2023 is here and we are all excited about what is yet to come. In 2022 we saw a ton of things happening – from high inflation to the highest interest rates in 40 years. These factors affected the mortgage rates and they started to grow which slowed down the real estate market.
With the new year, we are crossing our fingers for something positive not only in terms of the macroeconomy but in terms of technology. Technology is the main driver of success and prosperity. Being technology-driven, adding more skills and tools can support you and your business during tough times.
Technology has revolutionized the real estate industry, streamlining processes and making life significantly easier for agents, investors, homeowners, lenders, and property managers alike. From streamlined communication to accelerated documentation processing – advances in technology have enabled all involved parties to benefit from increased efficiency while delivering a boost to their bottom line. So the question that may pop up in your head while reading this may be “Well, what are the tech developments that will help me grow my knowledge and become an expert in real estate in 2023?”
The real estate industry is an ever-evolving one, and it’s important for agents to keep up with the latest trends. In this article, we’ll explore four technology trends that will impact the industry in 2023: virtual reality home tours, AI-enhanced analytics, streamlining of all processes, and blockchain technologies.
Read till the end and learn how to dominate your market.
Virtual Reality Home Tours
Virtual Reality tours are becoming more and more popular in the real estate industry. The whole idea around them was accelerated by the pandemic when many people changed their homes and were not able to see it with their own eyes. (Sometimes because they were moving from state to state). Virtual tours allow buyers, sellers, REALTORS®, and agents to show homes in a new digital way and feel the atmosphere of the property. Even if most home buyers would like to visit the property in person, virtual tours are a great way to have an idea of the property and how it looks.
According to a survey by Matterport listings with 3D virtual walkthroughs close 31% faster and sell for up to 9% more. So if you are an agent, you should definitely add virtual tours of the properties you sell in 2023.
However, this is not the only advantage of VR home tours. They could also be used in the rental business. The number of landlords and short-term rental hosts who provide virtual tours of the property to attract clients is growing. Imagine booking a hotel for your summer vacation and having a VR walk around the room and hotel facilities. You could also take a look at the pool or walk around the beach virtually. So if you are not sure if this hotel is the right place for you and your family, the VR tour could change the game.
Using AI for Analytics
One of the trends in December 2022 was ChatGPT – an artificial intelligence (AI) launched by OpenAI. In just a few weeks people around the world saw the benefits of using AI: marketers started using it for campaigns, copywriters wrote articles twice as fast compared to how they used to, and developers used it for checking code. But how AI could help real estate agents like you to optimize your processes?
In 2023 we may see this relatively new technology analyzing data from the market and making more accurate predictions on what will happen next not only with real estate prices but also with mortgage rates and consumer behavior. This will allow you as an agent to be prepared for the events in advance and take the necessary steps to be on the crest of the wave when the market is going up or there is a slowdown.
Another implementation of artificial intelligence is decorating and designing the property to the customer’s needs. For this to happen, ask the potential buyer a few questions like his favorite color and style. After that thanks to AI technology you may decorate virtually the real estate. In this way, you will meet the customer’s vision and he will fall in love with the property.
Have you spent hours thinking about the text you should add to your listing? Well, while using AI you can have this done in a couple of minutes. AI can create awesome text that will influence every buyer.
Streamlining the Processes
As a real estate agent, you can maximize efficiency and elevate your business by streamlining processes. Doing so will free up time to focus on what matters most: giving clients the best service possible! Optimizing the process will give you the opportunity to spend more time with your customers, learn about their needs and wants, and be able to help them in a more efficient way. This will make it easier for you to make money because you won’t need to spend as much time doing paperwork.
Automating many of your day-to-day responsibilities will allow you to complete tasks faster and better than ever before.
Understanding this we at Propy are dedicated to helping agents streamline and optimize the process. We make ownership transactions easier and smoother by creating a collaborative environment between all participants. We aim to ensure every party involved enjoys an optimal experience throughout the process. This way you can automate all parts of the real estate transaction from listing a property, easily tracking and managing all phases, integrated earnest money deposits, and title and escrow.
Blockchain For Real Estate
Blockchain is a distributed ledger technology that records and verifies transactions. In the context of real estate, blockchain provides a secure, transparent, and immutable record of transactions.
Some of the key benefits are faster processing times; less bulky paperwork; lower costs for buyers; less risk of fraud because it’s impossible to tamper with digital records; plus more transparency around transactions so you can see who owns what without having to wait days or weeks for an answer from your local authorities. Blockchain can be used to record and verify property ownership by recording land registry records on a decentralized ledger. This means that instead of searching for paper documents in government offices across the country, all your information will be available online in one place.
With Propy Title and Escrow, we aim to streamline the closing process and fight wire and title fraud by providing buyers and sellers with a more secure experience. Whether your transaction is processed traditionally or you are using cryptocurrency, 100% of the transaction will take place on blockchain and be recorded there, as well as with the local county. Using our platform’s smart contracts we ensure faster closing time and less errors.
To stay ahead of the competition, savvy real estate agents need to be aware of ways technology can help their businesses. In 2023, leveraging emerging trends in Real Estate Technology will support agents in simplifying workflows and finding new clients – all while keeping a healthy balance between life and career.
As the world becomes more technologically advanced, so does real estate. The digital revolution has changed how we buy and sell homes, and it’s only going to continue to evolve in the coming years.