Tag: Real Estate
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.
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.
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.
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.
The property sector in the United States came to a crashing halt in March 2020, when the first wave of COVID-19 hit the nation. Mortgage rates dropped by 34%, affecting home buying and selling plans. Retail vacancy rates spiked up to 20% and commercial property loan delinquency rates soared up to 11.49% in Q2 of 2020. Months of shutdowns, social distancing regulations, traveling curbs, stay-at-home mandates, remote working, online shopping, and home delivery led to a drastic decline in occupancy rates and rents. People shifted their working spaces from office to home which slashed the demand for commercial rental spaces. The liberty to “work from anywhere” triggered a mass exodus from expensive urban areas to affordable suburbs and rural areas, lowering home value growth in metros.
All these challenges forced the property sector into urgent changes. Along with reconciling fiscal and monetary policies, real estate leaders must capitalize on property management technologies – specifically automation – to recover and rake in profits. Bitwise Industries observes that “the immediate need for innovation and automation is now a necessity to not only survive but to truly thrive in the real estate industry.”
Read more: What’s in Store for Real Estate This 2022
How does automation help a highly fragmented industry like real estate to manage multiple operations in one place and sync a horde of activities?
Automation in Real Estate: Fostering “All in One Place – All in Sync”
McKinsey’s survey identifies that automation and remodeling of work processes enable businesses to control costs and mitigate uncertainty during recessions. A real estate firm needs to efficiently coordinate multiple business functions such as managing buyers, sellers, and properties, contracting and leasing functions, property listing and tracking, finance and accounting, and so on. Automation helps sync and manage all these activities in one place. Here’re the top five real estate processes that can benefit from automation:
1. Optimize internal workflows
Automating internal workflows improves your team’s productivity. Having a well-synced project management system with up-to-date dashboards, real-time analytics, and reports, automated document flow, task reminders, deadline notifications, meeting schedulers, etc. can save your workforce’s time and improve their focus on value-adding functions.
2. Enhancing customer journey
Custom real estate software and integrated PropTech solutions allow customers to create, view and modify personalized wish lists, look up and find property information, and filter details based on different criteria. Realtors can leverage Virtual Reality techniques to improve customer experience by offering virtual tours, 360-degree property views, and 3D site plans. Integrating mortgage calculators, neighborhood descriptions, and an easy ordering process enables customers to buy, sell, or rent properties easily.
Read more: How Virtual Reality Can Transform Real Estate Operations
3. Improve sales and marketing processes
Real estate marketers and salespersons can leverage automation to sync all their leads in one place, access lead information anytime on their phone, create custom client lists, save time with lead routing, automate drip email campaigns, set up activity-based email workflows, keep track of previous interactions, and send out reminders and updates to clients on time. All these lead to higher conversion rates.
4. Manage invoices and finances
Manual invoicing and payment processes consume your team’s valuable time and affect your organization’s scalability. Automated, all-in-one property management software allows you to centralize, oversee, and streamline the payment process without any paperwork. Automating financial management improves your processes with customers, partners, and suppliers. You can easily track orders, gain approvals, send notifications, and obtain real-time visibility into each transaction using the real estate management software.
5. Carryout field and property inspections
Leading property inspection software offers customizable templates and checklists for property managers, field inspectors, site auditors, and clients to schedule inspections, record on-site data, and auto-generate reports. Automating the whole inspection process reduces both manual errors and report submission time. This helps find out the quality and condition of a property (home), secure governmental approvals quickly, and fix the best price for the listed property.
Benefits of Real Estate Automation: A Quick Recap
- Streamline workflows and back-office tasks
- Reduce tedious paper works and manual jobs
- Improve focus on value-adding functions
- Monitor property managers and personnel dispersed across various locations
- Implement innovative ways to showcase and market properties
- Process invoices and payments on time
- Improve customer service and attract more buyers
- Eliminate supplier management hurdles
How Fingent Enables Real Estate Companies to Leverage Automation and Digital Technologies
We help real estate companies and property managers to prepare for a digital, data-driven, and sustainable future. Our projects demonstrate the value we deliver to the real estate industry.
#1. Rentmoji, The All-in-one Property Management Platform
Inefficient communication systems, disconnected business segments, and poor customer experience failed to deliver the expected ROI to our customers. They needed a single platform that centralizes all the aspects of the property management life cycle. This resulted in the development of Rentmoji, an all-in-one property management suite that helps streamline and manage diverse operations in the industry.
Analyzing the challenges faced by different stakeholders in the real estate business, we automated key processes and implemented top-notch security solutions. Rentmoji now serves as a robust single-source property management solution for residential rental properties (Single-Family Rentals and Multi-Family Rentals), CAM, and HOA management.
