Technological developments continue to push the real estate industry to new heights, and the past few years have led to some significant breakthroughs.
It’s more essential than ever for real estate professionals to implement the latest technology and keep informed of the newest industry trends in our business.
I’ve outlined three technologies that will continue to shape the luxury real estate industry in 2021 and beyond.
Upgraded, high-functioning platforms
There have been some excellent advancements in the functionality of real estate platforms. To complete, you must make sure your digital site is both intuitive and approachable.
At The Agency, we recently launched a new website and mobile app to make buying and selling properties easier for our clients worldwide. These newer versions of our platforms allow clients to connect directly with agents in real-time to share listings, curate a collection of properties, and engage in active dialogue about those listings to optimize the search process.
With technology making platforms more effortless and faster to navigate, homeowners will be able to bring homes to market faster, and homebuyers can find their next investment quicker. This innovation will ultimately allow for more market activity and better experiences for all involved.
Additionally, we’ve also launched an updated CRM system with higher functionality, customization and smart technology. As intuitive platforms make the process easier, real estate professionals can offer their clients more advanced and better customer service.
Home tours anywhere
From 3D tours and walkthroughs to virtual staging, virtual reality has made headlines in every industry. For real estate in particular, it has become an essential part of our business, especially as we conduct much of our business digitally for the foreseeable future.
The concept of both augmented and virtual reality technology isn’t brand new to our industry. Still, it has evolved from serving as a simple marketing application to a tool that can completely transform how one sees a property.
The latest advancements in virtual reality, digital staging and 3D models allow buyers to walk through properties before purchasing, and in many cases today, it’s the key to get the deal done.
This technology helps buyers visualize properties, and it also allows buyers to build an emotional connection with a property. According to a recent Real Trends article, it’s estimated that AR and VR will have an $80 billion market in 2025. I am looking forward to this technology’s advancements and the innovative ways to apply it in the future.
Personalization is beginning to play a larger role in the real estate industry. Now agents can personalize their clients’ recommended properties based on their very specific personal wants and needs. Utilizing big data technology, brokerages can update their websites and mobile apps to be highly intuitive and offer even more intelligent recommendations for clients.
By harnessing large amounts of data, agents can customize the consumer experience completely. AI learns patterns and preferences and can learn more about a customer with each interaction. With insight from AI, agents can better focus their efforts on areas where they can make a more significant profit.
As this technology develops, real estate agents will be able to accurately predict what homebuyers would want, even if they haven’t explicitly stated it in the past and better serve their needs.
Advancements in technology have revolutionized several industries, and real estate is not an exception. These three trends offer a look at the future of the real estate industry. Although it’s hard to predict exactly how new technologies will be applied to shape our industry, it’s crucial to stay updated with the latest advancements and adapt your business quickly.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.