5 Real Estate Tech Trends to watch out for in 2019

With 2019 around the corner, one can’t help but reflect on the immense transformation the real estate sector has undergone in the past decade. This change has been nothing short of a revolution, and technology has had a major part to play in it. Just as 2018 was the year for smart homes, AR and smart homes, 2019 also has numerous trends in store.

Technology has changed the way home buyers peruse the market for options. It has also greatly transformed the way real estate companies and agents market their services. From offering a simulated tour of potential homes to offering on-demand viewings over prior booking systems, 2019 is set to be another revolutionary year for real estate. Let’s take a look at the real estate trends to watch out for in 2019.

Augmented reality and virtual reality are not novel concepts. In fact, they were quite the big deal this year, but 2019 is set to see more developments. These technologies have tremendous potential if utilized properly and marketed well. One popular trend that we can expect to see again in 2019 is simulated tours of houses using wearable VR technology. Potential home buyers can experience a real estate space virtually and be privy to the actual look and feel before the property has even been constructed.

AR and VR allowing people to take virtual tours of homes can greatly optimize the buying market by saving real estate agents and companies the time and resources spent in activities like open houses. It can enable buyers to make faster, better decisions and choose the most suitable property within a shorter period of time.

A popular invention of artificial intelligence (AI), chatbots are increasingly used by real estate companies to save time and resources whilst serving customers quickly by efficiently answering queries and providing solutions. Chances are, we all have spoken to a chatbot and not known it; for example, when we send a chat query to the customer service department of any company’s website, the odds that the ‘person’ at the other end is actually a chatbot are higher.

A chatbot reads the keywords and sends answers immediately. This reduces the response time for basic or frequently asked questions.

Blockchain is the technology used by popular cryptocurrencies like bitcoin and litecoin. This technology basically cuts out the middleman (ie. bank) by recording all financial transactions on a public, digital database without requiring any central verification facility.

For real estate, a technology like blockchain can be helpful in facilitating transactions. The absence of a middleman can cut down legal fees and other costs. It could help realtors reduce the instances of fraud by enabling access to information about homeowners, buyers and properties. The only limitation of blockchain is that it is currently not used as a mainstream platform by the real estate industry; however, it can greatly benefit from this technology if it does decide to adopt it.

Another trend that can be expected to gather momentum in 2019 is ‘on-demand showings’. Pioneered by New York-based Naked Apartments, on-demand showing basically means pairing a home renter or buyer with an agent who is in the immediate geographical area and is available to conduct a property showing.

Many real estate companies now use this technique, using mobile applications to allow potential customers to book viewings instantly. This cuts down the transition time from booking a viewing to getting it done, and allows customers the luxury of making last-minute decisions to view properties in a neighbourhood that they have liked. This minimization of time can be a defining moment for customers, which can lead to greater conversions.

World-renowned cab company Uber has now entered the real estate market, disrupting the brokerage industry with its latest venture – Uber Real Estate. The service basically works towards facilitating buyers with the buying process. It reduces commission fees and brokerage costs by up to 50%, and delivers its services through a large team of highly qualified brokers.

It enables consumers to save time searching for good realtors, and also provides precise solutions and services as opposed to some of the incompetent brokering experiences that customers face. It is the latest development in real estate, and is highly anticipated to take off in 2019.