- The company grew from 2 to 160 employees within two years of implementing the software
- Customized portals and integrations for tenants, owners, and vendors
- Structured lead management process and extensive syndication
- Enhanced speed-to-market with cloud capabilities and automation
#2. End-to-end CRE Transaction Platform
An investment brokerage firm in the United States was struggling to adapt to the changing Commercial Real Estate (CRE) market demands. They required an integrated solution that will offer them real-time visibility into the performance of property listings and visualize data insights for brokers and investors to make better decisions. To help them realize the benefits of data-backed decision-making, we created a modern net lease trading platform. It improved their CRE transactions and sales. The customer can now manage 10,000+ listings via the trading platform and track 1031 exchanges effectively. They also have access to reliable ROI metrics based on current and future trends.
- Predictive analytics matches properties to investors’ preferences and expectations
- Projected revenue charts and financial summaries help business analysts
- Place and manage offers on multiple listings and update them on the fly
- Brokers can use the application to easily demonstrate listings to prospective buyers
Fingent has also helped develop custom real estate software and PropTech solutions for leading real estate brands like SimpleRent, Easa Saleh Al Gurg Group LLC, and WRI Property Management.
Leveraging the Latest in PropTech to Navigate the New Normal
The global pandemic emphasized the need for all aspects of real estate to embrace technology. Buying software to merely run your operations remotely isn’t enough. Technology capabilities should allow you to generate value and respond swiftly in a pandemic-afflicted economy. 58% of real estate organizations struggle to integrate their legacy applications with innovative tech solutions. It exposes these businesses to major financial and operational impediments. Fingent custom software development experts aims to help such businesses by bridging their technology talent gaps and developing all-in-one, integrated, custom PropTech solutions.
Across the globe, the real estate industry took a hard hit during the COVID-19 pandemic, which left millions jobless. The huge migration of construction workers affected thousands of construction projects. The once-booming realty market experienced a shattering impact.
Not for long! The resilience of the industry paid off. Here is a look at how the real estate industry met the challenges head-on and what is in store for it in 2024.
Meeting the Challenge Head-On
The arrival of the Coronavirus vaccine geared up the real estate segment for yet another phase in early 2021. It realigned itself with buyers’ new expectations. Though the real estate sector has not remained immune to recalibration, it has shown remarkable resilience in the face of the pandemic.
Early 2021 saw a growing thrust toward digitization and technology adoption, beginning a new era in this sector. There has been a significant rise in virtual property events, cloud-based services, digital launches, and much more.
The real estate market is always in flux. It is highly localized with different conditions in different cities, states, and metro areas. Understanding the fundamentals of this segment can help you stay on top of all these changes and challenges that come with the economic downturn. As we gear up for a new year ahead, let’s begin by understanding what factors change the real estate market.
Read more:How Technology Can Solve The Challenges Of The Real Estate
Factors That Will Impact The Real Estate Market In 2024
Though it may be tough to estimate the exact sales volume and value growth, there seem to be enough catalysts to give rise to optimism.
- Real estate prices: Real estate prices are influenced by local buyer demand and the amount of housing supply that is available for buying. Lower rates attract more buyers and vice versa.
- Shifting property needs: The pandemic forced people to spend more time indoors. Hence, there has been a shift in property needs.
- Consumer house-buying power: Affordability is affected by incomes, inflation, and interest rates. When incomes increase, homebuyers might be able to afford higher-priced homes than they could have previously afforded.
- Mortgage rates: Interest rates impact demand, home prices, and affordability. It also fluctuates on factors such as Federal Reserve policy, bond market, inflation, and so on.
- Housing inventory: When housing supply is low, demand is high. This increases sellers’ market. If the supply is high, on the other hand, there will be more buyers to purchase them. This will slow down price growth and the real estate market will remain less competitive.
- Cycles and crashes: Along with the overall economy, the real estate market tends to be cyclical. There will be booms and busts. Fortunately, homeowners today are more financially equipped to handle the loans they have taken.
A Peek Into The Future Of The Real Estate
Among all the sectors, the real estate segment is showing tremendous growth. Here is what we can expect in 2024:
1. Effect of work-from-home on real estate
As the pandemic grinds on, tenant preferences will drive changes in real estate. Many homeowners will gravitate to newer buildings with better ventilation systems and modern amenities like touchless systems.
2. The rise of PropTech and digital transformation
The no-touch scenario has catapulted the innovations of PropTech to center stage. A 3D self-guided tour of the home can be a unique experience. Some real estate firms have put their entire leasing and renewal processes online.
3. Last-mile funding by the government
Governments help for delayed construction projects, along with incentives and attractive payment schemes are attracting homeowners. A fall in interest rates has been an additional incentive. So, developers will continue to witness a surge in inquiries across key real estate segments.
Technologies To Invest In To Remain Resilient
Property technology is booming and changing the way we look at property investments. This digital landscape is allowing both the buyers and investors to view multiple properties without ever having to move out of the comfort of their homes. Here are some examples:
1. Rise of Artificial Intelligence
Artificial Intelligence can accelerate the decision-making process as it aids in asset identification and selection. AI algorithms constantly test the feasibility and effect of different parameters. AI can also help predict any safety hazards or construction defects. This can save a large amount of time and money.
