Mobile technology is changing the way properties are sold nowadays. According to the National Association of Realtors, which is a North American trade association for people working in the real estate industry, 90 percent of customers now look for properties through the internet.
Although people use both websites and mobile apps to search properties online, many real estate companies still don’t have an app. But if they offer their clients the ability to find properties and immediately pull up information such as permits for home renovations in an area, the actual value of a property, nearby facilities, and connectivity, etc then they have better chances of conversion. Mobile apps are the most direct medium we have for this purpose.
Smartphone are independent devices. They have everything packaged compactly in them. No additional duct tape and bubble gum required. Also, they come with several additional features that desktop cannot have or if they have then we cannot use them as conveniently as we use mobile devices. But this also doesn’t mean that realtors should dump their websites and completely rely on mobile apps. No, they need both but because everyone now prefers their mobile devices over PCs for computation requirements, the mobile technology should be put in the core, even when it’s about selling properties online.
The future of mobility now belongs to new generation technologies like virtual reality, augmented reality, artificial intelligence, internet of things and blockchain. Interestingly, these technologies can make a real estate mobile development targeted and an app resulted out this development can be more convincing to clients. Ultimately it will improve the rate of conversions.
Let’s see some use-cases and learn how AR, VR, AI, IoT, and Blockchain can make a real estate app more useful for clients.
Virtual reality and Real estate
Ask reality agents about the biggest time sucker involved in selling a home. They will instantly say it none other than showing homes to clients. But VR can completely change the typical process of showing properties to prospects. VR tours can make things quite simpler. Now, a buyer from China can have an interactive 3D virtual tour of a property in New York, even without any requirement an agent.
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AR virtual tours will help real estate companies significantly cut the running costs, show property without fixing an appointment on a specific day, without physically visiting sites.
Enabling such tours through mobility will remove clients’ dependency on large size system. They can instantly have a virtual tour of a chosen property’s each corner. A real estate mobile app providing virtual reality tour of a chosen property will have way more chances of getting bought.
Augmented Realty and Real Estate
Property construction takes a lot of time. Often time projects go on for years and then the real product comes out. But it’s hard for prospects to assume the end quality and finishing of an apartment. They don’t want to rely on flashy brochures and catalogs.
Augment reality can help property developers show their prospects how an apartment will look like as an end product. They can let clients augment an under-construction site as a finished landscape through mobile devices and decide on buying it. An AR-enabled real estate app will add a concrete level of tangibility and increases the ability to pre-sell properties.
Artificial Intelligence and real estate
Real Estate agents try to get commissions from both buyers and sellers. This also increases the actual cost of a property. The artificial intelligence technology can help real estate companies and buyers to remove their dependability on estate agents to sell and buy properties. An example was recently set by a couple, Ron and Marilyn. They sell their four-bedroom home in Thousand Oaks, California, in December last year. They paid 2% commission to AI driven services run by Real Estate Exchange instead of paying 5 to 6 percent paid to real estate agents. The home was listed for $880,000 and sold for $890,500 in January.
IoT and real estate
Internet of Things may not seem relevant with the real estate industry in first glance; however, with a closer look, the technology reveals how radically it can change the way things are done and executed in the industry. Real estate companies will soon see how IoT is playing an important role in coming up with the best property options for clients.
IoT sensors are capable of capturing data, which can be used by real estate providers to create a value that the clients are looking for. The acquired data will help reality companies to build such homes, offices, and spaces that are based on the property buying and using behaviors of customers.
Realtors are seeking ways to create smart space in apartments to attract customers. IoT sensors can help real estate companies understand where people spend most of their times in a space and, which parts of a store should be given more attention. There can be several case-specific uses of IoT in the real estate domain.
Blockchain and real estate
They key impact of the blockchain technology on the real estate industry will be seen on transactions, which with the current approach aren’t completely transparent. Because there are several middlemen like brokers, inspectors, lawyers, notary public, escrow companies involved in the process, both buyers and sellers have to pay significant commissions to them all. In result, seller increases the actual price and buyers have no choice to pay to pay for that.
Blockchain can avoid all these prices by creating a direct connection between buyers and seller for the ownership transaction. The process can be made completely transparent and permanently recorded in a pubic ledger.
Title transfer related frauds can also be removed as there would be no involvement of other parties excepting a buyer and a seller.