenant Management: The Digital Shift

Expectations of tenants have evolved. They seek more than just a space to reside or operate—they desire convenience, digital accessibility, and fluid interactions. 

With SAP’s CRM and tenant management features, firms can:

• Automate maintenance requests—reducing response times significantly
• Offer self-service portals—allowing tenants to pay rent, submit requests, and track updates online
• Use AI-driven chatbots—to handle common queries 24/7

Point to Ponder: Real estate firms often focus on acquiring new tenants but keeping existing ones happy is far more profitable. SAP helps businesses retain tenants by enhancing their digital experience, reducing turnover and vacancy loss.

Future-Proof Scalability: Growing Without Chaos

A growing real estate business faces a unique problem—scaling operations without losing control.

Expanding firms often struggle with:

• Disjointed property management systems that can’t handle multiple locations
• Inconsistent reporting due to fragmented data
• Compliance issues that arise with expansion

SAP solves these challenges by offering:

• A centralized platform—ensuring seamless property tracking across multiple locations
• Automated regulatory compliance—adapting to different state and country law
• Scalable architecture—so you don’t have to switch systems as you grow

Point to Ponder: Growth often leads to operational chaos. SAP enables companies to grow without disrupting their internal procedures, making sure that increasing operations feels just as seamless as managing a single establishment.

In a marketplace where success is determined by efficiency, speed, and decisions based on data, real estate companies cannot depend on antiquated tools.

SAP for Real Estate is more than just a technological enhancement—it’s the foundation of contemporary property management. It empowers firms to:

• Maximize revenue from existing assets
• Make smarter investment decisions with predictive insights
• Improve customer experience and retention rates
• Scale operations seamlessly

So, the real question is: Are you ready to transform your business before your competitors do?

Here’s How SAP Is Revolutionizing Real Estate Management:

Unified Property & Lease Management—No More Juggling Acts

Disorganized lease tracking, delayed billing, and scattered property data cost businesses millions every year.
SAP real estate management simplifies this chaos by:

• Centralizing property data—so you’re always in control
• Automating lease administration—reducing manual errors
• Streamlining billing processes—ensuring you never miss a payment

Stat Check: The global real estate software market is expected to hit $30.45 billion by 2031, fueled by the demand for cloud-based solutions.

Advanced Analytics & Reporting—Because Data Beats Guesswork

Are you making significant investment decisions without real-time insights? That is equivalent to driving blindfolded—sooner or later, you’re bound to crash.
With SAP’s analytics, you get:

• Live occupancy data—so you know exactly when to buy or lease
• Market trend forecasts—helping you make profitable investments
• Automated financial reports—eliminating human errors

Stat Check: North America dominated the real estate tech market in 2023, holding over 56% share—proving that firms investing in analytics are leading the industry.
Point to Ponder Data isn’t just about tracking the past—it’s about predicting the future. SAP doesn’t just report numbers; it connects the dots to help you make smarter moves.

Enhanced CRM—Happy Tenants Stay Longer

Do you know what your tenants want? Not just a roof over their heads. They want seamless digital experiences. They look for quick responses, self-service options, and hassle-free communication.
With SAP’s CRM, real estate firms can:

• Personalize tenant interactions—making customers feel valued
• Automate inquiries and service requests—cutting response times in half
• Boost tenant retention—keeping vacancy rates low

Stat Check: Companies that focus on customer experience see revenues grow 4% to 8% higher than competitors.
Point to Ponder: Most real estate firms obsess over acquiring new tenants but ignore the goldmine they already have. Retaining happy tenants is cheaper and more profitable than constantly finding new ones.

Sustainable Property Management—Because Green Buildings Save More Green

Ignoring sustainability simply means throwing money away.
SAP helps firms:

• Track and optimize energy usage—reducing unnecessary expenses
• Ensure compliance with environmental regulations—avoiding hefty fines
• Implement smart resource allocation—cutting down waste

Stat Check: Buildings account for 40% of global energy consumption, proving the urgent need for sustainable management.

Seamless Integration with Existing Systems—No Overhauls, Just Upgrades

Worried about switching to SAP and disrupting your existing operations? Don’t be. SAP’s modular design means it plugs right into your current systems, making the transition smooth and risk-free.

• Syncs with ERP, CRM, and financial platforms—keeping all data connected
• Minimizes disruptions—so business continues as usual
• Maximizes ROI—because efficiency means higher profits

What Are the Top Most Perks of Using SAP in Real Estate

1. Enhanced Operational Efficiency
   Automates routine tasks. Minimizes human errors and frees up teams to focus on growth.
2. Improved Compliance & Risk Management
   Navigates complex regulations with automated reporting, reducing legal risks.
3. Cost Savings Through Automation
   Reduces operational costs. It does it by optimizing resource distribution and eliminating manual inefficiencies.
4. Seamless System Integration
   Syncs smoothly with existing CRM, ERP, and financial platforms for a hassle-free transition.

How Fingent Helps You Get the Most Out of SAP

At Fingent, we don’t just implement SAP—we tailor it to your business needs. Whether you want:

• Seamless property management
• Robust analytics and reporting
• Better tenant experiences
• Future-proof scalability

Do you want to turn around your real estate business? Do you want it to be a data-driven, highly efficient, and future-ready powerhouse? If so, count on us to help you overcome any obstacles.
The future of real estate is digital. Are you ready?

Let’s Talk!

Contact Fingent today and let’s craft a SAP real estate solution that’s built for your business success. Let’s shape the future—together.

Virtual Reality (VR) has surpassed its gaming origins, becoming a transformative influence across various sectors. Through engaging property tours and rapid decision-making, VR in real estate creates fresh opportunities for buyers, sellers, and developers.

Let’s investigate how this innovative technology is transforming the real estate industry.

What is The Use of VR in Real Estate?

Purchasing real estate can be anxiety-inducing and take a lot of time. It requires endless site visits, travel, and effort to compare options. Conversely, sellers dedicate considerable time and resources to arranging showings.

Virtual Reality (VR) is changing this procedure. The days when buyers depended on fixed images or numerous site visits are over. A VR headset lets them “walk” through properties from home. They can view intricate details and experience realistic layouts. This convenience helps narrow choices and saves time for both parties.

For under-construction properties, VR adds an interactive edge. Buyers can customize lighting, wall colors, and furnishings in real time. They can now visualize their future home like never before. VR eliminates geographical barriers and streamlines real estate. It achieves this by providing engaging, three-dimensional experiences.

What is the Use of VR in Real Estate?

Virtual Reality is transforming the real estate industry. Its new applications assist buyers, sellers, developers, and investors.

1. Virtual Property Tours:

VR lets buyers explore properties from anywhere. It offers a lifelike experience of walking through homes. They can view details, sense the layout, and make better decisions. This avoids the hassle of many physical visits. It saves time and makes it easier for those relocating or unable to visit in person.

2. Staging Properties Virtually:

Setting up physical staging can require significant time and money. Using VR, agents can digitally furnish and decorate properties, highlighting their complete potential. Purchasers can visualize how rooms appear with various furniture designs and arrangements, assisting them in imagining the property as their own.

3. Architectural Rendering:

For future or in-progress projects, VR provides an engaging method to showcase properties prior to their completion.

It offers an immersive way to do this. Developers can create interactive 3D models. Clients can then walk through the project, visualize designs, and customize features like finishes or layouts. This enhances engagement and gives buyers confidence in off-plan purchases.

4. Remote Collaboration:

VR facilitates collaboration among investors, architects, and stakeholders from various locations globally. Immersive models enable them to assess designs, review progress, and provide feedback in real-time. It cuts travel and speeds up decisions. This makes development more efficient.
Integrating VR is boosting the real estate industry. It enhances transparency, ease, and involvement while reducing expenses and labor. It’s a win-win for everyone.