AI’s predictive analytic algorithms can find variations in the demographic pattern of the micro-market. Among many others, it can also detect the income distribution of individuals in the vicinity. This aids in identifying the true intrinsic value of the property.
2. Cloud-based technology
Cloud-based technology assists in the storage of large data. Information regarding properties can be stored and retrieved by stakeholders to answer any customer queries. This lowers manual work and saves time spent in looking for papers.
Read more: A Comprehensive Guide To Modern Cloud Application Development
3. Virtual tour
The spread of Coronavirus restricted movement making it difficult to visit a property in person. However, virtual visits can now be arranged to help buyers make an informed decision.
This allows stakeholders to set up a virtual meeting with the buyer and answer all their questions related to the property. Thus, instead of depending on imagination buyers can now ‘see’ for themselves.
4. Robotic process automation
Robotic process automation (RPA) can be used to automate regular clerical jobs at the site. These jobs may include regulating contracts and approvals between multiple vendors.
RPA enhances the likelihood of more deals being closed. It is more dependable as it significantly reduces human error.
5. Mobile apps
Rental and purchasing mobile platforms have gained popularity in recent times. The real estate industry constantly faces high-level competition. Hence, it demands a digital solution that can aid agents in their work and allow buyers to discover what they are looking for.
These digital solutions can include mobile applications for both agents and buyers. Developing a mobile app can distinguish you from the competition. They increase your chance of being found by your customer before your competition.
Mobile apps are more engaging and can provide a more rewarding customer experience. Customized solutions in the mobile app enable your agents to quicken the sales process.
Proptech Expertise Of Fingent Can Enable Your Business To Remain Resilient
Fingent is well-versed with the complexities that come with the development and implementation of real estate technologies. We are here to understand your idea and turn it into reality. With our expertise, we can create products that are driven by AI, Video conferencing, and more.
Take a look at: How Fingent created an all-in-one property management solution for Rentmoji, a leading Real Estate management firm in the US.
Our dedicated team can offer a wide variety of real estate software services. We strictly adhere to local data privacy and protection policies. We ensure to keep up-to-date with legislation so that apps remain secure and ready to use anytime, anywhere.
Fingent ensures that you are market-ready, armed with competitive technologies. Our experts can help you discover the PropTech potential in your real estate business. We have hands-on expertise and skills in the industry. We can collaborate with you and tailor software to your specific needs.
Fingent is equipped to create the most sophisticated and stable applications that meet your requirements. By partnering with us will enable you to use real estate software that is a perfect fit for your business values and expand your market scope. Drop us a line and let’s discuss your needs.
What Is Augmented Reality?
Do you fancy playing Nintendo’s game Pokemon Go? Or used the IKEA mobile application? These are 2 examples of how Augmented Reality technology has taken over the digital world to heights.
The much-hyped AR technology has had a technological breakthrough in recent years and has witnessed many innovations. Snapchat Lenses are yet another example of AR technology implementation. AR keeps the real-world focus. It adds virtual elements to improve the user’s experience.
The AR technology superimposes a CG (Computer Generated) image of the real world for the user. For instance, the Pokemon Go game provided its users with superimposed images, allowing the users to catch Pokemon simply by looking at their smartphones. The game had 65 million users as it gained popularity.
What Is Virtual Reality?
If you have used VR devices such as Play Station VR (PSVR), you would understand how Virtual Reality technology completely provides an immersive experience by completely shutting you off from the rest of the world.
VR technology is a display technology to create a simulated environment for the user. The key players in VR technology include Oculus Rift, HTC Vive, and so on.
Augmented Reality And Virtual Reality: Game-Changer For The Real Estate Industries
AR and VR technology has seen immense growth in recent years and is continuing to grow rapidly. According to recent Statista reports, by the year 2025, the total revenue in the VR/AR industry is estimated to be $2.6 billion.
Initially, the real estate sector has been using 3D Video and 3D Photography for creative interactions with their clients. They used to portray this technology for showing their clients the interiors of the buildings etc. Virtual reality, thus enhanced the viewing experience for the clients of real estate builders and agents, without the viewers having to visit the premises physically.
From helping the construction industry to market, improve and maintain sites to train the workforce on security, Virtual Reality is a game-changer for the real estate industry! Let us see how:
Why The Real Estate Sector Needs AR And VR Technology Implementation
Virtual and Augmented Realities are Immersive Technologies that can create a new reality altogether by leveraging the 360 space. These technologies save time and expenditure significantly for buyers, sellers, agents, etc. Technological advancements have contributed to the increased use of immersive UX (User Experiences), thus easing the process of selling and/ or buying residential and commercial real estates. Implementing these advanced technologies in Real Estate will ease both buying and selling of properties.
