Top Real Estate Technology & Property Trends

Currently, modern technology is evolving every day. New tech products and systems are coming into the market. The advancement of technology impacts almost all sectors. The real estate industry is also influenced by the wave of new technology. 

Real estate experts often use the tech to accomplish multiple tasks such as research, selling, purchasing, marketing, etc. So the tech is entirely involved with the real estate industry. This is also called property technology(Protech).  The most commonly used real estate techs are 3D modeling, mobile apps, VR and AR, big data, IoT, etc.

In this article, I am going to discuss all the latest and mostly used real estate technology trends.

Before that let’s know about property technology.

What is a Property Technology Company?

Property technology companies combined modern technology and software to do real estate-related tasks. Property technology is a tremendous innovation in the field of the real estate industry. With the help of tech real estate experts can easily and more efficiently finish their property management tasks. 

In the world of commercial and residential real estate, property tech companies have become a huge thing. There are multiple property companies available. 

These companies have numerous tech and real estate experts. They help real estate companies in analyzing property, internet marketing, customer relationship management, and other sectors. 

So the investment amount in the property technology industry is increasing day by day. According to Statista, global property tech investment was 24.3 billion U.S. dollars in 2021. 

There are two different types of property technology companies available.

• Commercial Property Technology – Commercial property technology companies are mainly focused on industrial, retail, and office properties. They use tech advanced tools for renting, selling, and organizing commercial properties. Property technology companies use multiple building management automation tools for property management. It’s very efficient for the entire management process.
• Residential Property Technology – Residential property technology companies deal with individual levels like home and flat rents, and purchase-related sectors. They help people find the right place for a flat and apartment with tech brokers. Also, they use multiple finance management tools.

Advantages of Property Technology In the Real Estate Industry

The role of property technology companies is unimaginable in the field of commercial and residential real estate industry. 

• Multiple technologies help in collecting analytical data about the property. These data accelerate the process of development, purchasing, and selling methods. Also, this data helps in buying residential flats.
• Most of the tasks are accomplished with computers and smartphones. So it reduces the extra costs.
• Properly secured and remote management system. 
• Work efficiently and faster communication with the team members.
• Extensive market research for the proper business plans and strategy.

Top Famous And Work-Efficient Real Estate Technology In 2023

You have already got a broad idea about property technology or real estate technology. Now let’s know about some famous technologies that are used in the real estate industry.

Also, check out the leading real estate development companies in Bangladesh.

• 3D Modeling

3D modeling and designing becomes the most fascinating and powerful technology in the criteria of the real estate industry. Now the clients and property sellers can easily show a realistic visualization of the desired property. 

Now, most computer games are developed based on 3D model technology. In the real world 3D modeling is especially used in creating the design of the building construction.

In traditional construction design, the designers often draw the structure with pencils and paper. 

But in this modern era, 3D models take a huge change in this designing field. 3D designers especially use different types of tools for designing the interior and exterior parts of the building. 

Some most famous and high-functioning 3D modeling tools.

• Blender
• 3ds Max Design
• Maya
• KeyShot
• Lumion

These tools help the architectures for multiple purposes like rendering, simulation, motion tracking, etc. We know that interior design is one of the most challenging jobs for designers. 

With the help of 3D modeling tools, they can easily create 3D structures of rooms, doors, furniture, walls, etc. It provides a crystal clear idea of the flat or building.

Also, 3D modeling is highly efficient for the exterior or entire architecture design. 3D designers can create a realistic vision of the entire building. However, 3D modeling technology takes architectural design to another level.

• Smartphone Softwares

There is no doubt that smartphones become one of the must-have elements in our daily life. We often do all of the tasks like communication, education, purchase, information, etc through this handy companion. 

So smartphones already enter every section of business such as marketing, sales, management, etc.  Also, the smartphone comes with multiple potential benefits for the real estate industry. 

Smartphone applications are very efficient for the marketing of commercial real estate property. Suppose you have a commercial plot for sale. How can you get potential customers?

You can easily promote your plot ads on a real estate application. It will help you to reach the right customers. There are multiple types of mobile software available for real estate agents, property owners, and customers.

• CINC –  CINC is highly beneficial for real estate agents. This app helps them to monitor the potential leads and connect with them. It’s a powerful CRM and communication tool for agents.
• Zillow –  Zillow is another famous tool for residential property owners. Their agents can easily focus on the marketing of residential flats and houses. Also, Zillow has other communication-related features like reminders, custom notes, e- signatures, etc.
• LionDesk –  LionDesk is especially beneficial for customer relationship management. You can easily send emails and texts to multiple customers.
• Connecteam – Connecteam is another famous real estate-related application. With this software, you can easily monitor your construction budget, employee data, etc.
• Brivity – Brivity is a complete solution for real estate-related tasks. Users can maintain sales and management-related data with this smartphone software.

There are also multiple types of smartphone apps available for the real estate industry. Most property technology companies are focused on developing smartphone applications. Because it’s more convenient and flexible for task management.

• Big Data Analytics

We spend most of the day on multiple online platforms. We often search on google, communicate and do different activities on social media platforms. All this data is stored on the internet. 

This entire data storage is called big data. Now, this big data is very essential for real estate companies and firms. Because they need to go through the market and customer analysis to reach out to the right customer for selling the property.

