Tech Trends Transforming Real Estate: Opportunities and Challenges

The real estate industry, with its significant contributions to the global economy, is forecasted to reach a valuation of USD 729.4 billion by 2028. Sustainability is one of the biggest growth drivers of this segment, and many organizations consider legal compliance and innovation among their latest trends.

As a part of this thriving industry, you can take pride in your role in shaping its future.

By embracing the latest technology trends in real estate, businesses are not just overcoming challenges, but also unlocking new opportunities. These advancements are reshaping the real estate landscape and propelling revenue growth, from AI-based data analysis of buyer behaviors to automated property management and virtual home tours. The potential benefits of these trends, such as enhancing customer experiences and streamlining operations, are limitless when building real estate mobile apps for businesses.

Proptech, an emerging field for real estate businesses, is a testament to the industry's adaptability and innovation. It's a space where cloud computing, IoT, AI, and mobile solutions converge to deliver the best buying and selling experiences. With their crucial role in adopting and leveraging these technologies, real estate professionals are the driving force behind this transformation, which includes property management software, commercial real estate technology, and REtech for real estate technology.

This guide will discuss the best real estate technology trends, the real estate industry, and more below.

About the Real Estate Industry

The real estate industry comprises the buying, selling, leasing, and renting of high-value homes, duplexes, co-ops, townhouses, single-family homes, multi-generational homes, and other residential properties. It includes commercial and industrial residences such as strip malls, shopping centers, medical buildings, service and studio apartments, office spaces, warehouses, and any buildings dedicated to the research, distribution, production, and storage of goods.

 There are six critical areas to focus on in the real estate industry, which are as follows:

• Sales and marketing
• Brokerage
• Real estate development and lending
• Property management

Real Estate Technology Trends Transforming the Industry

Custom software development services utilized for the real estate industry can bring organizations numerous advantages. It allows businesses to align tailored solutions seamlessly with their desired objectives, streamline operations, and improve workflow efficiency. You can trust that your projects are in the right hands and can confidently leverage app development for real estate.

Digital trends in real estate are not just about technology but about people. They bring unique insights, identify potential buyers/sellers, and produce compelling digital marketing campaigns. They help anticipate customers' needs, predict the market, and maximize revenue outcomes. Crafting engaging omnichannel experiences is becoming the new norm for many real estate agencies, and customers are at the heart of this shift. They want personalized interactions, and their preferences shape the industry's future. 

The top real estate emerging tech trends in 2024 that are transforming the industry are as follows:

1.  Millennials and Gen Z Prefer to Interact with Properties That Have Real Estate Apps

 Nowadays, millennials and Gen Z groups research online about properties before investing in real estate. 73% of buyers use mobile apps on tablets and smartphones to purchase or try out potential ventures before committing to a final purchase. 90% of real estate agents communicate over text and prefer to make appointments with buyers online before letting them tour and buy or sell properties. Millennials and Gen Z prefer buying properties with AI-driven equipment, data analytics systems, smart homes, and other advanced features. Artificial intelligence and machine learning are among the biggest real estate technology trends, and organizations are using automation to file paperwork, verify documents, and fill timesheets.

2.  Blockchain for Securing Real Estate Transactions

Blockchain is one of the most significant real estate technology trends, bringing several opportunities to revolutionize offline processes. It adds immutability to transactions, secures financial and personal information, and decentralized exchanges without compromising privacy or security.

Blockchain technology also provides immutable proof of ownership of properties and assets. It can help securely store and manage property deeds, contracts, and legal documents, fostering transparency and accessibility for all stakeholders.

3.  Virtual Reality Will Go Mainstream In Real Estate Deals After 2025

Virtual reality technologies will give prospective buyers and sellers "digital walkthroughs" of various properties. Most homes will be sold this way, saving everyone time from physically visiting landscapes. Luxury properties are expected to be digitized first, and VR will be combined with AR (augmented reality) to eliminate geographical boundaries and simplify real estate transactions.

4.  Real-Time Tracking of All Properties and Transactions

Realtors will soon be able to keep track of all their properties, assets, and ongoing transactions across different countries, cities, and regions from a single app. Cloud-based real-estate apps will positively impact consumer experiences and deliver accurate insights about the industry. Data analytics will present valuable insights about market conditions and develop products/services that meet customer expectations.

One of the rising real estate app development trends will be the building of crowdfunding apps. They will gain massive popularity in the real estate industry and help businesses raise money to attract potential buyers/sellers, assisting even with the pre-booking of properties. Digital real estate apps will hyper-personalize buyer journeys and increase engagement via chatbots to reply instantly to customer queries. They will make interactions more efficient for all parties across all transactions and improve accessibility to private information.

 5.  Customer Verification with Real-Estate Biometrics

Biometrics technology will evolve in the real estate sector. Some of the most widespread applications of this tech trend are facial recognition, fingerprint scanning, user authentication, etc. 

The technology is in its initial stages, and there is much room for improvement. It will secure rentals, streamline customer identity management, and verify properties. Real estate biometrics is expected to be a leading real estate technology trend in 2024.

 6.  Use of No-Code Tools and Platforms for Building Real-Estate Apps

No-code tools will be used to build dynamic and engaging real-estate applications. Real estate app development companies will leverage them to create intelligent dashboards, enhance customer experiences, and deliver detailed information about properties and listings.

No-code tools will become a significant component of the best real estate software development projects. Within the next five years, they will enable business owners with non-technical backgrounds to build a customized app for the real estate industry blazing fast.

 7.  NFT Apps in Real Estate

Properties can have multiple records, which makes them harder to track. NFT real estate apps would make tracking and managing title deeds convenient. These apps will eliminate any chances of fraud or duplicates and assign each title to a unique token.

 Real estate companies will use NFT apps to settle disputes faster and streamline purchases.

Transforming the Industry

Building a real estate business with real estate app development can be an eventful venture, as many buyers prefer investing in brands that have custom apps. An extensive tech trend in real estate will be reducing the time brokers and agents spend sourcing properties and crunching data through various automation tools.

Enhancing digital journeys will radically transform the industry, and it will take care of different aspects such as:

• Capturing data for contract creations
• Scheduling and following up on appointments
• Document management
• Designing property management software and dashboards
• Making custom quotes and offers
• Loan applications and processing

We expect digital journeys to streamline user experiences and business transactions and enhance customer satisfaction. The real estate industry's construction sector will also undergo a significant transformation. Integrating AI and IoT tools with traditional solutions like RFID tags will reduce the need for manual inspections. It will enable construction managers to track progress in real time and ensure the timely completion of projects. Digital signatures will play a critical role in completing deed transfers digitally. Companies will reduce paperwork, store documents online, and collaborate with consumers using cloud-based services.

 Surges will occur in the other real estate tech trends listed above. Overall, the industry's future looks bright.

Conclusion

A real estate app can boost a company's impressions and enhance an organization's reputation.

You can hire remote developers to assist with your real estate web application development. Our experts bring hands-on experience with property management software, tenant management solutions, virtual tour design, and beyond. We constantly keep up with emerging real estate technology trends and best practices, which means you get the highest quality services. To learn more, contact Clarion Technologies today.