Related Reading: Check out how real estate technology helps predict property prices
AR And VR Technologies: Benefits In The Real Estate Industry
A recent survey by the National Association Of Realtors stated that 95% of users search the Internet before buying a property. The major benefits that can be leveraged out of AR technology are as follows:
1. Better Clarity Over Properties
Augmented Reality technology makes everything real and interactive with its ability to carry blueprints and images in real-time. AR mobile applications offer users a visual walk through the properties.
2. Cost-effectiveness
AR replaces traditional marketing techniques offered by realtors to reach out to potential buyers. In addition to saving cost overheads, AR technology improves brand loyalty as well.
3. A Better Reach-Out Platform
An AR mobile application on your smartphone offers a better reach-out than having to physically be present in worksites.
4. Offers A Global Reach
With VR, arranging virtual visits, showing users the properties virtually, and negotiating costs with the users are made easy, even to long distance buyers.
Related Reading: Check out how smart home technology is creating an impact on real estate.
AR/VR technologies allow users to refine searches and avoid unproductive visits to any property. Let us walk through the key benefits that the technology of Virtual Reality has to offer:
5. Virtual Visits
VR technology allows people to visit properties virtually which not only saves cost but time as well. Putting on a VR headset, users get an immersive experience by having 3D walk-throughs of properties. There are 2 types of 3D virtual tours. They are as follows:
- Guided Visits – These are for existing properties that lets you capture a 360-degree video. Users can wear a VR headset or a gadget such as Google Cardboard to view the properties. This does not require any programming or complex rendering.
- Interactive Visits – Users can decide where to move within the property, by choosing specific hotspots in their field of view.
6. Virtual Staging
According to the statistical report by the National Association Of Realtors, 77% of real estate agents prefer to use virtual staging to help potential buyers to associate with a property they intend to buy. VR technology helps realtors to market-specific staged properties with minimal investment.
With the advent of technology, 3D tools are used to create a virtual representation of spaces with required furnishings. For this, the 3D photographs are taken and further staged with the help of a 3D scanner.
7. Visualizing Architecture
Architectural Visualization has become immersive with the advent of VR technology. Potential buyers can imagine how their future properties will look like. The 3-dimensional computer-generated environment helps realtors create full-scale models of buildings and properties. VR technology thus helps in pushing thresholds without the risks associated with time and costs.
8. Efficient Communication With Tenants
3-dimensional tours in real-time with tenants can help landlords and real estate agents communicate with their tenants effectively. The VR technology is found to be more efficient and productive in case of vacation rentals especially. This is because businesses that offer short vacation rentals have high turnover rates associated with it, compared to others.
9. Virtual Commerce
According to a recent eCommerce statistic report, 77.24% of potential buyers who intend to buy online, abandon their idea of purchasing. This shows a lack of convincing customers to go ahead with their initial choices. Virtual Reality technology finds use in these situations with its immersive capability.
With the mobility element of the VR technology, around 24 million VR devices were estimated to be sold globally, according to insights from CSS.
With VR technology, after taking a virtual tour of the property, users can order from the virtual store as well.
Related Reading: Read on to know What Not To Do In Real Estate Business.
AR And VR Technologies – Future Game-Changer For The Real Estate Industry?
Immersive AR and VR technologies provide users the benefit of Analytics. This feature allows realtors to now derive critical insights and enhance the buying decisions of potential customers.
Providers of Analytics can offer web-page related KPIs (Key Performance Indicators). This includes page views and web sessions. Nuanced buyer behaviors can be better judged with data analytics.
To conclude, AR and VR technologies reduce unnecessary expenditures associated with staging and scheduling visits. It helps users visualize properties and reduces the overall costs.
Use of VR to support USA smart cities are forecasted to reach $330 million by the year 2024.
AR and VR technology is surely the next big technological breakthrough in the real estate industries. For more insights on how to transform your real estate business digitally with immersive technologies, call our strategists right away!
Can Smart Home Technologies Reshape The Real Estate Industry?
“Mid pleasures and palaces though we may roam, be it ever so humble, there’s no place like home,’ sang American actor and poet Howard Payne back in 1822. He never could have imagined back then what a home, more specifically, a smart home could be 200 years later. From smartphones to smart homes, smart is the buzzword. Automation, ease, and freedom – that is what a smart home provides and that is what people are looking for today. In this article, we will consider how smart home technology is creating an impact on real estate now and will continue to do so into the future
What is Smart Home Technology?
Automation is a major factor in smart home technology. When your coffee pot goes off at a pre-set time or a sprinkler system goes on and off when you’re out of town, you are using automation. But “smart home automation” goes a step further in that it includes remote monitoring and programming. They become “smart” when you can control and communicate with several devices from great distances. With the rise of tablets and smartphones, you can now connect everything from phones, TVs, lights and much more. These are invented with the intent to make the home comfortable and safe. The question is, are common people interested in smart homes?
