Real estate companies are always looking for an advantage in the market. The Internet has given real estate companies the ability to reach more potential buyers than ever before. Still, recent advancements in technology and app development are expanding these capabilities in new and exciting ways.
The real estate market has been surging ever since the onset of the COVID-19 pandemic. If your business wants to get a leg up on your competitors, you should consider utilizing the latest technologies to deliver a first-class User Experience (UX). Providing a digital experience that delights users will help your business grow and attract new buyers.
If you want to stand out in a competitive field, you have to do more than just the industry standard. Even the classic mortgage calculators most real estate websites include are being outpaced by better services and websites, like Own Up, for example. So let’s take a closer look at the significant trends driving real estate app development.
Augmented Reality and Virtual Reality
Augmented Reality (AR) and Virtual Reality (VR) are two major app development innovations that will be driving progress in almost every industry in the coming years. Substantial improvements are still being made to our collective AR and VR abilities, but these technologies are very close to being seamless. However, even though improvements are still being made, the real estate industry is uniquely positioned to immediately apply the capabilities of AR and VR to their web and mobile applications.
The most famous example of Augmented Reality in a mobile app is Pokemon Go. However, several other apps have used AR in clever ways to offer their users a valuable service. For example, real estate companies can use Augmented Reality to help their clients picture what a house will look like with specific furniture or paint colors on the walls. Being able to visualize the way a room will look is essential to prospective buyers. If you can offer your buyers a tool that helps them picture a home’s potential, you will be able to close more sales.
Virtual Reality is another critical technology that can help save real estate companies time and money. Realtors spend a lot of their time showing homes to potential buyers and hosting open houses. Virtual Reality can be used to offer your users tours of your available properties at any time. Not only does this give your users more convenient times to tour homes, but it also helps save your realtors valuable time as well. Of course, there will still be in-person tours and showings, but by using VR tours, you can offer customers at the earliest stages of the home buying process a way to view a home in detail without having to give them a tour.
Blockchain technology has been made famous by cryptocurrencies like Bitcoin. While the ability to buy products and services using Bitcoin and other cryptocurrencies is expanding, real estate companies can benefit from the blockchain in another way. One of the more exciting capabilities of blockchain technology is the smart contract. In essence, smart contracts are unbreakable, and once all the terms have been met, the contract automatically executes itself.
A smart contract is a great way to conduct a property transaction, as well as any other type of business transaction your company might be involved in. The blockchain gives all involved parties the confidence that the information is immutable and that the terms of the contract will automatically be carried out. So you don’t have to wait for someone to mail a check or sign a paper.
A smart contract offers an alternative dispute resolution in that none of the parties involved can be taken advantage of or cheated in any way. Once the contract has been agreed upon, the terms are settled automatically. You can transfer money, land rights, titles, etc., using a smart contract. This can help real estate companies avoid common disputes between buyers and sellers and save them time in drafting contracts.
Truly sentient Artificial Intelligence is still the property of science fiction. Still, AI tools can be used effectively by real estate companies looking to gain deeper insights into their data and provide first-class customer service. AI algorithms are commonly used to analyze customer behavior and market trends to guide businesses while making decisions. As a result, your real estate business can better predict market and consumer trends and position itself accordingly to ensure success by utilizing the power of AI.
Furthermore, conversational AI can be used to power chatbots on your website. These bots can prove very helpful to users who need assistance after hours. For example, instead of losing a potential customer after business hours, an AI-powered chatbot can help turn that user into a potential lead.
These are a few of the critical app development trends that are driving modern real estate app development. Remember, providing a quality User Experience is one of the essential things your app does. A poor UX will drive your users to your competition. Instead, focus on creating a helpful app for your users and providing them with a valuable service. There is a lot of potential to innovate in the real estate industry. Try to take advantage of the latest tech trends before the competition leaves your business behind.