Significance of Embracing VR Technology in Real Estate

In the current competitive landscape, adopting VR technology has become a strategic imperative. The real estate sector is experiencing a significant transformation. AR and VR technologies are expected to reach a market value
of $80 billion by 2025 (Goldman Sachs).

This expansion is part of a pattern. The worldwide AR and VR market is anticipated to hit approximately $369.77 billion by 2032. It will expand at a CAGR of 30.9% between 2024 and 2032.

This growth is inevitable because of the manifold benefits that VR brings to the table by transforming property showcases.

1. Improved Accessibility:

VR removes geographical barriers. It lets buyers explore properties from anywhere. This is especially beneficial for international clients and those relocating from distant cities. Notably, 77% of prospective buyers prefer using VR to view properties remotely.

2. Enhanced Decision-Making:

VR’s 3D experiences immerse buyers. They provide a true sense of scale, layout, and ambiance, reducing hesitation and eliminating guesswork. This approach helps buyers imagine actually living in the space, leading to more confident decisions. This is why 65% of homeowners surveyed believe that VR tours contribute to a better understanding of property layout.

3. Cost Savings:

Virtual staging removes the need for physical furniture rental and setup, while virtual tours reduce the number of in-person visits. For developers, VR eliminates costly physical showrooms by showcasing off-plan properties digitally.

Read more: AR & VR Trends To Transform eCommerce

4. Environmental Impact:

VR reduces travel, so it’s more sustainable. It meets the demand for eco-friendly practices. It also serves as a unique selling point for companies demonstrating environmental responsibility.

How Does Virtual Reality Enhance User Experience?

VR doesn’t just showcase properties; it creates memorable, immersive experiences.

• Interactive Features: Users can move around, zoom in, and explore areas. It offers a hands-on, dynamic experience. This deeper interaction allows users to better understand the space compared to static photos or floor plans.
• Emotional Engagement: Immersive environments evoke a “home” feeling. They let users connect with properties. This helps them mentally visualize their future in the space, increasing their desire to purchase.
• Customization: VR lets buyers test designs, like wall colours and furniture placement. This flexibility boosts confidence. It shows buyers how changes would look. They gain more control over their space.

Benefits of Using VR in the Real Estate Industry

1. Time Efficiency:

Virtual tours let buyers explore many listings in a fraction of the time it would take to visit them in person. This helps busy professionals or clients with tight schedules. It avoids the hassles of scheduling multiple in-person showings. By streamlining the process, VR significantly reduces the time from inquiry to decision-making.

2. Global Reach:

VR tech transcends geography. It lets remote buyers assess properties without travelling. This lets real estate agencies target a broader audience. It includes expatriates, investors, and clients in foreign markets. VR is an invaluable tool for businesses. It can showcase properties to a global clientele. This can help them expand their reach and boost sales.

3. Higher Conversion Rates:

VR immerses buyers. They experience properties as if they were there. This fosters a stronger emotional connection. This “being there” helps buyers visualize living in the space. It boosts their confidence and reduces hesitation. VR speeds up decision-making by providing a realistic, engaging experience. This boosts sales conversions and reduces second thoughts. For instance, agents and brokers utilizing augmented reality (AR) in real estate marketing have observed increased conversion rates of up to 40%.

4. Competitive Advantage:

Using VR tech makes real estate firms innovative and sets them apart from competitors that rely on traditional methods. This tech edge attracts tech-savvy clients and boosts the company’s reputation as a leader in using cutting-edge solutions. Modernizing the property-buying process will build trust and loyalty. Clients will then trust and be loyal to the business. Approximately 70% of top-tier brokers have embraced VR and AR technologies, underscoring the competitive edge these tools provide in attracting tech-savvy clients and enhancing market presence.

The Future of VR in Real Estate

Virtual Reality (VR) is transforming the real estate sector, leading to innovative developments that aim to revolutionize how properties are bought, sold, and developed.

AI-Enhanced Virtual Reality Experiences:

AI combined with VR will offer customized and immersive property experiences. By examining user preferences, AI can recommend properties that match particular needs, such as layout choices, budget limits, or lifestyle demands. This flexible personalization improves the buyer’s experience, making sure they devote less time looking and more time interacting with listings that truly fit their needs.

Integration with AR:

The fusion of Augmented Reality (AR) and VR will produce a blended viewing experience, allowing users to effortlessly alternate between engaging virtual spaces and interactive enhancements in actual surroundings. For instance, purchasers can utilize AR to overlay furniture or design features in a VR-modeled home, enabling a better visualization of how their individual style can change the area. This blend of technologies will make the property viewing process more interactive and practical.

Intelligent Agreements in Virtual Reality:

Blockchain-powered smart contracts will revolutionize real estate transactions within VR platforms. Buyers will be able to finalize agreements in real time, directly within the virtual environment, with automatic updates to contract terms and conditions. These contracts guarantee a significant degree of security and openness, minimizing risks linked to conventional transactions while enhancing the speed and efficiency of the process.
As technology advances, VR in real estate will keep breaking new ground, enhancing customer focus, efficiency, and innovation within the industry. With tailored property suggestions, smooth AR integrations, and safe blockchain transactions, the future of VR is set to provide a revolutionary experience for every participant in the real estate industry.

AR vs. VR: A Look at Both Technologies in Real Estate

While AR (Augmented Reality) adds digital components to the real world, VR surrounds users in a completely virtual setting. Here’s a comparison:

Both AR and VR offer unique advantages, but VR provides a fully immersive solution for remote property exploration.

Challenges of Using VR in Real Estate

Although virtual reality in real estate holds great promise, its extensive use encounters various challenges that must be addressed.

High Initial Costs:

The financial commitment for VR adoption is substantial. Hardware like headsets and sensors, along with the development of high-quality, tailored content, require significant investment. These costs can be prohibitive for smaller businesses or startups, limiting VR adoption’s scalability.

Learning Curve:

Users must become comfortable navigating virtual environments and troubleshooting potential issues. Both agents and clients may require substantial training to effectively use VR tools, which demands time and resources. Without adequate support, the adoption process can be slow.

Internet Dependency:

Smooth VR experiences require high-speed internet for streaming and rendering virtual environments. Poor connectivity can cause delays or interruptions in areas with limited internet infrastructure, reducing the technology’s effectiveness.

Hardware Accessibility:

Not everyone can access the necessary equipment, such as powerful computers or VR headsets. This disparity limits VR’s reach, particularly in developing regions or among individuals with budget constraints.

To overcome these barriers, businesses can use phased rollouts and pilot programs to manage costs, collaborate with tech companies for cloud-based solutions to minimize hardware requirements and offer training for smooth integration. Partnering with internet providers to improve network infrastructure and providing flexible access to VR equipment through rentals or subsidies can also address accessibility issues.

How Fingent Can Help Leverage VR for Real Estate

Fingent focuses on developing customized VR solutions specifically designed for the real estate sector. Utilizing advanced 3D visualization technologies, Fingent enables developers, agents, and buyers to participate in a fluid and immersive property encounter. From virtual staging to remote tours and architectural visualization, Fingent guarantees that your business remains at the forefront of this technology-focused age.

Elevate your real estate business with Fingent’s cutting-edge VR solutions.

Conventional property brochures are as antiquated as dial-up internet. Today’s smart clients seek more dynamic interactions, engaging visuals, and an experience that ignites their imagination right from the get-go. Here’s introducing AR for real estate!

Augmented Reality (AR) is a technology transforming the real estate industry. It is the digital superhero that saves you from dull sales pitches and opens virtual doors to unforgettable experiences.

