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Back in 1983, only 1.4% of Americans used the Internet for home searches. Today, that number stands at 41%, according to the National Association of Realtors. That means that an online presence is a digital asset that should be bringing prospects your way.
Now, picture a scenario where a prospective buyer wants to see how their favorite couch would look like in the living room, or they can’t physically make it to a showing. Are you equipped to offer them a virtual experience that seals the deal?
Technology is gradually changing the way potential homeowners search for, explore, and ultimately secure properties.
This article will take you through tech trends in real estate that can give you a competitive edge and help you attract more qualified buyers.
8 Key Tech Trends Shaping the Real Estate Industry
1. Digital Signage Integration
The real estate sector is fueling the growth of the global digital signage market, which is estimated to reach $35.94 billion by 2026, according to Fortune Business Insights. Real estate professionals are using digital signage for real estate to market, manage, and transform the way users experience their properties. Large, eye-catching digital displays in lobbies, sales centers, and storefronts can showcase high-resolution images, videos, and interactive content that can be updated in real-time.
Interactive digital directories and wayfinding systems are being installed in large properties to guide visitors and residents to their desired locations. The process of creating and managing digital content is made easier if you have a content management system designed specifically with your needs in mind. And so is Look content manager. With it, you can transform visitor experiences using content for advertising or wayfinding. You simply need to add third-party links, upload them, and watch as your visitors interact with your digital content with a touch.
2. Virtual Reality (VR) Property Tours
In the traditional real estate sales and leasing process, potential buyers or tenants would typically rely on photographs, videos, and in-person viewings to evaluate properties. However, forward-thinking real estate agents are using high-resolution 360-degree cameras and specialized software to give potential buyers and renters an immersive experience of properties from anywhere in the world. VR tours provide detailed digital representations of properties for viewers to virtually "walk through" and explore every room and aspect of the space.
According to a report by Goldman Sachs, the VR market in real estate is projected to reach $2.6 billion by 2025, driven by the increasing adoption by real estate companies, property developers, and even real estate portals and listing platforms. Major players in the industry, such as Sotheby's International Realty and Coldwell Banker, have already embraced VR property tours to give their clients a phygital experience.
3. Artificial Intelligence (AI) in Property Management
The role of the property manager is evolving with the help of AI. AI-powered chatbots tend to tenant inquiries 24/7, streamlining communication and resolving simple issues without human intervention. Predictive maintenance powered by AI analyzes sensor data to identify potential maintenance problems before they arise, which in turn minimizes downtime and saves costs. Industry experts predict that AI will handle up to 80% of repetitive management tasks by 2030.
4. Internet of Things (IoT) Enabled Smart Buildings
Smart buildings is a concept that began as early as the 1900s with the invention of thermostats for regulating indoor temperatures. The Internet of Things is propelling the current wave of intelligent automation in real estate.
IoT is the technology that enables everyday items such as lights, thermostats, security cameras, and more to communicate with each other and with a central system. IoT sensors are constantly gathering data on temperature, occupancy, energy usage, and air quality to provide insights into how a building functions. IoT-powered systems use the collected data to automatically optimize resource usage, either by adjusting lighting based on natural light levels, fine-tuning HVAC systems to actual occupancy, or scheduling maintenance before equipment failure.
Interconnectivity has become a standard for consumers. Smart buildings enabled by IoT deliver the convenience and control they’re accustomed to by providing them the ability to personalize their environments from their smart devices.
5. Augmented Reality (AR) for Property Visualization
The real estate market has struggled to close potential buyers who can’t be there in person to view a property. Major real estate companies and platforms such as Zillow and Ikea are closing this gap with Augmented Reality. Users are now using smartphones, tablets, or specialized AR headsets to virtually place and view 3D modes of properties, furniture, and design elements within their surrounding spaces.
Real estate stakeholders are seeing significant improvements in engagement with potential buyers and renters which is helping them qualify leads much faster.
On the other hand, developers and architects use AR to showcase designs, experiment with layouts, and collaborate effectively.
6. Office Hotelling
A survey by Gartner revealed that 82% of company leaders plan to allow remote work for at least part of the workforce. As a result, the demand for traditional office spaces with assigned desks has declined, while the need for adaptable environments that cater to different work styles and team configurations has increased. Office hotelling means that employees reserve desks or workspaces on an as-needed basis instead of having permanently assigned seats. This trend has contributed to space optimization, reduced overhead costs, and improved sustainability. A study by JLL found that companies can save up to 30% on real estate costs by implementing hoteling strategies.
7. Use of Mobile Applications in Home Search
From a marketing perspective, mobile apps are an essential tool for you to showcase your property listings and reach a wider audience. With powerful search filters and location-based features, users can easily browse and shortlist properties that match their specific criteria, such as desired neighborhood, price range, and property type. High-resolution photos, virtual tours, and detailed property descriptions also provide an in-depth look at potential homes for better decision-making.
When potential homeowners step into your real estate agency, you want to replicate the same interactivity they get from their phones using your signage network. You can easily do that with the Slider app from Look’s content manager. With it, you can create captivating slideshows that showcase properties in two engaging formats: automated playlists for a hands-free experience, or interactive catalogs where potential buyers can swipe through listings at their own pace.
8. Blockchain-Powered Transactions
The real estate industry has often dealt with inefficiencies, paperwork-intensive processes, and a lack of transparency. Blockchain technology is decentralized and secure and allows real estate professionals to streamline and revolutionize transactions. Property records, ownership details, and transaction histories can be stored on a distributed ledger which eliminates the need for intermediaries and reduces the risk of fraud or errors.
One of the key advantages powering this trend is the potential for enhanced transparency. All stakeholders, including buyers, sellers, real estate agents, and government authorities, can access and verify the same information on the blockchain.
Conclusion
Staying ahead of the curve in real estate means harnessing the tech trends we’ve discussed to elevate the customer experience. This is where Look CMS can be a game changer. Our platform empowers you to turn digital signage into captivating property showcases, streamline wayfinding to improve the customer journey, and even mirror the interactivity of mobile apps within your physical spaces. The result is a win-win: Customers find their ideal property with ease, and your business gains a reputation for cutting-edge client service. Ready to see this in action? Schedule a personalized demo of Look CMS and explore how to give your real estate strategy a tech-powered boost!
