Technology is a powerful bolster behind the success of any industry. Every industry realizes the demand for changes and therefore innovations happen with the help of technology. IT industry is no more a standalone industry. It is directly or indirectly connected with every industry. IT can be seen as the primary driving source of innovation. For the real estate industry, IT has given a platform and stable sales. The recent pandemic gave a sudden halt to every business. During the pandemic, what kept the world alive and connected is the digital world. The direct selling of lands and properties came to a halt, and the online real estate industry solutions such as Realtor, Apartments.com, and Zillow kept the customers updated with new projects.
Now the digitization, on-demand app development, and few more efforts by property dealers have made the real estate market faster. Users are not much in favor to visit every plot. They can get the complete details and the 360-degree view of the plot/flat on their mobile phones. Mobile application development companies are also finding it a suitable time for developing strong real estate property platforms. These platforms are working as the marketplaces where different projects are registered and shown to users. The buyers and the real estate dealers can communicate and advance the deal.
Not only digital appearance, but also the entry of next-generation technologies such as Artificial Intelligence, Augmented Reality, Virtual Reality, and Machine learning ensure the great momentum for the next years to go. Also, android app development companies are working great over the technology to give a smoother operation.
Let’s run into few facts:
- According to the reports from Zillow, the overall home and real estate market values are clipped at 31.8 trillion USD in 2017.
- Around 50 percent of the home buyers preferred the internet for site seeing checking places and visiting the 360-degree view of the property.
- In 2016, 561000 houses were sold whereas in the year 2018, 617000 houses were sold.
Now, we need to understand the combination of the mobile app development company, technology tools, and real estate. The technical integration is setting steep trends for the property buying-selling market. Here it is worth to mention, that the property market is not just limited to the online marketplaces, but also blockchain and NFTs have taken place in the business. The decentralized financial transactions are slightly entering into the market, making the real estate market more powerful. This is a kind of a long-running trend that is not going to end soon.
Next two decades, website development companies will see the progress of blockchain-based currency, and collaborating the traditional business with the old one will give an explosive result. The covid pandemic has expedited the combination of technology and real estate, where the plethora of features is embedded by technology, and property management is more efficient and powerful.
Technology is not limited to any single stream. It works in combination to innovate some useful and interesting. Here are some amazing facts that make mobile applications for real estate industry quite useful:
The above graph shows the power of technology and streams for real estate. Now let’s understand simply how real estate website development services are working for the better.
The most important and the most viable example of technology integration to the real estate industry solutions is automation. Automation is the process where any IT Company builds software for easing the task. The piece of software makes the task easy by completing it without any interference from humans. The arrival of automation to the tasks which used to be accomplished manually otherwise has given a significant difference to the efforts. Automation is the beginning form of Artificial intelligence, where when it grows brings human-like behavior to the machine. Automation is prevalent in marketing, business process, and engagement practices. Here are the automation areas, which have risen to popularity.
- Lead generation using the call to the action method
- Omnichannel synchronization of leads
- Drip emails for lead nurturing and automated streams
- Task management and transactions
- Accounts and financial automation
- Automated inspection of the property
Virtual reality tour of the site:
Customers want to take a view of the property as early as possible. It is not the right way to visit every property for dealing. Virtual reality eliminates the need of visiting the technology and gives a detailed insight into the property. You can get a 360-degree view of the location and understand the locality and amenities around. The pandemic has given this trend a powerful uplift. The more common is the sharing of the property photos and live videos over social media such as Whatsapp and messenger.
The survey from AppFolio showed the data, where more than 70 percent of the real estate developers of property management companies sensed a great increase in the virtual tour of the property. The market is feeling this due to the covid pandemic, but this trend is not going to end soon even after the pandemic is over. Among them, 64 percent of the companies believe, that the trend is here to stay.
Here is a simple chart showing the significance of the technology in real estate:
Real estate technology uses 2D images, video conferencing, and interactive 3d models for unprecedented success. Virtual tour of technology comes with a value that extends beyond the current trend. The use of feasible tools gives huge flexibility for apartment hunting and increases the market heat to hire dedicated developers.
The fine outcome of technical integration to existing web development services such as easy schedules, house visits from the comfort of your home, and 3D video of prospective projects are going to stay longer.
Real estate app developers have given the property dealing a significant change. The years-old industry has been relying on the paper works. The process is riskier and prone to loss of papers or theft. The casual risk of papers being damaged is always there, for which multiple copies are kept. But this also reduces safety by revealing confidential information. The digital platforms are new solutions for keeping the papers. IT companies are working over the safe lockers located over the cloud, which are safe to keep confidential documents.
Also, the marketplaces can verify the truthfulness of sellers along with building trust over customers. A verified property builds the brand reputation and saves innocent customers from fraud. Cloud offers the below benefits:
- The most credible way for security
- Reduced operational cost
- Real time-sharing
- Easy access to the documents.
Traditional property management is filled with risk. The real estate industry solutions are complex because of being a sophisticated marketplace. Multiple parties are involved in the marketplaces. The innovative on-demand app development companies promote online property management tasks, which creates limited access to the documents. The information stays in the database which is hard to fetch and needs you to hire dedicated developers.
With the introduction of blockchain, the method of real estate industry dealing is changing. The blockchain-based property management system makes use of smart contracts, which keeps the data secure and transactions more reliable. Blockchain eases the streamlining of the lease agreement to file maintenance. Also, the digital currency transfer is confidential. Another field where blockchain ensures real estate app efficiency is deed management.
The web development company working with real estate technology understands the importance of deed management. A slight mistake indeed can cause a halt in the deal and owners may have to pay a high fee for the property. Therefore the majority of the web and mobile application development companies trust blockchain for transparent paperwork, without any risk of security.
The future of the real estate sector seems to grow in conjunction with technology. The restructuring of the current real estate is the result of the covid breakdown, which changed the perspective of customers. Mobile app developer companies are coming up with a marketplace that encompasses the whole process of selling and if combined with blockchain, can accomplish the deed signing as well. However, property selling is a sensitive issue, where while dealing with real estate app developers, you must keep the automation and human work in consideration.
I am Founder & CEO of Dev Technosys, a global ranking Web and Mobile App Development Company helping enterprises and governments with Digital and Agile transformation using open technologies. With offices in the UK, UAE, USA, New Zeland, Ireland, Australia and India, Dev Technosys works with organizations across various sectors including insurance, banking, health, gaming, real estate, education, media & entertainment, life sciences, and governments.