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How the Real Estate Market is Using Technology in 2024

The real estate sector has been adopting digital trends for more than a decade, but in the last year, these have been utilized more than ever in an effort to keep the property market afloat following the outbreak of the coronavirus. 

Technology is now at the forefront of helping many businesses survive and will undoubtedly change the way markets operate in the future. To meet people’s demands, the real estate market has been busy implementing new strategies to deliver properties to investors, future homeowners, and tenants alike. 

We’ve included a few examples below of the type of technology that is having a positive impact on the real estate market, allowing people to continue to buy and sell properties whilst adhering to social distancing restrictions. Keep reading to find out more, and learn how your business could leverage these trends too.

Smart technology

Using technology to advertise and sell properties is a fundamental part of running a successful real estate business. It is also useful to include new digital devices and features in the properties themselves. Nowadays, people are looking for convenience to make their lives easier, and as technology advances, it seems to be the preferred choice when managing home life. Smart technology not only gives the option of added security to a property with audiovisual products and video doorbells but can help save money on utility bills too. Smart lighting and thermostats are a great way to monitor your energy usage and program the devices to only turn on only when you need them. This saves tenants, homeowners, and landlords thousands on wasted energy.

Eco features are also becoming increasingly popular as people in the real estate market look to lower their carbon footprint. Property investment companies such as RWinvest recognize the importance of living a more sustainable life and believe modern developments should come with eco features and smart technology already installed. These types of features can include anything from eco-lighting to eco-heating with motion sensors to detect when to turn lights, heating and air-conditing on and off. For more information on eco-friendly features, take a look at our previous post.

Video technology

Video and drone technology has opened up the doors to remote viewings allowing potential buyers and investors to take a virtual tour of their property of interest. Now people can invest in real estate from the comfort of their home without having to travel and make face to face contact. The real estate market relies heavily upon communication and visuals, and whilst staying connected has been difficult for everyone, virtual tours and video technology has helped to provide a solution. Adopting this type of technology allows industry experts to ease people’s minds as we navigate the current economic and financial crisis. 

Virtual meetings and video technology have also paved the way for companies to keep employees at work and stay in touch with future clients and previous investors, ensuring real estate businesses deliver the best service possible. Teams are more efficient than ever and strive to keep the real estate market going by any means necessary. Technology gives companies the opportunity to be more innovative with their work tactics. For example, many real estate agents are now selling properties using drone footage to showcase off-plan developments and the surrounding area.