The global AR market is exploding! Valued at $62.75 billion in 2023, it’s forecasted to skyrocket to $1,869.4 billion by 2032, with a jaw-dropping annual growth rate of 45.4%. In short, AR for real estate isn’t just the future—it’s a billion-dollar revolution in the making.

What does AR Mean in Real Estate?

What is AR in Real Estate? Picture this: your client is on their couch, wearing pajamas, yet they’re walking through a chic penthouse or visualizing furniture arrangements. That’s Augmented Reality for real estate, blending the physical world with virtual magic. AR apps layer 3D visuals over the real world, making properties come alive before a single brick is laid. AR for real estate transforms how stakeholders interact with properties. This enhanced interactivity fosters better decision-making and emotional connections to properties.

The Bottom line: The emotional connection AR fosters is critical. Buyers can “feel” a home through virtual staging or immerse themselves in potential layouts, which traditional brochures or 2D photos can’t replicate. Agencies that capitalize on this psychological engagement see a direct boost in inquiries and closures.

Why Does Your Agency Need AR?

Beyond the wow factor, AR solves real problems. Got a hard-to-sell fixer-upper? AR can show clients its potential – fully renovated. Working with international buyers? Let them tour properties without the plane ticket. And don’t forget the brownie points for being that agency—the one with cutting-edge tools that make competitors look outdated.

How AR can Supercharge Your Sales

Agencies using AR for property marketing have seen conversion rates jump by up to 40%. Let’s consider some ways in which AR can improve sales.

1. Virtual Staging Without the Hassle

Why spend on physical staging when you can do it digitally? With AR, clients can swap out furniture and even experiment with wall colors, all through an app.
Using virtual staging can cut staging costs by as much as 97%, making it a game-changer for agencies. Instead of spending on furniture rentals and physical setups, agencies can digitally transform empty spaces, creating visually appealing designs at a fraction of the cost.

2. Interactive Tours Anytime, Anywhere

What’s better than an open house? A 24/7 open house. AR tours let clients explore properties from their phones. Perfect for buyers who are always “too busy” or live three time zones away.

3. Create Buzz with AR Campaigns

Want to go viral? Use AR in ads. Let clients drop a 3D property model into their backyard or preview future developments in real-time.

4. Make Complex Data Simple

Is the client worried about the surrounding infrastructure? Overlay future schools, parks, and transit routes onto maps using AR, turning confusion into clarity.

The Takeaway: Aside from dazzling clients, AR simplifies your workflow. It reduces staging costs, accelerates decision-making, and eliminates the need for endless showings.

If you want to stay ahead in the fiercely competitive real estate market, AR isn’t optional—it’s essential. From captivating listings to confident closings, Augmented Reality for real estate is transforming how agencies operate.

Key Applications of AR in Real Estate Development

AR doesn’t just add the trimmings—it delivers measurable benefits. Agencies using AR can offer clients unparalleled convenience and transparency. For instance, AR-enabled property listings reduce site visits and help focus on serious buyers. Agencies that embrace AR report quicker sales cycles and stronger customer satisfaction. Here is how:

1. Site Visualization

With AR, developers and planners can overlay proposed buildings onto real-world settings to evaluate aesthetics, sunlight exposure, and urban integration. This capability is particularly useful during community planning to gain stakeholder buy-in.

2. Virtual Property Tours

AR transforms remote buying. Clients worldwide can explore properties interactively, cutting down logistical hurdles and allowing agencies to expand their reach internationally.

3. Architectural Collaboration

Designers use AR to test concepts onsite. For instance, architects can project design elements onto construction sites to visualize how features integrate with the environment, reducing costly post-construction adjustments.

4. Marketing and Pre-Sales

AR enables developers to promote yet-to-be-built properties with dynamic 3D models and walk-through experiences. This innovation increases buyer confidence, especially in pre-sale investments.

Impact of AR on Real Estate Stakeholders

With AR, real estate isn’t just sold—it’s felt, imagined, and brought to life before a single brick is laid. Here are some of the benefits to all stakeholders:

Buyers and Renters

Benefit: AR enhances clarity and trust in decision-making, as buyers can visualize the exact room dimensions and aesthetics.

Example: Renters can preview furnished spaces, avoiding mismatches in expectations.

Real Estate Agents

Benefit: AR tools simplify client handling by pre-qualifying buyers with virtual tours and reducing unnecessary visits.

Example: AR agents report higher retention rates due to interactive property showcases.

Developers

Benefit: AR reduces project costs by identifying design issues early and providing detailed pre-construction previews.

Example: Developers minimize staging and mock-up expenses by showcasing AR-enhanced models instead.

Challenges and Considerations in Implementing AR

Every groundbreaking technology has its hurdles—AR is no exception—but the rewards far outweigh the roadblocks.

1. Cost of Development

Custom AR solutions can be expensive, particularly for small and mid-sized agencies. However, scalable subscription models are emerging to make AR adoption more accessible.

2. Accessibility for Clients

While AR smartphones are widespread, ensuring seamless compatibility and usability across devices is crucial for success. Agencies must also educate clients on using the technology effectively.

3. Integration with Legacy Systems

Incorporating AR into existing workflows and platforms requires training and time, which can slow adoption in traditional agencies.

Future Trends and Innovations in AR for Real Estate

The future of AR in real estate isn’t just bright—it’s transformative, paving the way for smarter, immersive, and boundary-breaking experiences.

1. AR Glasses for Enhanced Experiences

The next wave will likely include AR glasses, allowing clients to visualize properties while onsite without relying on screens.

2. AI-Driven AR

Artificial intelligence will supercharge AR’s ability to tailor experiences based on user preferences, offering hyper-personalized property suggestions.

3. Blockchain Integration

Blockchain could ensure secure property transactions through AR platforms, making deals more transparent and faster.

4. Expansion into Metaverse Real Estate

With metaverse development accelerating, AR could bridge physical and virtual real estate markets, opening up new sales channels.

Embrace AR and Transform Viewers Into Buyers

For real estate agencies, AR for real estate is no longer a luxury—it’s a necessity. It’s time to embrace AR, turn your listings into interactive adventures, and transform curious viewers into committed buyers. As the technology evolves, agencies that adopt it early will be the leaders shaping tomorrow’s real estate market.

Ready to be the agency everyone’s talking about? Start using AR today and turn “maybe” into “sold” faster than you can say “Augmented Reality!”

Forget traffic, forget half-done sites and their hazards—walk through the property of your dreams without leaving your couch. Now that’s an experience your clients will appreciate! It’s just them and their vision translated like crystal. Well, it’s not a peek into the future—this is augmented reality in real estate today.

AR is no longer just a gimmick; it has proven to be an innovative technology for real estate leaders in their arsenal at a time when consumers demand immediacy and engagement. This leads you to the question: How can I use augmented reality in real estate to grow my business and make the buyer’s journey better? But get this, there are some real reasons why AR is not just a cool toy but something that will change how you sell properties. This blog will show how to use augmented reality in real estate to reshape your buyer’s journey and boost your sales.

What is Augmented Reality in Real Estate?

Augmented Reality (AR) is a technological integration of the digital realm with our physical surroundings. Buyers can use their smartphone or tablet to see 3D images layered over real-world imagery when viewing a property. For real estate, this could be turning a 2D floor plan into an actual walkable tour. Buyers can enter a completely immersive experience with just one click, regardless of whether the home is finished or in progress.

VR puts users in a digital space, and AR overlays virtual elements on real-world elements. For example, a buyer can visit an unfinished property and view it in a completed format—furnished and decorated the way they would want to live there, with lights on as if they were onsite. This narrows the gap between reality and fantasy, facilitating emotional connections for buyers with a property. Feelings frequently influence purchasing choices.