The Merger of Real Estate and Lifestyle
In this day and age, owning a home defines your way of life. When people invest in real estate, they look for comfort and security. Somehow real estate and lifestyle have always been intertwined with each other. And just as technology has had a positive and powerful impact in improving lifestyles, it has also had an impact on the housing sector. Now real estate is not only about owning a patch of land, but it is also no more about where you are located. Rather, it is more about what you can do within the given area on a more digital level. Would this have an impact on real estate?
According to the forecast by the International Data Corporation’s (IDC) Worldwide Quarterly Smart Home Device Tracker, the global market for smart home devices is expected to grow by 26.9% year over year in 2019 to 832.7 million shipments. As consumers adopt multiple devices within their homes, we can expect this sustained growth to continue with a compound annual growth rate (CAGR) of 16.9% over the 2019-2023 forecast period. And they expect double-digit growth in the market of smart homes.
Talking about Canada, for instance, IDC estimates that half of the Canadian population will be 55 and older in just one generation from now. And most of these potential buyers would prefer an age-in-place or an independent or assisted living environments, which would invariably lead them and their families to invest in smart homes.
Smart home services provide a whole range of benefits. Some are related to monetary benefits while others are related to comfort, all factors that would greatly impact real estate. This has bought some great benefits to real estate firms in closing deals and generating more revenue.
How Realtors Are Winning Tenants With Innovative Mobile Apps
It is Easier to Resell a Smart Home
A vital consideration for an investor is the resale value of the property. The greatest impact home automation systems and devices have on real estate are that they increase the resale value. They usually raise the home value in terms of curb appeal. As smart home technology becomes more prevalent, home-buyers will see the benefits of investing in a smart home.
Adding home automation features and amenities can only do good. Along with location, market, condition, neighborhood, and age of the home, technology is also factored in when determining the market value of that property. Surely a home with smart home devices will have a greater value than a home that doesn’t.
Quicker Selling Time
The formula for selling your house fast is figuring out how to appeal to home-buyers. Multiple factors such as the location of your house, the condition it is in, the price and the features of the property can determine how quickly it will sell.
Marketing your home effectively, featuring smart home technology is another critical step in selling your home fast. A home buyer would be more inclined to buy a ready to move-in home than having to install smart home features after purchasing the property. Real estate listings with smart home technology upgrades sell faster than homes of a similar price per square foot.
Attract a Variety of Potential Buyers
Smart homes were believed to fit the lifestyles of the rich and famous or technologically gifted few. But now smart home products and systems are adopted by consumers across generations and communities.
According to statistics, the largest home buyers are millennials. Many of them are attracted to homes that have smart home technology features. Installing smart home products in a house can provide a millennial home buyer with a “wow” moment when they enter the home and thus improve the chances of attracting them.
The same research also says that single women are also investing in real estate. Installing a smart home security feature in a house can be attractive to a single parent who might be especially interested in security for their home and themselves.
Related Reading: Check out how Fingent can enable property managers, streamline their operations with PropTech.
Getting Smarter
Smart homes are now the norm. Home automation elevates the wow-factor of a real estate listing. The addition of smart home technology is very attractive to a potential buyer. And we can be sure that as technology continues to evolve, home buyers will continue to be attracted more towards smart homes because of the conveniences it offers.
Along with equipping homes with smart home technology, real estate firms can benefit from other technologies specifically designed to streamline the way they work and bring in business. Contact us for more information on that.
Adoption of Predictive Analytics
The Commercial Real Estate (CRE) industry is growing. New business models and competition, extensive use of technology, and changing tenant and investor expectations are redefining the face of this industry. Each year brings new technologies that alter the way agents approach their work. As investors are ready to change their business models with a tech-enabled ecosystem, CRE companies and agents will have to adapt to the new demands and technology trends. The market will remain wide open only for those who are ready to accept the change and adapt to new technologies.
Get to know how smart home technology impacts real estate.
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Based on the industry market research report on the state of the commercial real estate industry in the US, there are almost 1.3 million properties with an average sales volume of $55 billion. Over the past five years, the commercial real estate industry in the US has grown by 2.6% to reach revenue of $1 trillion in 2019. Moreover, it is estimated that the CRE industry expansion is expected to continue over the next five years.
“The CRE property values (specifically NNN properties) are unique in that the pricing is not driven strictly by the underlying real estate, but also by the lease terms and a single tenant’s credit rating”, says Camille Renshaw, co-founder, and CEO, B+E. This shows the relevance of analytics in tenant/property data.
Related Read: How Real Estate Technology Helps Predict Property Prices
Predictive Analytics Occupy a Pivotal Role in CRE
No investor cares about what the property meant in the past. They are keen to know about the future of the property or how its potential value will escalate in times to come. Here comes the significance of PREDICTIVE ANALYTICS, which uses past and present big data to make reliable, proof-based predictions about the future development of a property.
CRE is an industry sector that contains an abundance of data. Over the past years, analytics are slowly taking up its role among numerous listing sites. Its chief role is to provide both buyers and sellers more context about the property and its qualities. However, analytics that really benefits CRE agents is still a rare thing to find. This is where predictive analytics comes into place.
