Real Estate Technology Trends

The emergence of new technologies can actually create new potential for real estate owners and the Toronto real estate market. Possibly you can use these technology tools along with the right strategy for more powerful performance and better results. So, it is in your best interest to adapt yourself as much as possible to automated systems and processes and to adopt strategically appropriate technical solutions to the new real estate technology trends.

Technological transformation has been changing the real estate industry within the last decade. However, the COVID-19 pandemic has created many challenges but accelerated the evolution of technology in many areas. Companies are trying to take advantage of this continuous technological change in the real estate industry in order for more people to use the real estate infrastructures.

The continuing epidemic has led real estate owners and developers to upgrade everything to add more value to their assets. But achieving such goals requires better alignment of their operations with end-users and better use of technology.

What has a significant impact on the decisions of real estate company leaders these days is the expectations and preferences of real estate users and what is valued. Thus, the advantages of real estate industry leaders lie in integrating state-of-the-art technologies into their investment plans and strategies.

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Generally, the impact of COVID-19 on accelerating the real estate industry technologies include the following four trends:

Role of digital twins 

These days, we are witnessing the emergence of more and more smart buildings as an industry standard, but the next stage of innovation in real estate technology is the “digital twins”. Digital Twins is a digital presentation of a physical property that allows predictive modeling to perform dynamic adjustments for simulated assets.

The strategic value of this technology to the entire real estate industry has been significant. The digital twins not only optimizes operations and improves the customer experience, but also simulates complex scenarios. Due to the fact that the CRE industry has a lot of data, the use of building data in combination with IoT data and how the building works has more operational efficiency and it will help to improve the experience of the residents as well as solve the potential problems.

Customers’ digital engagement

The important fact about real estate is that it’s all about customer experience and engagement. Based on the recent digital transformation in the real estate industry, the customer experience and engagement have become a key differentiator. Since 97% of those who are going to rent or buy a property start their search online, it is important to provide more flexible and convenient online tools. Direct digital engagement helps to automate the traditional processes in a safe and easy-access online environment.

There are some customer engagement strategies to facilitate your customer engagement. For example, you can use a live stream on your business social media account for an open house tour to enable potential buyers to view the property online. You can also share posts on the business’s official pages on Facebook or Instagram to show the upcoming open houses or give information about new projects. Or you can ask and encourage your satisfied customers to share their pleasant experience with your services directly on their preferred social media platforms.

Data driven real estate agent

A data-driven real estate agent means making your decisions based on the existing facts and taking actions based on the real data instead of the probabilities.

As a Toronto real estate agent, I utilize data in my day to day business in order to predict the market and guide our clients. There’s no doubt that in the current digital world, being a data-driven real estate agent is the most secure strategy to make the right business decisions which guarantees your long term success.

For this purpose, your first and most important step is to shift your mindset. When you continuously assess your decisions, it will encourage you to seek more data and facts for making the best business decisions. The purpose of real estate data analytics and metrics is to provide the real data and facts to make sure your real estate business is in the right direction.

Smart automation process

Smart automation in real estate means connecting all the processes and data for easy access to your team to improve operational efficiency and reduce costs. Smart automation has an important role in data analysis and subsequently saving you time and more concentration on core work. So you can focus more on the more important aspects to grow your business and career.

The positive impact of smart automation on your business is due to understanding the human elements and related factors, including what is going to happen in the next step, what would be the best decision, scenario or project. It should be smart enough to align the standard procedures of your business with the available data, your staff, applicable properties or projects, and recorded inspection details. Smart automation could be one of the best tools for your management team to execute the most useful operational adjustments.