Technology has been a vital factor in many different industries, helping them grow and change. In real estate, the adoption of new tech solutions was a bit slower, but now we are starting to see major changes happening. Real estate companies have simply recognized that the latest technology can help them stay competitive and win customers over.

Luckily, we are living in an age when technology is simply booming, especially digital technologies. Each year brings something new and exciting with lots of practical benefits. The best thing is that even though these technologies are new, they are affordable – even SMBs can invest in them and stand shoulder to shoulder with their larger competitors.

Here are some of the technologies that real estate is quickly adopting.

AI & Machine Learning

One of the most important things in real estate is to provide customers with what they actually need. This is difficult even for a salesperson, and there is the issue of properly interpreting the information that your customers gave you and storing it a meaningful way. With the introduction of AI, it is now possible to personalize all customer interactions.

It can bring all the marketing data into interactions and analyze customer data to give them accurate and relevant recommendations. AI has allowed real estate companies to focus on establishing and maintaining long-term relationships with CRM systems powered by AI and machine learning.

These solutions have become so sophisticated that they can predict if someone is going to fail their credit check or if they will default their loan. AI is also used for property management monitoring to predict maintenance needs or when issues might arise.  

Automation

Marketing automation has already entered various business industries – companies can send updates in real-time based on designated touch points on their website.

Marketing automation software also informs the right people when a lead has taken the desired action. Email triggers and templates can be customized based on customer interests. This leads to increased lead engagement.

Automation also allows realtors to monitor the position of the leads within the sales funnel and helps guide them in the right direction. It has also introduced quality lead scoring, which is very important in real estate. If you wait too long to convince a lead to commit, you might lose them. If you do it too early, you might lose them as well.

With lead scoring, realtors are able to see the exact moment when a lead has matured and is ready to make a purchase. Some of the best AI chatbots also have automation, as they can send out emails to customers as replies, provide specific data, or perform problem-solving actions.

Chatbots

When chatbots first appeared in 2016, they were basic conversational tools that were exciting for about six months, and then everyone stopped talking about them.

However, they are now more sophisticated and incorporate both AI and machine learning. On top of that, to make the best use of AI with chatbots, developers have made specialized tools for different industries.

Today there are many different real estate chatbots to choose from to help improve customer experience and customer service. The best AI chatbots can not only help potential customers but real estate agents as well. They can provide quick information, give reminders, and help save a lot of valuable time.

Since there are many questions that potential homebuyers want to ask, it can be exhausting for realtors to answer them all. This is where chatbots save a lot of time while gathering important data that can be used for engaging those leads better.

VR

VR is mostly recognized for its uses in the gaming industry. However, this technology has a far greater potential across many different industries, including architecture, engineering, and real estate. For a lot of potential property buyers, the most important thing is to have a proper tour of the place so that they can get a good feel for it.

In many cases, this is not possible, and VR helps with this problem, as it can be used for virtual tours. With a VR headset, potential customers can walk through a house, see all the rooms, compare the ratio, look at the size, and so on. They can do this before even talking to a real estate agent.

This saves a lot of valuable time and increases the chances of closing a sale. VR is also a great way to present both the interior and exterior of properties with architectural visualization and market them more effectively. Additionally, VR technology also allows potential customers or investors to make quick adjustments in real-time, change furniture, fixtures, or materials.

If you are in real estate, adopting these technologies should be a priority. If you want to beat your competition and stay on top, this technology can be the deciding factor, especially since it hasn’t yet become a standard.