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What to Expect from Real Estate Tech in 2020?

by Jajce d Muckic

With 2020 well and truly underway, we cannot help but marvel at the complete transformation that the real estate sector has undergone in the past decade even millennial. This massive change is partly thanks to technology. In 2018, we witnessed AR and smart homes.

Technology has changed the way property agents and companies market their services from offering virtual services, 2020 is set to be another transformative year. Let’s have a look at some real estate trends to keep an eye out for this year.

AR and VR

source:siliconindia.com

Augmented reality and virtual reality are not just fantasies, they were quite a big deal in 2018, and 2019 is set to witness more developments. The tech has enormous potential if it’s utilized properly.

In 2020 we expect to see the popular trend of virtual tours of property spaces using wearable VR technology. Home buyers such as Riverfront Residences can experience the space virtually and have an idea about how the property will be before even construction commences.

This technology will have optimized the property market – saving time and cost incurred by companies and real estate agents. Buyers will also be enabled to make faster and informed decisions when it comes to purchasing within the shortest time possible.

Blockchain

The blockchain is technology that is mostly used by cryptocurrencies such as litecoing and bitcoin. The tech has eliminated intermediaries by recording financial transactions on a digital and public database without the need for a central verification facility.

In real estate sector blockchain is key in facilitating the transaction. Factoring out middlemen from transactions has significantly cut down on legal fees and other extra costs, the tech has also assisted realtors in reducing fraud occurrence by allowing access to crucial information about properties, homeowners and buyers.

The only limiting factor about blockchain it’s not utilized as a mainstream platform by the real estate sector for those who embrace the tech in 2019 it’s beneficial and rewarding.

Chatbots

source:siliconindia.com

It’s a well-known invention of artificial intelligence, chatbot usage by real estate professionals and companies have been on the rise as it saves a lot of time and resources while at the same time serving clients by answering questions efficiently and providing viable solutions.

A chatbot works by reading keywords and sending answers almost instantaneously reducing the time response for basic questions. Chatbots are also popular amongst clients as it’s the most preferred mode of communication.

Uberization

The popular cab company Uber has entered the property market disrupting within the brokerage industry with its venture Uber Real Estate. The service is mainly geared towards facilitating buyers during the buying process.

The venture reduces brokerage cost and commission fees by up to 50%, and its service is delivered by a large team of highly qualified brokers. The service enables clients to save time in their quest for competent realtors by providing precise and practical solutions as opposed to below-par services brokering experience that clients continuously face.

This is the latest talk of the town in real estate development and its highly anticipated to make waves in 2020.   

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