But in the traditional form of analysis, it’s very difficult to get the appropriate data and information about the current marketplace. At this time big data analysis is very essential to get real-time analytical reports. 

There are numerous types of applications available for big data analytics. These tools will help you to analyze information like occupancy rates, rental strategy, house prices, etc. 

Big data analysis helps in various ways in the field of the real estate industry. It’s mainly beneficial for building marketing strategies. Because through the analytics you will get to know about the customer’s demographics. Based on that you can establish property marketing campaigns.

Also, it’s very essential for the development of the property. As an investor, you will understand the required improvements in the infrastructure.

• Virtual Reality (VR) and Augmented Reality (AR)

AR and VR are currently very popular forms of technology in the real estate industry. Especially after the covid pandemic, we spent most time inside our homes. In this period marketing and sales become more online-oriented.

Real estate agents and marketers started to focus on VR and AR technology to show the property to potential clients. 

Now, these two technologies are changing the overall efforts of the real estate business strategy. It makes a new way of approaching clients.

So let’s focus on how VR and AR create fruitful impacts on the real estate business.

• Real-Time Demonstration – Well before buying the property the clients always need to see a demonstration of a prebuilt property. Generally in a conventional way, people use maps and pictures for the building demonstration. But virtual reality makes this process more advanced. With VR you can easily construct and present the real-time video of the prebuilt property.
• Artificial Property Tour – In the real estate business, clients always want to inspect the property before purchasing it. They can easily clarify their demands. AR and VR technology can easily create 3D imagery of the flat or building. So the clients can easily attend the virtual tour and inspect the property before purchasing it.

As we can see the VR and AR technology makes the property pre-selling process more work efficient. Because physical property tours and demonstrations are very time-consuming jobs. If the property owners use these new technologies they will benefit from them.

• AI(Artificial Intelligence) In Real Estate

We already know that AI has become the most fascinating factor of modern technology. AI is spreading in every sector like marketing, sales, communication, software, creative fields, and almost everywhere.

Currently, 50% of global organizations are thinking of incorporating AI in 2023.

Then the question will come into your mind –

How does AI work in the real estate industry?

Also, AI gradually impacts the field of real estate business. In this field of the property business, AI mainly focused on marketing automation. Real estate agents and firms mainly focus on improving marketing efforts with the help of AI.

Suppose you suddenly search on google for top-budget smartphone prices. After searching this information, you will see different types of smartphone ads on your social media platforms and other websites.  Because the algorithm understands that you are interested in purchasing a smartphone.

AI follows the same process and promotes commercial and residential property to potential viewers, who are interested in buying property. Because it automatically analyzes the previous activity of the users.

Along with marketing automation, AI is also usable for proper market research. As you know, the real estate market frequently changes. AI automation can easily crawl lots of market data in a short amount of time. It will provide you with predictable data about future sales, market trends, etc.

• IoT (Internet of Things)

IoT or the internet of things is where a bunch of physical objects are connected with the same internet connections and share and exchange data with each other. In the present time, IoT is used in most sectors such as healthcare, home automation, automobile, etc. Some of the manufacturing industries also use IoT.

Some of the famous and work-efficient IoT devices.

• Google Home Controller – This device is efficient for controlling home appliances like lights, speakers, TV, alarms and timers, etc. It works based on the Google assistant command system.
• Amazon Echo – Amazon Echo is a similar device to Google Home. It’s also essential for home appliance automation.
• August Smart Locks – It’s a powerful smart and advanced security device for the home and professional place. This device automatically locks and unlocks the door based on the user’s information.
• The Google Nest Thermostat – It’s another famous IoT device manufactured by Google. This device automatically controls the air conditioner temperature based on the natural environment.

Well, there are lots of different types of IoT devices available. The usage of IoT devices is increasing every day. According to Statista, 13.14 billion IoT-connected devices are available worldwide.

So IoT technology also significantly impacts the field of real estate business. IoT devices include smart operations in commercial and residential properties. So it increases the overall value of the property. Also, this makes the operation more flexible.

Property security is one of the major issues for the real estate industry. IoT smart lock devices are highly beneficial for strengthening security.  Because the authorization system of the smart lock works on a powerful encrypted method.

• Drone Cameras

When we are thinking about the marketing of real estate property, which is the most important factor? I think proper visual representation is the most significant factor in real estate marketing. Because people mainly focus on the overall looks and design of the interior and exterior of the property.

In this era of technology, we often spend our time on the internet. Running video advertisements on online platforms becomes a strong marketing technique. The real estate marketing specialists are focused on well-organized video ads of the building, apartments, and flats.

At this time, the drone-captured visuals take video advertising to another level. A good quality drone can provide a decent level of video of the real estate property. Let’s see what are the major advantages of using drone technology in the real estate business.

• A drone can provide the most dynamic and high-quality visuals. It’s especially effective for big commercial real estate properties.
• Provide a decent and full-fledged idea about the whole property to the buyers. 
• Drone cameras are also cost-effective. Because you don’t need any professionals to capture the shot.
• Improve the overall reputation of the property to potential buyers.

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Final Words

We are living in a world of astonishing modern technology. Multiple latest techs and services are influencing almost every sector such as education, business, hospitality, etc. New technology enters into the criteria of the real estate business such as AI, IoT, VR and AR, 3D modeling, etc. In this article, I have discussed all these sectors in a more in-depth manner. I hope you will get crystal clear ideas about real estate tech trends.