Predictive analytics tracks consumer (basically buyer/seller) behavior to understand the conditions in which they are most likely to buy or sell. This helps an agent to better utilize their time and resources, which in turn maximize the overall sales. It is expected that over the next few years the adoption of predictive analytics in the real estate industry will accelerate. Besides, studies also show that predictive analytics is one among the many real estate technology trends to follow in 2019.
CRE companies/agents can achieve clear and practical insights for different strategic actions that they must adopt by combining data from different sources and advanced analytics technologies. This includes predictions like analyzing the tenant’s benefits due to flexible leases, customer and traffic information for a retail center or staff usage information for office space, etc.
Features like heatmap analysis, property rental calculators, projected revenue charts, return during lease analysis are a few examples of predictive analytics that agents generally use to showcase how a property will perform in the future and its possible return on investment.
Related Reading: Check out how Fingent provided integrated Prop-Tech Solution for real estate brokers.
How Predictive Analytics Benefits the CRE Industry
Predictive analysis allows an agent to suggest the perfect property that matches their investor preferences, expectations, and goals. This saves time and risk by providing the investor with a reliable return on investment metrics based on past and present data as well as the future expected trends of their investment.
It also allows the agent not to have any specific financial background, as the analytics platform does its job to suggest a property that guarantees to provide its investors with positive cash flow and high return on investment.
It is possible to carve analytics, which can even identify the ability and education levels of possible agents from a list and suggest it to a CRE company based on use cases.
Many AI-based applications help its agents or even investors to get a detailed and personalized report by simply providing basic information like area, the fund available, risk level, expected CAP rate, etc.
In addition, such tools can even be customized for agents that will give them answers to queries like:
- Is this the right time to invest?
- What would be my ROI – maybe in the next five years?
- Neighborhood status and track record?
- How much is my existing portfolio worth?
Such predictive recommendation engines have proven to foster deeper engagement and increase ROI. For instance, Amazon’s predictive recommendations had a success rate as high as 60% in some cases.
Related Reading: The Impact Of Big Data Analytics and How it is Changing the Real Estate Industry
As a CRE Company, What Must We Do?
Developing an enterprise-wide strategy and supporting it with a sound technology core has turned out to be important for a commercial real estate company. This must be supported by data gathering and analytical techniques. According to the CIO surveys performed by different agencies, only one-fourth of organizations globally across industries have currently in place an enterprise-wide digital vision and strategy.
A solid technology strategy that is spread across the industry stands as the first step towards effective technology deployment and integration. More efficient utilization of IT budgets and resources also needs to be considered. This will include evaluation of how data capturing is performed, use of predictive analytics, advanced tracking and reporting management AI tools. A well planned and phased deployment of technology will likely yield amazing results than waiting for your turn and jumping into the development and implementation process.
However, there are a few things that require consideration before starting to work with a PropTech company. A CRE company must admit the fact that, when starting off working with a PropTech firm, they must not consider them just as vendors of a product or service, as this can very well limit the range of benefits that the company can achieve.
Instead, try partnering with them on potential innovations. Identifying a single point of contact to take up conversations with PropTech and a coordinated approach supported by guidelines to evaluate the features developed must also be taken into consideration. In addition, make sure that the size, scale, maturity, level of innovation, and relevance to existing business is conveyed properly to the PropTech company.
Commercial real estate technologies are relatively new and most of the PropTech companies are only beginners in the CRE Industry. They tend to make decisions quickly compared to CRE companies, which can end up delivering wrong results or create anomalies in the process flow. A shared understanding must be developed by the partnering company to allow successful coexistence.
Related Read: Top Technology Aids To Accelerate Real Estate Growth
Predictive analytics is transforming commercial real estate by enabling stakeholders to make data-driven decisions, identify risks and opportunities, and optimize operations. To leverage the full potential of predictive analytics, commercial real estate firms need a reliable partner like a custom software development company. Such a company can provide customized solutions that integrate predictive analytics tools with existing systems, unlocking actionable insights that can drive business success.
How to improve real estate sales with chatbots?
One of the biggest technology disruptions that have occurred in the world of marketing over the past couple of years has been Artificial Intelligence powered chatbots. The growth of machine learning and natural language processing capabilities have made chatbots more human than ever in terms of engaging with prospects. Studies have shown that by 2020 it is expected that 85% of all engagements that a customer has with a business will be through self-service options and chatbots and not a human point of contact. Just like with other business sectors, the real estate industry also needs to make note of this rising trend of AI conversational tools that are gaining affection from consumers worldwide. If you are part of the real estate sector and wondering how to drive more results with chatbots, then here are 5 ways to try:
Related Reading: Read on to find trending technologies that can accelerate your real estate business.
Automate your first point of contact
If you deal with rentals or sale of property or homes as a business, then a conversational chatbot can be deployed on your website to serve as the first point of contact for a prospective buyer who visits your site. No longer do you have to hire dedicated customer service representatives exclusively in shifts if you want to have a 24X7 live chat support on your website to help buyers make choices faster.
