The Impact of Technology in the Real Estate Industry

Technology has transformed the business world - but what is the impact of technology in the real estate industry? Let's take a look at some of the trends and patterns. 

From the impact of social media to a range of practical innovations, technology has become a driving force behind change in every aspect of life, be that personal, social or commercial. 

The world of business is no exception to this, and technology has had a huge impact on the real estate industry in particular. For many real estate companies, digital tools have become deeply integrated into company performance and communications. For example, according to HubSpot, 96% of realtors make daily use of a smartphone with internet capacity, and 95% also use their email accounts on a daily basis. 

Technology has helped the real estate industry keep up with the changing times that we live in, and any that refuse to adopt modern and future-focussed methodologies risk being left behind. Let's take a look at a few examples of how technology has impacted the real estate industry in 2022. 

Artificial Intelligence

Artificial intelligence has been a real game-changer in the business world as of late, with clever computer systems growing in their abilities to accomplish pretty much any task - from assisting with mundane tasks to chatting with customers. 

Of course, this also extends to real estate. AI bots have evolved to make life easier for real estate workers, whilst simultaneously delivering the best service to clients. 

For instance, VoIP phones are being adopted more and more frequently by the real estate industry, and many of these devices include an AI assistant. The AI bot can liaise with customers and get to the root of their reason for calling, before redirecting them to the appropriate line. This allows customers to get the best experience possible, as they are more likely to be put in touch with an agent who can offer them the assistance they need. 

Additionally, an increasing amount of buyers are using the internet to hunt for their new property. Artificial intelligence is making it easier for clients to find property recommendations that are much more personalised by analysing search criteria and narrowing down the possible options to present browsers with the best fit for them. This means an easier browsing experience, as well as an increase in sales. 

IoT Technology 

IoT is another great example of the positive impact of technology in the real estate industry, with, according to Finances Online, over 60% of organisations currently making use of Internet of Things devices. In both private lives and commercial businesses, IoT has helped to improve security measures, data collection and customer centralism. These benefits are also evident in the world of real estate. 

The Internet of Things has allowed agents to increase the value of their property through 'smart' homes. 'Smart' homes allow owners to control features such as light and security via internet connectivity, usually operated using a mobile application. 

In terms of real estate, homes equipped with 'smart' appliances will most definitely increase client interest - according to Comfy Living, 80% of millennials would pay more for a home that is connected. 

On the other hand, IoT technology has also impacted the real estate industry in office. Stock tracking devices, for example, allows real estate teams to keep track of materials that are usually stored in bulk-form such as concrete, bricks and so forth.

IoT can also keep the workplace operating at full-force by harvesting data on company productivity, allowing managers to develop guidelines and implement procedures that will lead to the team working at their best. Energy monitoring equipment can also keep the office under control, allowing teams to minimise energy usage and ultimately pay less in bills.

Mobile & Internet Connectivity

It may sound obvious, but a large amount of the impact of technology on the real estate industry comes at the hands of mobile and internet connectivity. 

Prior to the explosion of the internet, finding and buying a property was a lengthy task for both clients and agents: rifling through paper advertisements, endless meetings and confusing in-person forms were the norm. Now, however, it is overwhelmingly easier for property hunters to find exactly what they are looking for using a simple online search.

For agents, the use of mobile devices and internet connection has helped to create a streamlined sales process and a more comfortable working environment. The introduction of cloud technology, for instance, allows agents to work from home, log in to systems remotely and take calls on-the-go. Fleets of company mobiles equipped with secure mobile device management software allow employers to ensure that their workforce is organised and working to task, all without the risk of security compromise and data leaks. 

What is the Future of Technology & Real Estate?

As a society, we have no choice but to keep moving forward, never backward. As technology continues to advance, the real estate industry will continue to be impacted by these new changes and developments. 

Following the COVID-19 pandemic, workplaces have been placing a more serious focus on staff wellbeing, which makes it likely that we will continue to see a rise in the use of in-office IoT devices. 

Alongside this, according to Finances Online, the VoIP market is predicted to expand at a CARG of 12% between 2019 and 2025. This suggests that businesses will continue to make the switch to internet-based telephone systems that maximise productivity, reduce expenses and improve customer experiences. 

Overall, the real estate industry has been largely impacted by technology, and it has only changed this sector for the better. For a range of telecoms solutions designed to propel your real estate business into the future, get in touch with Your Comms Group today.