As the real estate sector continues to evolve, new trends are making their way in 2018. Now real estate businesses have a particularly challenging task of adapting to the rapid developments of the market and being attentive to the needs of the clients.
Below we explore top trends in 2018 real estate agents will have to stay updated on so they’re ready to act according to growing demand.
1. The advent of blockchain in real estate
Blockchain is a futuristic technology that deals with cryptocurrencies like Bitcoin, Ethereum and Litecoin. Ideally, it’s a digital ledger or database that keeps track of all transactions carried through, without the interference of a central authority like a bank. This zero-interruption of banks means lower legal and title-related costs, and a swifter settlement process.
Since the latter half of 2017, the first properties have already been sold with the help of this emerging technology in the U.S.,.
Also, there have been quite a few blockchain real estate organizations that have gained popularity within this short span of time, which include Propify, RentBerry and Propy.
2. The increasing interest rates for properties in the U.S.
The U.S. has always been a good and stable market for real estate, though there has been recent uncertainty in the U.S. economy due to economic development plans of President Trump that affect the real estate market as well. If Trump’s economic plan paves the way for inflation, interest rates could go up faster than anticipated, which will affect real estate prices.
However, according to real estate experts, this is possibly the ideal time to own property in the U.S., as prices are on the upward swing — the result of high demand and low supply.
3. The implementation of big data
In a simple language, big data is a collection of an enormous amount of data that is evaluated through algorithms to make assumptions about purchase behavior and intent, depending on past patterns, trends and associations. That’s why today it’s considered the lifeline of companies like Facebook, Amazon, Uber and Netflix. Big data is how these websites can decipher what you want, even before you search for it.
In the domain of real estate, this might require the application of a customer relationship manager (CRM) or suite of products that understand when a lead visits a real estate website or property listing to gather information on what they’re doing on that page. This information can then be useful for helping to gauge when a lead might be willing to buy or sell a property, how many consumers might drop in at your next open house or even how much a plot or space would rent or sell for prior to listing it.
In the long haul, not only will this allow you to present more customized interactions but also allow you to gain more listings and outperform your contemporaries.
4. Working Spaces
Another valuable property investment gaining popularity is the working space. Office spaces are one of the most popular types of real estate at the moment. These are generally commercial spaces that are perfect for self-employed businesspeople and freelancers, as they offer a place to work at a small expense, without having to buy or rent.
So, those agents working in commercial real estate should expect an increase in business from clients seeking office spaces.
5. Push technology
Another real estate technology to root for this year is push technology. While this technology has been in the picture for quite some time now, it has gained popularity as an increasing number of agencies insist on having their own smartphone apps.
Agencies can adopt push technology to send out content alerts to smartphones and other portable devices to get users to engage through the app again, thereby generating leads.
Additionally, real estate businesses can use various apps to register prospective buyers wanting to view a property with a few clicks. Once the buyer registers, the app sends push notifications to the leads with more detailed information. This initiates part of the follow-up process and improves the overall engagement experience.
6. Augmented reality and virtual reality
Virtual reality (VR) is one form of new technology that is becoming more popular and useful in real estate.
With Virtual Reality (VR), prospective buyers and renters can take a virtual tour of a property from any location and at any time. This enables the agents and clients to save time and money while increasing engagement and efficiency.
Also, augmented reality (AR) apps have the capacity to superimpose a computer-generated image of an object into real life, thus allowing people do things like virtually redecorate a space using their smartphones and other portable devices. For real estate brokers, these magical technologies are a boon which allows them to highlight the potential of an unfinished space using AR to present a desired lifestyle.
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