Emerging real estate technology has been forcing commercial firms to adapt by implementing tech like the Internet of Things. Real estate investing is being transformed by crowdfunding platforms and blockchain technology. Machine learning and artificial intelligence are being used in chatbots to provide buyers help with their initial research phase.
There is an air of optimism surrounding technological advancement as many big players in the real estate industry now seem to recognize the potential of new technology. Across the board, companies and organizations are being forced to make big pushes into technology in order to stay competitive. Some of the biggest tech trends may begin significantly changing the industry as soon as next year, according to Ashkan Zandieh at Forbes.
Here are the most important real estate tech trends to watch for in 2018.
Excerpted from Forbes
The Rise of Transaction-Engagement Focused Tech – Throughout 2017, one of the largest growing trends in real estate tech has been the shift from traditional transaction experiences to a more curated online experience.
A great example of this is Robert Refkin, the CEO and founder of Compass. Compass is building the first modern real estate platform, pairing the real estate agents with technology to make the search and sell experience intelligent and seamless.
Chatbots in Real Estate – From Apple’s Siri to the Amazon Echo, chatbots were everywhere in 2017. Chatbots are emerging as powerful customer service tools in many industries. Whether you realized or not, you’ve most likely encountered a chatbot while browsing or shopping.
When it comes to real estate, chatbots have the potential to revolutionize lead generation and customer service. By automating the initial stages of contact between agents and prospects, a real estate chatbot can be more efficient in engaging visitors, resulting in higher lead conversions.
Blockchain and Real Estate Transactions – Earlier this year, Velox RE and the Cook County Recorder of Deeds took part in a pilot project exploring how blockchain technology could be used to store property records in the 5.2 million-resident county, which includes Chicago.
Blockchain is a continuously growing list of records, called blocks, that are linked and secured using cryptography. It is best known for keeping track of who owns digital currencies like Bitcoin. Advocates of the technology say it can revolutionize real estate deals and recording keep costs. A new form of data management has piqued the interest of the real estate industry, especially financial institutions and lenders.