What are the Advantages of AR for Your Real Estate Company?

Show Properties 24/7—Virtually:

Pictures have limitations. Using AR technology, purchasers can examine all aspects of a property at any time and from any place. It is like a constantly open house, perfect for foreign buyers or individuals with tight schedules unable to make in-person visits. Convenience is crucial, and AR offers plenty of it.

Eliminate Guesswork, Build Confidence:

Buyers frequently have difficulty picturing the appearance of a home that is unfurnished or under construction. Augmented reality eliminates uncertainty by displaying the precise appearance of the completed area to them. It’s similar to owning a crystal ball that turns uncertainty into reality. This assurance prompts quicker decision-making and ensures faster sales.

Personalized Experiences Without the Pressure:

Certain purchasers struggle to imagine how a room will complement their personal style. Are you interested in seeing how the living room appears with a contemporary atmosphere? Done! Looking for something more traditional? Simple. It is akin to trying on various clothes in a dressing room, only for homes. This personalized technique helps buyers stay interested and committed.

Cut Costs Without Cutting Corners:

Conventional home staging is often costly and requires a significant amount of time. AR makes it easier by letting you digitally stage a property with different layouts and styles included. Additionally, by simply clicking a button, customers can change the appearance of a room or the house, providing them with many options without breaking the bank. Sharing these online virtual tours also decreases the demand for in-person visits and expensive marketing materials. Augmented reality in real estate is the rocket fuel for your marketing plan – purchasers will not just notice but also remember your listings.

Reduce Environmental Impact:

Using AR, real estate companies can significantly reduce the environmental footprint of traditional property marketing. With virtual property tours and digital staging, the need for printed brochures, excessive travel, and wasteful physical staging materials is minimized. Buyers can tour properties remotely, cutting down on emissions from travel, while digital interactions replace the need for costly paper materials and staging resources. This saves money and aligns your company with sustainable practices—an increasingly important factor for eco-conscious buyers and investors.

Real-World Applications of AR in Real Estate

AR is not used only for eye-catching advertisements; it is revolutionizing the marketing and selling of properties in innovative and impactful ways.

• Virtual Property Tours: There is no need to spend time driving between various properties. Using AR technology in real estate, buyers can view houses from any location across the globe by simply using their smartphones. Buyers can tour the space and examine the design without entering it.
• Interactive Brochures: Say goodbye to boring paper brochures. AR-enhanced pamphlets enable customers to scan pictures or codes to view 3D models, videos, and pricing information. It’s similar to having a personal real estate advisor conveniently accessible in their pocket.
• Digital Staging: AR in real estate enables buyers to see homes fully furnished and decorated, all without moving a single piece of furniture. Buyers can play around with décor and furniture styles, helping them visualize the space as their own.
• Pre-Construction Sales: It can be difficult to sell homes still in the planning stage. AR technology in the real estate industry enables purchasers to look past the plans and motivates them to invest in your project right away.

Frequently Asked Questions about Augmented Reality in the Real Estate Industry

1. Is AR different from VR in the real estate industry?
Augmented reality overlays digital elements onto the real world, while virtual reality fully immerses users in a simulated virtual environment. AR enhances current components, while VR surrounds you with a different, simulated setting.

2. Do buyers need to invest in special equipment to use AR?
Not at all! Shoppers only require a smartphone or tablet equipped with an app that supports augmented reality. They don’t need expensive headsets or large equipment—just install the app, and they are ready.

3. Does AR have a high price tag for real estate companies?
Although there is an upfront cost for AR technology, it is frequently more economical than traditional approaches such as physical staging or numerous site visits. In addition, AR tools are more cost-effective. Plus, they can be tailored to specific needs.

Ways in Which Fingent can Provide Assistance

At Fingent, we don’t just adhere to tech trends – we establish them. If you’re prepared to integrate augmented reality into your real estate enterprise, we’re available to assist. If you require AR-enhanced property tours, interactive brochures, or compatibility with your current systems, we provide tailor-made solutions to help achieve your business objectives.

What is our objective? To assist in improving the purchasing process, increasing customer base, and speeding up deal closure. Allow us to bring the future of the real estate market right to your front door. Connect with us today!

Close more deals—that’s the goal of real estate marketing and sales. It’s no secret that the real estate industry is highly competitive. How do you survive and thrive? Survival of the fastest seems to be the norm—the fastest to identify potential customers and the quickest to close deals. Can custom real estate software development help master these goals?

This blog is about marrying the two worlds to catapult your real estate business toward success. Stay with us to see how digital technology can help you engage with customers and accelerate the sales process. We will also see the magic of customizing this technology to make your real estate business stay miles ahead of the competition.

How is Technology Changing the Real Estate Market?

The real estate market has seen its share of peaks and falls. The pandemic, in particular, affected real estate sales in an unprecedented way. This called for the adoption of new methods to keep the market afloat. The real estate industry answered the call. It quickly adopted digital tools that have reshaped the real estate business landscape.

Did it make a difference? Yes, it did! A recent report from Coherent Market Insights suggests that the worldwide real estate software market will be worth around US$ 12.44 Billion in 2024, with projections indicating it could rise to US$ 28.63 Billion by 2031, showing a 12.6% CAGR during that period.

Here are some areas where technology has made a major difference to the real estate industry:

1. Automation

Automation has significantly impacted real estate businesses. Scheduling property viewings, mortgage approvals, and digital transaction management are some notable tasks that have been enhanced as a result of automation in the real estate industry.

2. Predictive Analytics

Data generated from property searches across the internet is gold to the real estate industry. It gives insight into buyer patterns and market trends. Deep analysis of this data helps real estate businesses calculate property value, set rental prices, predict where to focus their advertising and so much more.

3. Real Estate Management Software

Real Estate Management software has revolutionized the way properties are managed and maintained. This, combined with the Internet of Things and its arsenal of connected devices has been a boon for property owners.

• Augmented and Virtual Realities have transformed the way properties are viewed and imagined. With features like 3D property viewings and customized layering of interiors and designs, buyers have access to exactly what they want and how they want it.
• Digital Marketing Tools have long replaced flashy signboards. Analyzing customer personas on social media and other platforms has helped create targeted advertising that produces better results.

Clearly, a shift to a tech-savvy approach is helping companies. It optimizes property listings, nurtures leads, and speeds up buyers’ decisions.

Why Do Real Estate Companies Need Custom Software Instead of Commercial Software?

In a sea of real estate businesses vying to stand out from the crowd, the last thing you need is generic commercial software.

Many real estate companies do use commercial software. However, these tools offer standard features that may not cater to the specific requirements of each business. This can lead to inefficiency and missed opportunities. Custom real estate software, however, is built around a company’s workflows, goals, and clients. Here are some key reasons why you should opt for custom real estate software development:

1) Scalability

Commercial options may need costly upgrades and replacements that put an extra load on an already tight budget. But custom real estate software grows with your business, increasing clients and properties at a low cost.

2) Integration

Real estate firms rely on a variety of tools, from CRMs to finance management systems. Custom real estate software development can tailor your solution to integrate with existing tools effortlessly. This ensures smooth operations across departments.

3) Customization

Every real estate business has different modes of operation. Custom real estate software lets you change features to fit in with your marketing and sales strategies.

4) Competitive Edge

A custom platform drives innovation. It gives your business unique features and a distinct advantage that sets it apart from competitors.

How Custom Software Development Can Benefit Your Business?

