Real Estate Technology: As the coronavirus outbreak has shaken the entire world and unleashed a catastrophe of unprecedented proportions, organizations across various industries were forced to navigate a new landscape, and real estate sector was no exception. Traditionally, the Real Estate industry, which is considered one of the last sectors to adopt innovative real estate technology, can now be seen transformed via technological advancements.
Technology has transformed the way realtors interact with their customer base and do their business. Now the industries are well aware that prioritizing technology today is the only key to unlocking the postcrisis growth and stay ahead of their competitors.
The change can be witnessed not just in physical properties but in the whole process of maintaining real estate business continuity through various elements, including the Internet of Things (IoT), selling, buying, renting, automation, and numerous others.
In this article we will further explore real estate marketing technology and how the realty sector embraces different technologies to sail through the pandemic phase.
How has real estate technology trends changed the real estate industry?
Today, one of the boons of real estate sector’s digital makeover is that it has made the arduous home hunting journey a piece of cake for the customers. Earlier, we had to struggle to get out of bed to turn off the lights before calling it a day, then to make it a little easier, the companies came up with an idea to have a two-switch system, with one main switch and the other switch next to your bed. Although now, you don’t even have to lean to turn the lights off, with the advent of digitalization, the lights turn off automatically when they don’t sense any motion in the room.
Interesting, isn’t it? Well, technology is a consequence of never-satisfying desire, and there’s a long list of such interesting real estate technology trends. Here are some real estate marketing technology techniques that the realtors are adapting to stay in the game.
Home Automation – New Wave of Change
Home automation is the next wave of change for the real estate industry. With the evolution of technology, home automation or smart home technology is emerging as the biggest transformation, especially in the residential division. The trend is a perfect amalgamation of technology and real estate, integrating of various elements, such as remote monitoring and programming using technology-enabled devices, making everything hassle-free for homeowners. The concept of “smart homes” is gaining popularity, especially among the young home buyers and millennial buyers who want complete control of their homes at the tip of their fingers.
According to the latest report by Statista, the Smart Home market revenue is expected to reach USD 4,309 million in 2021. Additionally, the projected market volume is expected to hit USD 9.032 million by 2025.
The reason for the rapid acceptance of smart homes by buyers is the ease of access it provides to people to balance their ‘new normal’ work-life, driven by remote work.
Digital Marketing Revolutionizing The Realty Sector
In the digital era, various things have profoundly affected the traditional way of doing real estate business. One of them being the growing digital audience. With the advent of technology, it goes without saying with the change in the customers’ purchasing behaviour.
Today, marketing is not just about customer base but rather about building a relationship, understanding your TG to personalize strategies, and actively engaging with them and creating a niche.
Digital ways like digital marketing automation to develop and distribute customized content; chatbots to talk or message direct with customers; social media and affiliate marketing campaigns for cost effective leads generation, are going to shape the future of real estate industry.
This development is both a unique opportunity and a challenge for the developers. However, it looks like the realtors took this challenge of integrating digital marketing as an opportunity; and it is now proving as a goldmine for them to engage with their customer base in the most impactful way.
Internet of Things (IoT)
The next big thing in the world of swiftly changing marketing technology trends is the Internet of Things (IoT). IoT usher new hopes for smart homes with rapidly gaining its share in our lives in innumerable ways. Once a dream, IoT has now become a part of our daily lives.
With a myriad of options to efficiently manage the household, and office space, IoT devices are now ruling the real estate market in India. There’s a vast range of devices powered by IoT that offers various advantages such as security, voice-command, surveillance, and much more.
Also, this shouldn’t be surprising considering the kind of convenience these smart home devices offer. Since these devices are interconnected, it is even easier to manage multiple operations at once.
In fact, these devices come in a variety of styles and price ranges, which let people choose products as per their budget and lead a stress-free life. And with time, we can expect more devices to be added to the list loaded with much more advanced features.
Virtual Reality Impacting Video Marketing
Videos are all the rage in growing marketing trends these days. Whether it’s VR advertising or creative 360o videos – both are growing swiftly. Study says while searching for a property online, 4 out 5 millennials prefer video content, and why not? After all, it saves time and is much more convenient.
To increase brand awareness and engagement, India’s real estate sector is opting for another remarkable real estate technology trend, i.e., Virtual Reality (VR), which bags the credits how the real estate sector works. The realty sector, which was once a very in-person experience from beginning to end, has now adapted the tech-based way to provide home buyers a personalized and virtual tour of the property without actually visiting it and comparing the various options effortlessly.
It allows the home hunters to select and compare different properties effortlessly. This real estate technology trend has also made buying and selling process more exciting. Here are some plus points of VR technology in real estate:
- Easily accessible via mobile apps and web
- A great way of investigating the property from the comfort of your home
- Helps customer to win time
- Advanced virtual tour with no physical property visits
In the age of people relying more on reviews and feedbacks before buying anything, having a great product isn’t enough unless you have got the right person to promote it for you. Looking at how influencers gain trust among followers, the realtors are collaborating with the popular influencers to give wings to their reach.
Using this trend makes the brand viral and creates a sense of credibility and recognition in the home buyer’s mind. However, one crucial thing to keep in mind is choosing the right influencer depending on the target audience and the product.
Online Property transactions
Gone are those days when a buyer had to rely on the mercy of agents and brokers who used to charge a bomb amount as brokerage and were solitary custodians of all the transactional details. It is for this reason that even developers are adopting this transparent route.
Over the years, most housing and property business companies have leap-frogged in numerous ways to make the process easier for people. After the global pandemic hit, it has challenged the purely physical asset sector, real estate, to accelerate its digital transformation.
Now, from searching for a suitable property to selling one, everything is just a click away given the advancement in the real estate technology in India.
Also, considering the safety angle, these companies offer rigorous quality control and a thorough background check to help their customer make wise decisions based on facts and not just word-of-mouth advertisements.
For a long time, India’s real estate investment was solely driven by hypotheses and educated guesses. As a result, the investors and developers kept repeating the same mistakes. Even though the risk element can never be eliminated entirely but with the digital age coming in, data-driven marketing has become the need of the hour.
Analyzing the real estate data analytics helps the investors make wise decisions, minimizes the risk factor, and increases competitive advantage.
Bottom Line for Real Estate Technology Trends
Don’t let your company get left behind. To sum it up, these advanced technologies have created a major positive impact on both realtors and prospective home buyers, and with such advancement, it will multiply in the coming years. So, if you want to ace the real estate marketing game, it’s time to think out-of-the-box and shape your strategy by embracing innovative technology. Adopting the right technology will help drive your business forward.