A conversational chatbot can easily handle multiple visitors simultaneously without forcing them to wait for a live agent to connect and handle their queries. This automation combined with instantaneous response will definitely reflect as lowered operational costs for your business as well as increased customer satisfaction via quicker responses.
Effective lead qualifying
Reports show that 63% of customers are likely to return to a website if it offers live chat support. So you definitely need to have an extensive chat support system for your internet presence. But then comes the downside. Not all who chat with your agents will be a prospective lead. Some people may just chat for information that necessarily doesn’t transform into a business deal. So is it worth investing a human agent to qualify all incoming chat queries?
It would be a big no! Your human agents need to be assigned to handle only important leads that have the potential to transform into a direct deal. The lead qualifying part can now be handled by conversational bots that can use a series of questions autonomously to gauge the interest level of a visitor. It can then qualify the visitor as a valuable lead or not by comparing their behavior to previous cases of lead interactions and thereby assign scores of lead maturity.
Leads with a higher score will have more chances of being converted into a deal and can be passed on to human agents for further communication. Those with lower scores can be continuously nurtured by the chatbot themselves by supplying them with more information about the property they required assistance. Thus, your human agents can be utilized for better high-level sales while an AI-powered chatbot can handle repetitive questionnaire and lead qualifying rounds efficiently.
Personalized selling
AI-powered Chatbots can be trained on a number of behavioral patterns of typical real estate customers to facilitate a more personalized and insightful conversation. By carefully asking a sequence of questions, the chatbot can drive potential buyers into booking a deal for a property without even the need for a human agent to take over.
The bot can study individual preferences of all visitors and offer personalized recommendations that are bound to strike a chord with their interests. For example, if a prospective buyer with an interest in shopping wants to rent or buy a house through a real estate portal, then a conversational bot can seek their preferences through smart questions and recommend them properties near to shopping destinations. Same goes for recommendations based on interests such as budget, number of rooms or bathrooms required, car parking facilities and much more.
Efficient follow-up
It may take more than a couple of engaging conversations to lure a prospective buyer into making a decision to invest in a property. Conversational chatbots can interview visitors, collect their contact information and offer them time to think about the prospects that were showcased. They could then automatically follow up with them by triggering emails requesting an appointment to view the property directly or take it to the next step which may involve a direct discussion with a human agent.
Either way, the chatbot can facilitate follow-ups much more efficiently and in a timely manner based on visitor preferences. It can also send email alerts to agents regarding upcoming visits by a prospective customer with their detailed history of conversation to help them convert the lead into a deal faster and with more profit. If the entire process of chat support and subsequent email follow-up was to be handled by human agents, then their chances of missing out on follow-up schedules and also higher chances of errors in data collection and information exchange.
Faster information discovery
If a human agent is deployed for chat support on your website, then he or she may need time to scour through the vast scathe of data available in your property database to recommend suggestions to a prospective customer. Add to this, the complexity of applying filters manually to find properties that suit the buyer’s interest will only make information discovery a lagging and slow experience for a visitor.
This time loss is a blow to engagement levels for a potential buyer and they could leave your website if there is too much delay in getting the information, they sought from a human chat support agent. A chatbot, on the other hand, is connected to your property database and can instantly extract all valid property features based on customer interests. They can provide information on the chat window or upon instructions from visitors, can email it to them and can even book an appointment with a local agent to arrange a visit to selected properties physically for the buyer.
Digital innovations such as an AI-powered chatbot has the potential to transform engagements between buyers and real estate businesses considerably. As you have witnessed the top 5 scenarios where chatbots can turn out to be more efficient representatives of your property business, the remaining aspect is selecting the most efficient technology to build your own custom real estate chatbot.
Machine learning and artificial intelligence are highly complex in terms of technology development and would require advanced levels of technical advisory and development support to enable the best for your business. This is where a technology partner like Fingent can be your saving grace.
Related Reading: Check out how Fingent created an integrated software solution to tackle multiple real estate challenges.
Our consultants can help you build the most intelligent AI-powered chatbot to help improve your online property sales efficiencies. Get in touch with us to explore world-class digital solutions that the best players in the real estate sector are continuously investing to grow their business.
5 Technology Trends Real Estate Players Should Watch Out For
Digital transformation is today the hottest area of interest in almost every business sector. With the huge growth in a digital savvy user base, enterprises big or small are continuously investing in new age digital technologies and tools to help them serve customers better and survive the tough market competition. The real estate sector is no different in this regard as digital technologies have reshaped both the customer and property landscape over the past couple of years. From facilities such as a simple listing of properties online to AI enabled best property matching based on preferences, the list of digital innovations in the real estate sector is huge. If your primary business is centered around real estate, then the following 5 technology innovations should certainly be on your watch list for 2019.