Custom real estate software development brings several tangible benefits to real estate marketing and sales:

Personalized Client Experience

Research by McKinsey shows that 71% of consumers anticipate personalized interactions from companies. Custom software development helps improve customer experience. Enhanced CRM systems can customize market campaigns to customer preferences. This boosts engagement and leads conversions.

Streamlined Operations

Automating tasks such as managing documents, scheduling appointments and communication saves time and reduces error. This lets sales teams focus on closing deals.

Real-time Data and Insights

Custom software offers instant access to market trends, customer behavior, and property performance. A business can use this data to make better marketing and sales decisions.

Improved Lead Management

Businesses that use effective lead management strategies are known to experience an increase in lead conversion rates. Custom Software speeds up the process. It can track lead sources, buyer interests, and interactions. This lets sales trans-prioritize and nurture the best leads.

Enhanced Security

Information handled by real estate businesses are sensitive in nature. They include personal details, financial documents, and confidential transaction information. This makes security vital.

IBM’s data breach statistical report stated that the average global cost of a data breach in 2024 was USD 4.88 million, marking a 10% increase from the previous year! Custom platforms help combat this issue. They are more secure than many commercial products and can be tailored to provide certain security features. In this way, they protect sensitive client and business data.

Read more: How to Select the Right Software for Property Management?

Common FAQs on Custom Real Estate Software Development for Marketing and Sales

1) How long does it take to develop custom real estate software?

The timeline depends on the complexity of the software, but it can typically range from a few months to a year. Regular consultations ensure that the product aligns with your business goals.

2) Is custom software more expensive than commercial solutions?

Not in the long run. Even though the upfront expenses may be greater, the long-term return on investment is worth it. Tailored solutions are designed with the ability to grow, adapt, and operate more effectively. This makes the custom software more reliable and secure. This in turn translates to greater efficiencies and savings in the long run.

3) What kind of support is required after development?

Support is vital. It manages updates, troubleshoots issues, and adds new features as your business evolves. With a trusted technology partner like Fingent, you can be sure ongoing support is always available.

4) Can custom software integrate with third-party tools like CRMs or marketing platforms?

Yes, custom software can be built to integrate seamlessly with existing platforms, ensuring smooth operations across your tech stack.

Case Study for Custom Real Estate Software Development

Custom real estate software brings tangible benefits to real estate businesses. To demonstrate, here is a look at a custom solution developed by Fingent for a client.

The Challenge

The property management industry is often fragmented. Different operators handle tasks like tenant screening, rent collection, and maintenance as distinct responsibilities. This lack of connection and poor communication caused delays. It made work inefficient and lowered property owners’ returns. The client Colin Brechbill wanted to create a platform that would streamline and centralize all property management functions for better efficiency.

The Solution

Colin teamed up with Fingent to build Rentmoji. It is a cloud-based platform that combines all property management tasks in one place. The system handles leasing, rent collection, maintenance, accounting, and tenant relations. It uses one easy-to-use interface for all of this.
It also offers custom portals for tenants, owners, and vendors. This makes communication more efficient and transparent for all.
Rentmoji goes beyond centralization. It integrates with third-party services, like payment processing, credit checks, and property listings. It also provides mobile apps for field service. They allow real-time tracking of maintenance work.
SSL encryption protects sensitive information. It builds trust among all users of the platform.

The Benefits

Rentmoji helped Colin’s firm work more efficiently. It automated tasks and improved property management. It helped the business grow, adapt, and serve owners and tenants better.

Transform Your Business With Custom Real Estate Software Development by Fingent

Custom software development for the real estate industry is a specialization that we at Fingent are proud of. As in the creation of Rentmoji, our focus is on delivering exactly what our client needs. Our experts call on their technological know-how and their experience to create solutions that are efficient, scalable, and future-proofed.

Our offices are abuzz with technologies like Artificial Intelligence, Machine Learning, Augmented Reality and Virtual Reality, IoT and more. PropTech or property technology, is our forte and we can help you make use of these amazing technologies.

Ready to transform your real estate business with custom software? Let’s talk about how we can help.

August 17, 2024, saw major changes in the real estate policies and practices with the NAR settlement. How will these major regulatory changes govern the agent commission structure? Do these new rules redefine how sellers and buyers approach real estate transactions? Is the real estate market witnessing a major shift? This blog will help you understand the latest real estate regulatory updates, their impact on the market, and more!

About the Recent NAR Settlement

The National Association of Realtors (NAR) oversees hundreds of Multiple Listings Services (MLS) used by real estate brokers in the U.S. as a source of information exchange.

In October 2023, a federal civil jury accused NAR of deliberately inflating realtor commissions. Later in March, NAR agreed to settle the class action. As part of the settlement, NAR formalized major rule changes that could alter home buying and selling in the U.S.

What was the Former Practice?

In traditional practice, when a home was sold, the seller paid a 5% to 6% commission, which was split between the sell-agent and the buy-agent. This practice used to inflate home prices outrageously, as the commissions often got baked into a home’s sale price. So, for a $400K home, a seller would be responsible for paying $24,000 in fees.

Though NAR argued in the class action that these commissions were openly negotiable, it was not so in practice. Also, NAR never used to demand written agreements between buy-side agents and buyers.

What is Going to Change?

NAR’s recent settlement formalized two practice changes on August 17, 2024.

• A seller’s agent is not allowed to advertise an offer of commission to a buyer’s agent in any of the NAR-affiliated MLS listings.
• A buyer and their representing agent must sign a written agreement before the agent shows the buyer a house. The agreement should specify the agent’s compensation.

Changes for Home Buyers

• A buyer must enter a Buyer Representation Agreement with their agent even before the agent shows them a home. Legal representation is mandatory even before you negotiate with your agent.
• Buyers can opt for either an exclusive or non-exclusive buyer agency agreement. An exclusive contract permits the buyer to work only with one agent. A non-exclusive contract authorizes the buyer to work with multiple buy-side agents.
• The buyer agency agreement should detail how the buy-side agent will be paid. Buyers can discuss with their agents beforehand whether the commission is paid from the Seller’s Offer of Compensation (SOC).
• The new rule improves transparency for home buyers. Signing the Buyer Representation Agreement will legalize the process of agent hiring, and buyers will know how much they’re paying for an agent’s services.

Changes for Home Sellers

• The new rule prohibits sell-agents from publishing buy-side commissions on the MLS. Until an offer is discussed and negotiated, the buyer and their agent will not know whether a seller will compensate the buyer’s agent.
• Though the Seller’s Offer of Compensation is not posted on the MLS, sell-agents can still discuss the buy-side commissions with sellers off MLS, through emails, texts, or even their brokerage’s website.
• As mentioned above, new listing agreements will no longer allow sellers to pay the Buyer’s Agent Commission (BAC) directly. However, a seller can offer a SOC, which the buyer can use to compensate their agent, close costs, or negotiate price.

Impact on Realtors and Their Commissions

The new rules would change the way real estate commissions work.

• Home sellers can decide whether to pay the buy-side broker commission and how much they want to compensate the buy-side agent.
• Sellers can no longer publicize buy-side agent commissions on multiple listing services.
• The buyer agreement should clarify what services the agent will provide and what the buyer will pay for those services.
• Before entering into a real estate contract, all parties will know what their respective agent will be paid and who will be responsible for that payment.
• The new law prevents buy-side agents from receiving unfairly high commissions. An agent cannot simply steer a buyer to a particular listing because it has a ‘higher’ offer of compensation. This will enhance transparency and promote fair competition in the industry.

How does the Change Affect Home Affordability?

The new rule indirectly expects that more buyers will come up with cash to pay their own agents. Experts believe that the changes would help consumers in the long run.

