The real estate industry is embracing digitalization and catching up with the latest technology trends. From virtual reality to artificial intelligence, these innovations are revolutionizing property management and investment decisions. In this article, we will explore the top real estate technology trends of 2024 and their impact on the industry.
Millennials Are the Leading Commercial Buying Group
Millennials continue to dominate the real estate market as the largest group of home buyers. Despite the challenges posed by the pandemic, their interest in purchasing properties is on the rise. Research shows that millennials rely heavily on online platforms, using them to research and find their dream homes. In fact, 44% of new homeowners search for information online before making a purchase. Additionally, millennials prefer electronic communication, such as texting and emailing, when interacting with real estate agents.
To attract this significant buying group, real estate websites should focus on popular features, improve online listings, and emphasize the benefits of a property rather than its size.
Millennials' Real Estate Preferences
New Business Models in the Real Estate Industry
To cater to the needs of forward-thinking individuals, the real estate industry is adopting new business models. For instance, the collaboration between Amazon and Realogy has resulted in the creation of the Turnkey solution. This program enables customers to have a voice in the property buying process and provides free technologies, like installation services and smart home devices, after the purchase.
Another emerging business model is iBuyer, which simplifies property selling and buying through automated valuation models. This technology allows customers to make informed decisions and choose between traditional real estate agents and automated platforms.
Marketplaces are Becoming the 'it' of the Real Estate Industry
Marketplaces, such as Airbnb and WeWork, are disrupting the real estate market by acting as intermediaries between buyers and sellers. These platforms offer a variety of services and pose a significant threat to established players in the industry. Greater Vacation Rental, built by Sloboda Studio, is an example of a rental marketplace that allows users to book accommodations for vacations. The sharing economy concept behind these marketplaces is reshaping how people shop, and with the projected growth of online marketplace sales, real estate purchases are expected to shift towards online platforms.
Marketplaces in the Real Estate Industry
PropTech is Taking Over the Real Estate Market
PropTech, or Property Technology, leverages information technology to enhance various aspects of the real estate industry. With the aim of adding value to their businesses, real estate tech companies are adopting innovative technologies. Artificial intelligence (AI), big data, and machine learning (ML) are being used to evaluate property values, predict market trends, and improve customer experiences. These technologies enable real estate companies to process large volumes of data, make accurate predictions, and provide personalized recommendations to their clients.
Other notable real estate technology trends for 2024 include the usage of virtual reality for immersive property tours, blockchain for secure and efficient transactions, big data for personalized property recommendations, and mobile apps for convenient property search and management.
Real Estate Technology Trends for 2024
In conclusion, the real estate industry is undergoing a significant transformation with the adoption of various technology trends. From catering to millennials' preferences to implementing innovative business models, companies that embrace these changes are likely to succeed in the evolving market. Whether it's through virtual reality, artificial intelligence, or blockchain, real estate professionals can leverage these technologies to enhance their services, improve customer experiences, and stay competitive in the industry.
Sloboda Studio has extensive experience in building and scaling real estate platforms. Contact us to analyze the trends that are essential for your business and implement them effectively.
Disclaimer: All images used in this article are from the original source.
