Costa Bajjali, located in the Houston, Texas area, has over 20 years of business experience. During this time, Costa Bajjali has seen a change in how technology has impacted the real estate industry. Retail development, office buildings, town centers, and single-family homes are all benefiting from these advancements.
Today’s Real Estate Market
Since the pandemic, real estate has come to mean something new. Whether an individual is quarantined or children are home from school, living inside has changed how we look at home.
Costa Bajjali has noticed the change in priorities. Many families want more rooms for increased privacy, and remote employees desire an extra room for their office. Outdoor areas and communal distancing options have become increasingly popular over the past year. Space and how it is perceived is more important than ever.
There are several trends in technology that have created a new way of conducting business. Many of these innovations were invented for the safety of potential buyers. To safely purchase new real estate, both brokers and clients are forming new approaches.
The Top 10 Technologies For The Real Estate Industry
1. Video Tours
A professional-looking video tour does not require a helicopter and trained photographer. Costa Bajjali is interested in the use of drones as a new way to show consumers property. Video software is now available for presenting an accurate 3-d prespective. By using two cameras to stream simultaneously, individuals can see the entire property. 360-degree tours are often live, and the prospective buyer can talk directly to the agent in real-time.
2. Virtual Reality
Virtual reality is no longer just for video games. This type of technology was recently introduced to the real estate industry for viewer immersion. These tours are 3D and can give an expanded and clear view of the property. Unlike non-interactive streaming, the viewer can click their way through a house for a self-guided tour.
3. Augmented Staging
Costa Bajjali knows the impact staging can have on a prospective buyer. Since the pandemic has changed how we view safety and closed spaces, augmented reality staging became extremely popular. Instead of having in-person office or house showings, augmented staging allows a potential tenant or buyer to look at a property photo and add their furnishings.
By inserting digital renders of furniture and paintings, an office or home can look the way it might if they purchased it. The National Association of Realtors reported that staging could increase house value by over 8%.
4. Artificial Intelligence
Artificial Intelligence is a growing trend in several industries, including real estate. Chatbots are one example of how artificial intelligence has made life easier for realtors. With chatbots, agents can respond to all inquiries immediately. The more data a chatbot collects, the better they are at responding to potential viewers or clients. Autoresponders can be found in several different messenger platforms, including social media sites and email accounts, but sophisticated chatbots can respond with useful information. It is predicted that future chatbots will even reply in the same tone as the agent.
5. Underwriting Software
Underwriting software is designed for busy agents. It helps handle tasks such as examining mortgage applications, checking credit histories, and evaluating property values. This type of software uses artificial intelligence to prevent potential client risks. This type of software also helps banks by assessing important documents.
6. Home Management Systems
Home management software is used to integrate household costs. The software creates one place where the mortgage, utilities, and maintenance fees can be quickly accessed. Adding this software to specific properties can be an additional perk for both the potential buyer and the agent.
7. Automated Marketing
Search engines are one of the fastest ways to receive information. Instead of typing in a website, most people directly use Google. New auto-search features are now available to allow realtors direct marketing through a search engine. Realtors can market numerous properties over several local towns to attract more customers.
8. Lending Platforms
Financial tech companies are now able to use artificial intelligence to promote and facilitate loans. Companies help buyers by offering lower deposits with desirable interest rates. Depending on the platform, customers may only need to put down 5% for a property. Software sifts through the best property deals and arranges them in a list. By working with lending platforms, agents can change the way business transactions are handled.
9. Neighborhood Data
Real estate tech companies can compile everything a prospective buyer might want to know about a single property with access to massive data. Potential buyers are informed about the neighborhood, the weather, and commute times to nearby cities or towns. Photographs accompany the data and can show an accurate view of the area.
10. Climate Technology
Property values can rise with artificial intelligence software. Indoor climate operating systems can be used in commercial properties and residential homes and automatically monitor and control the temperature every 15 minutes. This is an efficient way to lower the cost of owning a shopping mall or office building. Not only can it help with temperature, but climate systems can regulate ventilation as well.
Property technology (also known as “Proptech“) provides new software specifically designed for the real estate industry. The goal of proptech is to make the industry easier for both agents and clients.
Proptech can be used for several subsets of real estate, including commercial and construction. These tools can enhance home design software, property management, and even certain aspects of city planning. Technology created to advance real estate is advancing in a way we’ve never seen before.
If you are interested in even more technology-related articles and information from us here at Bit Rebels, then we have a lot to choose from.