Augmented and Virtual Reality Applications
Today, real estate is a globally accessible commodity and not restrictive to localized demand. A property may attract interest from buyers across the world and not just in the vicinity or city that it is located. The challenge then lies in providing a holistic experience for the interested buyer to have a good look and feel of the property before investing. It may not always be possible to bring them physically to the place due to cost or other travel related concerns. This is where technology such as AR and VR can make a difference. With hardware devices, making AR/VR capabilities, inexpensive and accessible, property managers can easily facilitate an AR/VR demo for buyers to make faster and better decisions from anywhere. Another useful application would be for homeowners to use AR/VR to decide their home décor or construction techniques. For example, the positioning of furniture, temporary or permanent interior fixtures, etc., can be decided way before the actual construction begins. This allows more planning and elimination of cost overheads wherein both buyer and builder would have a clear understanding of how the building is to be constructed.
Check out how AR and VR are revolutionizing the real estate industry.
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Big Data Analytics
Real estate is one sector where pricing is a highly dynamic constituent. There are a number of factors influencing property or land prices and very often owners or enterprises that manage properties find it hard to offer competitive or profitable pricing to prospective buyers. However, several forward-thinking players have now started to utilize the power of big data analytics to get the most preferential pricing schemes that bolster both interests from buyers as well as maintain a competitive profit margin for sellers or property owners. Historical rental or property cost data along with trends such as demographic changes, population density, preferential behavior, amenity choices, spending patterns, etc., are supplied as data insights into powerful analytical systems. These in turn offer insights or in other words recommendations for property owners to price their offerings competitively and enhance the overall buying or rental experience for a consumer.
Related Reading: Find how Big Data is influencing the health care industry.
Innovative Property Management
The rise of start-up culture and the global workforce paradigm has impacted the real estate sector considerably. Today, it is not just one major tenant that leases an entire building or space within a building to set up its office, but several players invest to take up co-working spaces. In fact, studies have shown that shared workspaces have grown at an incredible rate of 200% over 5 years from 2013 to 2018. Co-working spaces facilitate companies to set up a presence where their best employees prefer to work thereby helping in boosting retention levels. For the real estate sector, this change in occupancy trend has called for the rise of innovative property management software that incorporates several new technology offerings. For example, power and other utility services have to be shared among multiple tenants in a co-working space and this requires the property management tool to be integrated with an IoT powered building management system that can monitor occupancy levels, adjust power and other environmental support features like lighting, temperature control, etc. Doing these tasks manually would require considerable overhead and hiring of a large workforce. Autonomous IoT integrated property management solutions can easily facilitate multiple tenants to collaborate in a workspace saving them the hassle of worrying about unwanted costs and the owners can have peace of mind without having to deal with manual supply and maintenance of essential support services.
Related Reading: Check out tips to select the right software for property management.
Blockchain Powered Smart Contracts
While some of the technology advancements we mentioned before require autonomous property management, blockchain is the key ingredient that can help make it possible in real time. The decentralized and highly immutable features of blockchain can help transform real estate management and property leasing considerably. An owner or landlord can easily rent out or sell portions of his property with agreed terms and conditions all recorded on smart contracts. The contract makes the details of the sale or rental highly encrypted and complies with all local laws and regulations. Besides, several government agencies are increasingly investing in blockchain to set up regulatory repositories that can autonomously validate land records, property and tax implications and much more. So, if real estate buyers can bump up their investments in blockchain, they can turn to become more compliant and legitimate in the market. This would increase affection for their offerings for prospective customers.
Digital Advertising and Sales
Today, a large portion of prospective buyers or leasing clients are hooked to social media and other digital channels to gain information. As a real estate dealer, you need to ensure that your properties are marketed in the right digital channel and reach the right audience within such channels. There are tons of social media advertising platforms that help you filter your target audience to the finest level. If you do not want to spend time on the filtering part, there are AI-powered tools that help do the job even better than humans. AI is not just limited to ad filtering for the real estate sector. There are intelligent chatbot applications available today for deployment in your website. These bots can converse with potential buyers when they inquire on your website, collect their information, suggest them the best choices based on their preferences, pass the right information to sales agents to take the lead further and ultimately help them close it quickly. From marketing automation to intelligent sales conversations, there is a host of digital solutions that the real estate players, can utilize to win customer hearts with personalization in highly competitive markets.
Related Reading: Watch out for the emerging technology trends of 2019.
No longer can the real estate sector be labeled as a laggard in terms of technology innovations. There are plenty of digital avenues where smart players can invest and stand out from the competition. We have showcased 5 of these avenues that are increasingly driving more value for adopters and we believe that these should be on the watchlist of any real estate player in 2019. Going digital friendly is no easy task, especially if you do not have a sizeable technology team in-house who is well versed in all these innovations. But that is where a technology partner like Fingent can prove to be the decisive factor in on-boarding the best technology innovations in your real estate business. If you are aspiring to be a leader in the real estate space through technology, talk to our experts today to explore the vast opportunities in digital transformation for your business.