Cool New Technologies in the Real Estate Industry

Let's talk about technology!

In the modern age, technology has made everything so much easier. Aside from communication, technology has expedited the process of numerous facets of businesses — with real estate and its individual processes being one of them.

The introduction of cutting-edge technologies in real estate promises to change the way business forever is conducted in this age-old industry. The real estate market is a major component of the world's economy, with a global value of over $7,196 billion.

If you want to learn more about the state of the real estate industry after the pandemic, technology trends in real estate for 2023, and software development trends in real estate, keep reading for three recent trends!

Proptech

Proptech, which is a term coined from the words "property" and "technology," is the application of information technology and platform economics to the real estate industry. It encompasses the various solutions that are involved in the growth of commercial real estate software. Property technology overlaps with financial technology, including uses like online payment and booking systems.

Examples of Proptech include solutions that operate on:

• Big data
• Artificial intelligence (AI)
• Machine learning
• Virtual reality (VR)
• Augmented reality (AR)
• Internet of Things (IoT)
• 5G
• The Blockchain

As real estate continues to thrive as both a necessity and a form of investment, the Proptech industry shows no signs of slowing down with new generations of consumers and realtors opting for smart solutions that facilitate faster rentals and more convenient living arrangements.

Mobile Applications

One of the best (and most popular) technologies used in the industry are mobile applications. The ones that are most widely used are rental and home search mobile platforms.

Prominent examples of these applications include:

• Zillow
• Redfin
• Realtor
• Xome
• Trulia

These applications offer numerous advantages to potential homebuyers and renters who are interested in finding out more information about a property. The databases in these applications are frequently updated, meaning that they provide live, up to date information on homes and apartments that are available on the market, and those that are no longer available on the market.

Consumers who are also interested in selling or listing a property up for rent may also make use of these applications. Some even expedite the process and put users in touch with a real estate agent. If you are someone looking to be more involved in real estate for the years to come, mobile apps are a must.

Real Estate Transaction Management Software

Last but not least, we can't forget real estate transaction management software. This software enables agents to create, share and electronically sign forms and contracts.

Some popular examples of these include:

• Northspyre
• dotloop
• iHomefinder
• Agora

To view the original article, visit the Transactly blog.