Experts say mortgage rates will significantly impact property costs more than a rule change. The rate for an average 30-year fixed mortgage has recently hit 6.50%. So, the right equation that may make up home affordability will be mortgage rates (70%) plus the rule changes (30%).

Things to Keep in Mind When Buying or Selling a Home

• Home buyers: Buyer-agent agreements may vary from state to state and brokerage to brokerage. So, sign any legal contract only after thoroughly reading it.
• Real estate agents: Draft your buyers’ agreements with simplicity in mind. It can stave off potential confusion.
• Home sellers: Sellers can opt out of paying any buyer agent compensation. However, they cannot avoid economics entirely. For example, a buyer can negotiate with you to help cover closing costs.

How can PropTech Help Navigate the Changes?

The historic NAR settlement and the subsequent rule changes are expected to transform the U.S. real estate market like never before. The regulatory changes present unique opportunities for property technology providers.

• Innovation: PropTech developers like Fingent can help build innovative solutions that organize and simplify real estate transactions, cut costs, and improve transparency.
• Compliance: Adapting to the new regulatory requirements may require real estate companies to implement highly compliant and contemporary PropTech solutions.
• Pricing optimization: By using AI to analyze large datasets, we can help you predict upcoming market trends and assess your investment risks. AI can also help define the price of a property by tracking evolving market circumstances.
• More customized services: Real estate agents can use AR and VR to offer highly personalized services to potential buyers. Virtual home tours, interior design simulations, interactive 3D models of homes, etc., allow agents to offer a real concierge service.
• Less paperwork: Blockchain-based transaction ledgers and smart contracts reduce the need for traditional, paper-heavy processes and make your legal documents more secure.
• Effective property listing: Real-time visibility into property listing performance. Appropriate data visualizations allow brokers and investors to make informed decisions.

Complying with the policy and practice changes is mandatory for MLSs owned or governed by the NAR. Customized PropTech solutions help you stay compliant with the evolving real estate regulations. Take the next step by partnering with a reliable PropTech development company. Contact us to learn more.

The implementation and development of immersive digital technologies such as Artificial Intelligence, Augmented Reality, Virtual Reality, Machine Learning, and 3D Configurators have drastically changed the way the world works. These technologies have proven their importance in innumerable fields and applications such as the communication and IT Service industry, Real Estate Industry, Manufacturing Industry, and many more. 

In this article, we will discuss about three of these world-changing technologies and their application in the field of real estate, so buckle up and let’s get started!

AR In Real Estate 

When you own a real estate business you already know that it is an ever-changing business. One day its ways of marketing are traditional and the next to take a 180 degrees turn to a completely modern approach. In this fast-paced industry, the use of Augmented Reality tilts more odds in your favor. Before we move any further let us first reiterate the meaning of Augmented Reality. 

Augmented Reality (AR) is the real-time integration of digital information with the user’s environment in the form of text, graphics, audio, and other virtual enhancements integrated with real-world objects. 

Although the conventional way to purchase property may be exciting, it can also be extremely tedious and time-consuming. The implementation of Augmented Reality has made this daunting process easier and less time-consuming. AR has successfully instigated realtors, builders, and real estate agents to take the leap of faith toward the digital front. With the help of this technology, they can offer better customer experience, faster purchase process, exciting tours, and boost their overall conversion rate. 

Through AR clients can explore several properties and tour these properties virtually with just a few clicks in the comfort of their homes. This magical AR teleportation significantly saves valuable resources of time, energy, and money. If none of these are reasons enough, it also makes the entire process more exciting and fun. 

Read more: Augmented Reality, Virtual Reality, and Mixed Reality detailed with Real-Life Examples!

Top Benefits Of Augmented Reality In Real Estate

1. Time-Saving 

Augmented reality real estate applications show customers information about the building infrastructure, their effective energy rating, panes of glass used, materials used for construction, and even information about the vicinity of schools, hospitals, and community centers around the property. Although the initial installation of AR applications for real estate may cost a lot, in the bigger picture, it saves you money.  MagicPlan is one such app that focuses on generating floor plans from photos helping buyers and tenants get a better sense of how to use the space and meet their needs without wasting much time and money on multiple site visits.

2. Visualization 

Details about building construction can be boring to have to screen through but when you add the element of augmented reality, clients get to emerge themselves into the dimension of the property. This keeps them engaged and interested. Augmented reality applications let the customer view the property from different angles not just the bits that are captured from a camera.  Vera is an apt example. The application can transform buildings into digitally reconstructed buildings from the inside out through highly accurate three-dimensional visualizations

3. Enhance Customer Experience 

With all the above-mentioned benefits, customer experience is already bound to be boosted due to AR. Virtual staging enables customers to customize the interior décor and view finished goods and furniture before putting them in place. The entire experience is guaranteed to boost the client’s level of satisfaction. RealAR, an app transforming 2D floor plans and 3D models into full-blown life-size walkthroughs, gained maximum fame during the pandemic, enabling time-saving and cost-effective floor planning.

VR In Real Estate 

Just like AR even Virtual Reality has set its claws deep into the real estate industry. These two technologies generally go hand-in-hand making them a dynamic power couple. 

Virtual Reality is a computer-generated simulation of any 3D image or environment that is made to be interactive in a seemingly real or physical way by an individual using special electronic equipment, such as a VR helmet. 

VR meets real estate at the intersection called 3D walkthroughs. These walkthroughs are a brilliantly immersive experience that enables customers to interact with the virtual environment and tour the property as if they were actually on the plot. It is no doubt that VR real estate is the next big thing in this industry and almost every VR app development company offers a specific spectrum of services in the virtual reality that cater to real estate segments. VR walkthroughs became famous during the COVID pandemic and have continued to thrive ever since. 

Benefits Of VR In Real Estate 

1. Immersive Property Showing 

After visualizing the property most customers want to interact with it and try to cop a feel of the surrounding, VR comes in handy here. VR’s biggest strength is seen here with its ability to showcase property with a realistic and immersive experience, giving the client a chance to thoroughly explore the property. This sense of realism, familiar physics, and interactive nature unite together to create a truly immersive property showing. Virtual 360-degree walkthrough tours of the interior and exterior of the house without visiting the property in person is one major example of VR utilized for property visits.

2. Virtual Staging And Interior Design 

Virtual staging is essentially being able to adjust the elements in your surrounding and furnish rooms however they like while viewing the property through virtual reality. By letting the customer customize the interior décor and design of the property, VR creates a more enhanced customer experience. VR developers can create enticing features like allowing the user to change the materials in space, try different furniture settings, modify the floor plans, or check the view from innumerable angles. 

3. Collaborative Virtual Meetings And Presentations 

Collaborative Virtual meetings are a method of communication that is technologically mediated and can facilitate engagement in remote and hybrid places. This simply means that customers from all over the world can view the property and interact with the real estate agency to make a purchase through these meetings and presentations. With the assistance of VR, you don’t even have to be in the same country in order to browse for property there. 

Here’s an example of how Virtual Reality has eased campus visits for students, especially for those geographically challenged to explore the various educational options offered by universities.

3D Configuration In Real Estate 

Real estate prices across the world are skyrocketing, and people can’t afford to spend extra money on renovations after a building is raised. If purchasing the right property is challenging, constructing a building that meets all your needs is a bigger headache, but with the help of 3D Collaborative tools, this process becomes seamlessly easy.  

3D visualization tools can assist users in designing digital buildings while displaying and configuring them in real time with photorealistic detail. 

Benefits of 3D Configurations In Real Estate  

1. Customization And Personalization Of Properties

3D Configurators help clients personalize their environment to meet their specific needs and keep the agency more customer-centric. It allows customers to select from a range of customizable options such as flooring, furniture, colors, lighting, and exterior views. 3D configurations are essentially a way to let customers personalize property to their specifications. Enabling 3D views of construction sites and updated reports even before construction starts saves time and money.

