The pandemic ushered in a new era of technology that has transformed virtually every industry ever to exist, even one of the world’s oldest industries: real estate. Anyone who works in the real estate industry must pay attention because the start-ups that are tech-savvy enough to employ big data will be the ones that receive the highest amount of funding.
These days, 95% of real estate buyers look online before they view a house in person. While that fact may be evident, the use of online searching to alter the way that potential buyers shop for real estate is only the beginning. As technology continues to evolve, so does the industry itself. Here are some of the top real estate tech trends for 2021.
Automated Valuation Models
You’re probably familiar with an automated valuation model. You might have even used one recently. Have you ever used Zillow or Trulia and seen the housing price estimate on the website? That’s an example of an automated valuation model. An automated valuation model is defined as the estimated fair market value of a property, as is calculated by a machine-produced learning model. Automated valuation models assess the home’s estimated value by entering property data and sales prices into a machine learning model. Automated valuation models are helpful for both mortgage investors and lenders to evaluate variables like home equity and risk management fields. Currently, lenders still use appraisals to assess how much the property is worth, but their job will be taken over by automated valuation models in the years to come.
Artificial Intelligence and Data Gathering
The rise of artificial intelligence is changing just about every industry that exists today, and real estate is no exception. Artificial intelligence is defined as software that gathers data and processes it so that the software can make a decision. In real estate, artificial intelligence can be used for tasks like lead generation. For example, artificial intelligence will help real estate agents zero in on leads that will be most lucrative for the property they’re selling. Due to this, agents selling million-dollar homes won’t need to waste their time on buyers that can’t afford a luxury listing. Artificial intelligence will also be responsible for changing the way prospective buyers look for homes. Algorithms will be able to use data to determine what properties people are most likely to purchase, and when they search online, those will be the first options they see.
Whether you like it or not, virtual tours are here to stay. Potential buyers insist upon the ability to view a property digitally before they see it in person, so much so that 77% of buyers insist on doing a virtual tour before they visit in person. Even if you’re impartial to the idea, you’ve got to admit that there are quite a few benefits to using virtual tours. First off, virtual reality will save real estate investors time because they don’t need to show potential buyers the properties themselves. This way, real estate agents can invest their time building relationships with customers and scheduling open houses. Virtual tours are sure to boost your website’s traffic and help potential buyers envision themselves living in the property you’re trying to sell.
Companies track everything that consumers do to determine what products to sell them. This innovation is called big data, and it’s significantly altering how potential buyers shop for real estate. For instance, potential buyers can now fine-tune their housing search down to the exact street that the property is on, whereas before, it was assumed that the entire neighborhood was generally the same. Big data can also be used to transform the way we develop properties, to begin with. Construction workers are now using big data to determine whether or not it’s even worth it for them to develop a property in a specific area. Big data can also allow for an in-depth analysis of factors that people haven’t measured before, such as how much sunlight pours into a room or how noisy a particular area of the house is.
Property Management Software
Property Management Software is software that makes the entire process of renting out a property easier. Things like tenant screening, signing lease agreements, and posting rental vacancies can all be automated. Property management software is also capable of streamlining your property management process. You can even use property management software to keep track of expenses, like repairs and maintenance. All of this saved time means you’re saving money that can be invested back into your real estate business.
Customer Relationship Management Software
You can’t be a real estate agent without impeccable client relationships, and customer relationship management software is transforming the way real estate agents maintain these same relationships. Customer relationship management software allows real estate agents to keep track of data like when they last spoke to a client and the type of property they want to buy. This will allow real estate agents to focus on closing deals. Using customer relationship management software, it will be much easier for real estate agents to prioritize which leads they go after and collect client data like contact information.
Call Motivated Sellers
As the world changes, people in the real estate industry must do all they can to keep up. Hopefully, you’re able to implement these new strategies to increase lead generation. If you’re looking to grow your contact list, or learn more about lead generation, contact Call Motivated Sellers. With the help of our cold-calling professionals, we can transform your leads into qualified leads.
Contact us, and let’s get started today!
Marketing by Joseph Studios