Top 10 Latest Real Estate Tech Trends 2023
6 March 2023Most major industries felt the impact of the global pandemic. Some were triggered to shut down due to costly operations without steady cash flows to sustain. Although industries like real estate felt the effects, this sector continues to thrive by embracing the latest technological trends.
Fortunately, they were able to reach potential clients and generate profitable income despite market volatility and uncertainties. Now that the economy eased up its restrictions, the demand for house and lot in the Philippines and other real estate properties are significantly growing. It is all thanks to modern technology, real estate is back to business as usual once again.
Here are the top ten (10) real estate tech trends that will continue to reshape the industry.
10 Emerging Real Estate Trends in 2023
A few years from now, it will be an exciting period in the real estate sector. Real estate businesses and professionals embrace innovation and new technologies to provide an exceptional customer experience.
Let us explore the latest technological trends to transform and enhance the real estate market.
Real Estate Market in Metaverse
Real estate in the metaverse has been in development for many years. It was programmed to enable users to participate in various activities, such as attending virtual meetings or events, interacting with other users, and playing games. As real estate investors, users can also lease, flip, or buy a parcel of land or property. Along the process, users can see the development of their virtual property.
The rise of metaverse real estate will encourage clients to take advantage of investment opportunities in the housing market. With metaverse, they can already foresee the future if they invest.
AR & VR and its Uses in Real Estate Industry
The global health crisis has really brought up some good things to the world, especially in the field of real estate business. People have limited movements when it comes to non-essentials. However, AR & VR, or augmented reality and virtual reality, have changed real estate. Potential buyers can take a virtual tour of their preferred property and experience what it is like to live there.
AR and VR are useful for homebuyers who cannot attend onsite viewing due to location and work, such as OFWs.
Smart Contracts to Help Real Estate Professionals
One of the significant problems in real estate is its lengthy documentation process. Property developers and agents need to thoroughly check every document to ensure accurate details are written. But with the existence of smart contracts, real estate professionals can automate the workflows and avoid further delays. So, it speeds up the process and lessens the general ambiguity of traditional contracts.
Construction Management for Property Development
For developers and property managers venturing into bigger infrastructure projects like shopping malls and commercial buildings, construction management can help them complete their projects on time and within their budget. It may be challenging at first, but construction managers can improve their abilities with the right training sessions.
3D Modelling Simplifies Property Detailing
Gone are the days when architects and construction engineers used to draw on a sheet of tracing paper to create floor plans and detailing. It can take a lot of time and effort before they can finish one project to avoid errors in measurements and imagery. But real estate is reaping off the benefits of new technology.
3D Modeling helps skilled professionals simplify their lives and complete a project with minimum flaws. Moreover, viewers can explore every corner of the property and visualize every inch of it.
Real Estate Markets Can Achieve Omnichannel Engagement
Real estate businesses and professionals can also communicate with their clients regardless of the channel they use. Thanks to social media, websites, and mobile applications, both parties can interact and do business transactions at the same time.
Analytics Enhanced by AI
Artificial Intelligence (AI) has been helping real estate to innovate. Today, AI added another feature to help real estate professionals analyze data and trends to focus on the core target. Analytics is a tool that incorporates data, including customer behavior, searches, and other housing preferences.
Mobile Applications for Convenience
People nowadays spend more time on their mobile phones for inquiries and investment purchases. To bridge the gap, real estate businesses offer various mobile applications to tap into customers. As a result, both parties can buy, sell or lease properties via mobile apps. What’s more, some mobile apps enable users to view real estate listings or assess property value before purchasing or renting.
Cloud Computing Services to Backup Data
Cloud computing services also provide enormous benefits to real estate agents and businesses. They can use digital and development tools for data backups and security purposes. So, it helps them prevent data losses and control the quality of goods and services.
CRM Software for Personalized Client Approach
Using Customer Relationship Management (CRM) software also allows real estate to personalize their campaigns or approach to their clients. It eliminates the redundancy of real estate transactions and communication processes since it automates the entire operational procedures. Thus, it helps increase sales and better segmentation.
Overall, both parties benefit from this emerging real estate trend. In the case of the real estate industry, it reduces their operational costs to find the right homebuyers. For investors or property owners, it helps them quickly identify their preferred property and choose a suitable investment.
With these remarkable advantages, Lumina Homes fully embraces the real estate technology trends and advancements to serve our clients better. We utilize digital marketing and social media for maximum reach of customer engagement.
We also adopt AR and VR for the virtual house tours of our affordable house and lot for sale properties. We also developed a user-friendly digital platform to personalize our campaigns, ensuring to answer your queries about our housing packages.
Do you want to experience what it is like to become a Lumina homeowner? Take a virtual tour of our featured house models or talk to one of our Lumina sellers near you. You can also check our property listings page for a selection of your preferred affordable house and lot location.
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