2. Real-time Pricing And Cost Estimates 

Detailed 3D configuring can make justifying prices, placing quotes, and ultimately selling property much easier. The 3D configuration also provides clients with a detailed view of a property, enabling them to understand the features and aspects that drive its true value. It gives an overall understanding of special features such as underground parking, nearby schools, fancy landscapes, and more. 

3. Designing And Visualizing Floor Plans 

When you use 3D Configurators your project can be displayed in astonishing detail at any stage of construction. Customers can learn and see everything involved in the project and even take virtual tours around the property. They can visualize the floor plans, project specifications, materials, and much more. 3D visualization allows users to witness photorealistic imagery and enhance the elegance of the property on sale, including its interior and exterior views. Enabling 3D visualization models of real-estate designs helps get a clear idea of what the comp[leted project will look like.

Read more: Leveraging 3D Configurators for Customer Engagement

Integration And Synergy Of AR, VR, And 3D Configuration 

Integration is the combination of various elements to form an efficient system and synergy is formed when multiple systems work together towards a shared goal. When it comes to the above-discussed technologies, the synergy they form together is powerful and has left a strong indentation on the real estate industry. 

1. Combined Applications And Benefits Of AR, VR, And 3D Configuration: 

There are innumerable benefits of AR, VR, and 3D configurations in the real estate industry, such as – familiarity with the property, objective evaluation of the plot, high level of attention to detail, widening global opportunities, and a great marketing tool. 

2. Enhanced Customer Experience And Engagement Through Integration: 

As seen above, all three of these technologies have several strengths on their own, and when integrated, they form a mighty force. This powerful experience is the path to great customer experience and interactions, ultimately leading to increased profits.  

3. Common Challenges Faced In Implementing AR, VR, And 3D Configuration For Real Estate Businesses:

Just as any new development would, even this integrated solution has its fair share of challenges: Cost of implementation, tossing agents out of employment, and the need to educate employees about the management of new technologies. 

How Fingent Can Help

Today’s tech-savvy customers demand prompt responses, service efficiency, and enhanced experiences. To match up with the rising customer demands, Real Estate companies have no option but to adopt modern technology. AR, VR, and 3D Web Configurators are a few modern technologies enabling the Real Estate industry to create new paths of success opportunities.  Fingent’s expertise in the domain has enabled many companies in real estate to innovate for better operations. Our experts use the latest technology to develop custom software solutions that cater specifically to unique property management challenges. Connect with our experts today to learn more about how we can help transform your property management business with custom-built technology solutions. 

According to a 2020 report, 58% of real estate brokers have a clearly defined digital strategy, a figure that represents a 6% increase from the two previous years and thus indicates that an increasingly large percentage of the real estate industry is buying into the concept of digital transformation.

While the real estate industry is — and always will be — centered around interpersonal interactions between buyers, sellers, and agents, technology plays a more significant role in these transactions than ever before. Innovative real estate firms worldwide are leveraging futuristic technology far more frequently, and those that fail to adapt will find it hard to keep up.

Technology such as machine learning (ML) software, artificial intelligence (AI)-powered mobile apps, drones, and augmented reality (AR) solutions are no longer just “nice to have” in the real estate industry. Digital transformation is an inevitability that real estate professionals must embrace if they want to thrive in such a rapidly evolving business space.

Why Digital Transformation Is Inevitable for the Real Estate Industry

While many factors fuel digital transformation in the real estate industry, the most potent catalyst is consumers. Home buyers and sellers have grown accustomed to being able to perform a variety of essential life tasks online thanks to the ever-evolving nature of smartphones and other sophisticated internet-connected devices.

According to a 2022 report, 51% of all home buyers found the properties they purchased via the internet. Another 29% found their dream home with the assistance of a real estate agent, whereas just 4% located the home they eventually purchased via traditional signage.

These statistics indicate that the vast majority of prospective buyers are taking charge in their search for their next home. Real estate agents who want to keep pace must incorporate futuristic technology into their sales models or risk finding it increasingly difficult to provide consumers with the efficient and primarily digital experience they prefer.

Still, the industry is about more than buying and selling homes and real estate technology means more than improving sales. Many property management firms want to leverage technology for payment platforms, leasing and facility management, back office processes, and more. Most important to these management teams is having all those processes in one place.

Read more: Reshaping Real Estate Operations with Fully Integrated End-to-End Software.

Futuristic Technology is Poised to Reshape Real Estate

The real estate industry can solve many existing challenges by embracing digital technologies. From complex workflows brought on by the multitude of activities required of a real estate firm to communication shortfalls, there are many leading technologies that property services can embrace as part of a digital transformation. While there is no single answer, some forms of futuristic technology that are already making a big splash in the real estate industry include:

1. ML and AI

Machine learning and artificial intelligence technologies are true game changers for the real estate industry. They enable real estate agents and brokers to automate redundant tasks, like creating timesheets, filling out paperwork, generating offer documents, or scheduling meetings. Within property management, automation can lead to higher sales volumes, efficient back-office solutions, and a more valuable experience for clients and management teams.

2. Mobile Applications

Real estate agents and property managers are always on the go, and while smartphones help them stay connected to clients and co-workers while in the field, these devices are only as good as the applications installed on them.

With that in mind, many real estate firms are turning to robust mobile applications that are purpose-built for the real estate industry. These applications can enable the performance of a wide array of tasks remotely, including approving documents, sending forms to clients, and much more.

3. All-in-One Property Management Platforms

Traditionally, real estate firms that manage rental properties have done so by using a cobbled-together network of disparate applications. Though that kind of approach works, it is hardly ever efficient or cost-effective. Fortunately, dynamic, all-in-one property management platforms like Rentmoji exist.

Created by Fingent, Rentmoji empowers property managers to govern every facet of property management from a single, user-friendly platform that includes a mobile application. The platform includes a suite of interconnected apps, each of which addresses specific property management challenges and pain points.

With separate sub-portals for tenants, owners, and vendors, the Rentmoji suite provides complete transparency for all parties and makes process automation a breeze. Rentmoji is the reality of futuristic technology for the present.

Read more: How Does The NAR Settlement Reshape the U.S. Housing Market

4. Drones

Drones enable real estate agents to capture aerial pictures of a home and property to provide a more comprehensive overview of each listing. Unique and captivating aerial drone photos on an online listing will help real estate agents make the properties they are selling stand out. In addition, multiple listing service (MLS) reports that properties with drone images in the United States are 68% more likely to sell.

Agents can also use drones to help assess property lines, landscapes, and potential maintenance concerns. Real estate agents and property managers can then use this information to help clients make informed purchasing decisions or evaluate upkeep issues.

5. AR/VR Technologies

Virtual reality (VR) and AR technologies benefit firms that sell yet-to-be-completed homes. Agents can use these technologies to give buyers a sneak peek of a home before it is built, and these digital images can help agents close more deals and bring customers’ vision of their dream home to life much more quickly as a result.

AR and VR technologies can also be used to digitally stage properties, an approach that is much more cost-effective than bringing furniture in just to stage a vacant home. Staging properties with AR/VR tech makes vacant homes more appealing and can thus speed up the selling process.

Read more: Augmented Reality and Virtual Reality: Transforming The Real Estate Industry!

How Fingent Can Help Real Estate Firms Embrace Digital Technologies

If you operate within the real estate industry and want to gain a definitive edge by investing in digital transformation, Fingent is here to help. We create customized, futuristic technology that is tailor-made for the needs of your business.

