The property market and technology have come a long way, and they still have a long way to go. With new tech coming out every year that changes property market conditions and shapes consumer behaviour, it is important to stay on top of these tech trends and try to predict what would happen next in this increasing technological landscape.
Technology is no longer something to be feared, but a handy tool to be embraced that makes life and work easier. While there is still the niggling thought that AI or some really advanced robots will rise up and rule the world as we know it, we still take the tech disruptions in stride and use them to make ourselves more efficient and effective.
Virtual reality has become so accessible that by 2020 it will be a $29.7 billion industry. Virtual reality (VR) allows interested property buyers or renters to look at a property anywhere, anytime, and decide on whether to make the investment or not, without physically inspecting the property. Properties are open every day of the week around the clock, and both parties involved can save their time and resources while at the same time increase engagement and efficiency.
Augmented Reality (AR) is what we have to thank for Pokémon Go! AR apps superimpose computer-generated images (CGIs) of objects into the real world, so that people can run around trying to catch rare Pokémon, or virtually decorate a living room or a kitchen using a phone or a tablet. With AR, property developers can show off an unfinished project using AR, without having to build physical models to scale and reducing the amount of time on the market.
This refers to automated data analysis that helps to inform artificial intelligence about consumer behaviour and preferences. A good example is looking at Google search results for a particular question from 2 years ago and today. The question remains the same, but the search results will differ, becoming more tailored to what you need. This is because the Google search engine has ‘learned’ what you need by taking into cognizance your response to the results 2 years ago. Machine learning can be used to learn more about property market trends and a host of big data applications, cutting down on the cost of collecting data manually.
Property Market Robots
Virtual assistants, chatbots, and voice bots. These all help in fielding questions from consumers and simplify the workload by scheduling tasks and meetings, creating reminders, or scanning the internet for news on the property market. Examples of property market virtual assistants include Alva, and voice bots are more popularly known: Siri and Alexa. Chatbots include Chatfuel and Holmes, robots that were created specifically for millennials searching for property; and they are usually found on many websites and social media platforms. Yes, the robots’ world domination scheme might just work!
Property market robots, push technology, social media, emails, property accounting, invoice processing… all these make it necessary for tasks to be automated in the property sector. Use these technologies to your advantage to keep your edge: automate tasks like data collecting and processing, giving you more time to focus on management and communication to take your business to greater heights.