We understand the challenges that affect the real estate industry. You’re seeking solutions to marketing challenges that help you stand out against the growing competition, and your business wants to adapt to evolving tech trends. We have a track record of solutions that are here to help.

Our custom software development professionals have created numerous real estate software solutions for clients that engage in every facet of the industry, from single-family residential sales to commercial property management.

To learn more about how Fingent can help you step into the future, contact our team today to schedule a consultation.

Call it the innovation driver or the disruptive power, PropTech – the intersection of property and technology – has massively influenced real estate in recent years.

More than two-thirds of real estate players consider adopting new technology solutions as a strategic priority to survive and thrive in the post-pandemic era. While tech-driven innovation is crucial, the biggest challenge faced by real estate investors and property managers is to identify and implement the tech solutions that fit their purpose.

If you’re a property business trying to meet your expectations with the right PropTech, here’re a few solutions to focus on.

Read more: Reimagining Real Estate Operations with Fully Integrated End-to-end Solutions

Solving Real Estate Challenges with PropTech: Real-life Examples

Managing leads, arranging site tours, estimating prices, maintaining properties, handling documentation, and collecting payments are some of the major challenges hindering property management companies from scaling and growing their revenue. With the right PropTech adoption, you can mitigate them. Here’s the proof:

1. Property Listing

Keeping consistently accurate data across multiple property listing sites is a major challenge confronted by real estate aggregators. Equally important is to review the property’s performance across various listing sites.

The Challenge:

A US-based investment brokerage firm had a tough time getting real-time visibility into the performance of Commercial Real Estate (CRE) property listings. This affected their brokers’ productivity as they weren’t able to match properties to investors’ expectations. Even though the firm manages plenty of property data, legacy technology prevented them from making any gains out of it.

The Solution:

Thanks to predictive analytics and data visualization! Today, they’re realizing the benefits of data-backed decisions. With a cutting-edge net lease trading platform that leverages these tech innovations, the company is now able to personalize property and seller dashboards, track 1031 exchanges, compare listings, and help investors make better decisions.

Click here to read the full story. 

2. Property Visits

Offering a safe and satisfying visitor experience to customers regardless of where they’re located is a crucial requirement in today’s competitive real estate market. There is an increasing demand for self-guided 3D virtual home tours and property visits, self-showing real estate apps, VR-powered property expos, and virtual staging tools among others. All these heavily influence buying decisions.

The Challenge:

Chasing a huge number of leads looking for leased properties and managing peak season demands were two of the major challenges that hit a leasing property management firm’s day-to-day operations. Showing vacant properties to clients across various locations via a self-guided application was an important step in connecting them to the right rental properties.

The Solution:

With an IoT-enabled self-showing application, the realtor could now virtually take visitors through vacant properties. As IoT helps consolidate discrete data from various software, the realtor could reduce unwanted overheads, minimize hardware investment, eliminate overlapping site visit schedules, and manage the growing number of leads effectively.

Want to learn more about the self-showing PropTech app? Click here. 

3. Property Management Automation

Are your business development plans taking backstage due to a lack of automation? Do you rely on manual processes to manage buyers, sellers, and properties, contracting and leasing functions, property listing, and tracking, and finance and accounting? Solving this dilemma requires investing in an automated, customized PropTech solution.

The Challenge:

Inefficient communication systems, disconnected business segments, and poor customer experience failed to deliver a leading property management firm with the expected ROI. Lack of integration between various software handling individual business operations added to the prevalent inefficiencies. They needed a single platform that centralizes all the aspects of the property management life cycle.

The Solution:

Employing automation and the cloud, the realtor developed an all-in-one property management platform with customized interfaces for tenants, owners, and vendors. Cloud capabilities and automation enhanced their speed-to-market. The company grew from 2 to 160 employees within two years of implementing the software.

Read the full story to understand how the new platform serves as a robust single-source property management solution.

Also Watch: How an all-in-one property management solution fosters a remarkable journey for a leading Real Estate management firm in the US.

4. Price Estimation

With each property featuring unique attributes (such as location, floor plan, lot size, and other amenities), valuing real estate has become extremely difficult. Investors need to make more informed decisions and forecast potential earnings from a property over a given period of time. Establishing accurate property values requires churning myriads of data.

The Challenge:

Property businesses in the US lost many potential buyers as they failed to quote accurate property prices based on buyer data. Seamless coordination between buyers and sellers becomes possible only when property valuation is accurate and prices are competitive.

The Solution:

Automation and data analytics enhanced their property management skills and helped them estimate real estate prices precisely. With an integrated PropTech tool featuring a customized price estimation module, property agents get access to both investor data and pricing details, resulting in better productivity and more deal closures.

Read the case study here. 

5. Real Estate Workforce Management

Managing property repairs or ensuring a property is fit for listing can be a strenuous job. Especially when handling multiple properties at the same time. Keeping track of the tasks at hand, or collaborating with the on-site workers, can take a toll if not effectively managed.

The Challenge:

Scheduling tasks, dispatching workforce to various properties, inspecting and auditing properties, keeping track of various tasks, and at the same time keeping all workforce effective, motivated and on the same page, might sound challenging, especially when the work culture keeps shifting from remote, to hybrid, to on-site!

The Solution:

The ReachOut Suite, primarily a field service management software, is a leading example of enabling an optimized field workforce. Want to assign property management tasks to your selected field service agents? Simply drag and drop the task onto their calendar. They will be alerted and you can track the progress of the task right at your fingertips, that too in real-time. ReachOut offers customizable inspection and audit templates to scrutinize your property and helps generate reports when you need them. Integrate ReachOut with your real estate inventory, accounting, quotations, and plenty of other business-critical functions to experience the power of automation and the cloud.

Click here to explore the features of ReachOut Suite. 

Read more: What’s in Store for Real Estate This 2022

The Most Anticipated PropTech Trends

As PropTech continues to widely reimagine real estate operations, here’re a few trends that will hog the limelight in the coming days.

1. 5G

5G introduces extended connectivity for smart home devices with zero latency, improved augmented reality in home tours, flexibility to live and work from anywhere, and unlocks new revenue streams for CRE investors as they can lease rooftops to broaden 5G service delivery. 5G provides access to real-time data on building and infrastructure usage, tenant occupancy, and asset conditions. It facilitates instant monitoring of mechanical and electrical infrastructure in buildings, which will help avert problems before they occur. 

2. Smart and Sustainable Homes

The average eco-friendly home cuts energy bills by 30%. When people are aware of their energy usage patterns and practices that harm the environment, they exercise more caution in energy usage and follow eco-friendly behavior. IoT and data analytics-enabled PropTech applications help homeowners understand better the benefits of sustainable living powered by smart home devices.

3. Neighborhood Analysis Using AI

AI and machine learning algorithms are now able to predict the evolution of urban landscapes over a said period. For instance, Google’s Street View images can be analyzed by AI to measure the safety score of a particular street based on the evaluation of data related to crimes, walkability, livability, amenities, and more.

4. Tenant Screening

PropTech applications that help owners identify financially qualified and reliable tenants will expedite the online leasing process and guarantee investors regular earnings.

Drones that facilitate virtual site tours, blockchain-enabled smart building contracts, and secure smart locks are also becoming hot pursuits in the PropTech market.

According to Metaprop, the global investor confidence in real estate technology has risen significantly, with 70% of investors planning to adopt PropTech in the next 12 months. Have you integrated PropTech into your real estate management business? If not, do take advantage of the technological revolution by partnering with a reliable PropTech development company. We develop customized property management software for our clients that leverage the latest technologies needed to make a firm stride in today’s dynamic real estate market.

Get in touch with us to understand how PropTech can take your business to the next level.