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Top 10 Real Estate Technology Trends in 2022–2025

CEO Khai Intela
From virtual reality home tours and automated property management to AI-driven insights about buyer behavior, the newest real estate technology trends are reshaping the industry. Staying ahead of the curve and understanding these trends is...

From virtual reality home tours and automated property management to AI-driven insights about buyer behavior, the newest real estate technology trends are reshaping the industry. Staying ahead of the curve and understanding these trends is essential for success in the real estate business. In this article, we will explore some of the most exciting real estate technology trends for 2024 and beyond and how real estate agents can take advantage of them.

Key Real Estate Tech Trends Transforming the Industry

Let's dive into the world of new technology in real estate and equip you with the knowledge to transform your business!

Artificial Intelligence

Artificial intelligence (AI), along with machine learning and virtual assistants, is undoubtedly the future of real estate technology. It has the potential to revolutionize the way companies operate. AI-based smart solutions accounted for 26% of innovations in 2024, according to StartUs Insights. AI can be utilized in various aspects, including historical data analysis, pricing strategies, customer service automation, global market trend determination, accurate valuations based on previous data, consumer needs identification, property recommendations, and enhancing the overall purchasing experience.

For instance, AI algorithms can help agents identify patterns in customer behavior and tailor their marketing campaigns accordingly. Another application is optimizing online ads to better target the right audience. By leveraging AI, agents can gain a competitive edge, reach the right people, increase conversions, and provide a more streamlined service for prospective buyers. AI has become one of the most significant advances in real estate technology and is set to become even more integral in the years to come.

Example:

Rex Homes uses AI algorithms to place ads on different channels based on target audience metrics, such as purchase history. They also employ programmed robots that can answer almost any question about the real estate objects they're showing to potential buyers. Within two years of launch, they closed 231 deals, raised $25.5 million, and reduced brokerage commission to 2% compared to the average of 5-6%.

Immersive Technologies

Immersive technologies, such as virtual reality (VR) and augmented reality (AR), provide prospective clients with a 3D experience of a property. These technologies allow potential buyers to visualize what it would be like to live on-site, regardless of their physical location. Goldman Sachs estimates that the AR/VR market will reach almost $80 billion by 2025, with the real estate industry playing a significant role in this growth.

Many real estate companies already offer virtual tours, enabling customers to explore properties without leaving their homes. These experiences help potential buyers make informed decisions and provide a better customer experience. Why waste time visiting properties you're not sure about when you can take virtual tours from the comfort of your own home, regardless of the weather or other circumstances?

Additionally, VR and AR can be used as smart building technologies by builders and architects. They can create 3D models of potential projects, allowing for faster iteration and idea validation before investing in construction.

Example:

Artisan Staged Homes & Room Redesign uses visual staging for empty properties, increasing the average sales profit by 17% and selling 87% faster. On a larger scale, PIXO uses VR training in construction, helping learners grasp the material 40-60% faster than in a traditional setting.

Immersive technologies in real estate Immersive technologies in real estate

Internet of Things

The Internet of Things (IoT) enables smart devices to monitor the physical environment of a building and track activity. IoT devices can regulate heating and cooling systems, connect with smart locks for remote access control, provide a personalized and seamless experience, monitor customer activity on the property, and send automated notifications about maintenance issues or late payments.

IoT devices are set to revolutionize the real estate market in the coming years. By leveraging this technology, agents can provide a more tailored and efficient service to their clients, leading to increased satisfaction and loyalty.

Example:

CBRE uses IoT sensors to collect data about building performance, such as energy usage, to improve building management and optimize operations. By using such sensors, they identified HVAC system issues and cut energy costs by 20%. CBRE also contributes to Shell's goal of reducing greenhouse gas emissions by 20% by 2035.

Building Management Systems (BMS)

Building management systems (BMS) are software tools that allow real estate firms to monitor and control the physical environment of a building. These tools include property metrics like temperature, humidity, lighting levels, air conditioning, and security systems. BMS can automate property management tasks, schedule maintenance work, control access, and provide real-time monitoring of residential and commercial buildings.

BMS can save time and money, increase resource efficiency, and help detect potential issues before they become serious. It also enables property managers to provide a more personalized experience for property buyers.

Building management systems (BMS) Building management systems (BMS)

Example:

BMS is predominantly used to cut energy costs. Governments recognize their benefits, such as saving up to 30% of energy. In the European Union, such systems will become mandatory by 2025, and in the UK, they are recommended for buildings with over 290 kW effective output. BMS also helps maintain buildings and resolve potential issues before they become significant problems.

Big Data Analytics

Leveraging big data and analytics provides valuable insights into customer behavior, market trends, and investment opportunities. Real estate professionals use big data analysis to identify properties that fit their investment criteria, considering factors such as listing descriptions, demographic data, industry trends, and tenant preferences.

By collecting and analyzing customer data, agents can gain a deeper understanding of their audience's preferences and needs. Big data analytics allows for more personalized services, better targeting of marketing campaigns, and improved customer satisfaction and loyalty.

Example:

Redfin, a real estate listing platform, uses big data analytics to provide users with insights. For example, they can show how likely a property is to sell within a certain period, creating a sense of urgency for potential buyers. These insights are based on actual data, providing value rather than mere marketing tactics.

Property Management Software

Property management software, including CRM systems, streamlines communication between agents, landlords, and tenants. It efficiently processes applications, leases, and property maintenance requests. The software allows agents to track their real estate listings, store relevant documents and data securely, provide real-time updates, and access analytics tools for measuring performance and gaining market insights.

Property management software improves efficiency, profitability, and the overall real estate experience for both agents and clients.

Example:

TurboTenant enables property managers to screen potential tenants within minutes, checking credit history, criminal background, and eviction cases. This streamlines the tenant selection process, ensuring trustworthy individuals occupy the properties.

Blockchain

Blockchain technology securely records property titles, contracts, and facilitates seamless transactions between buyers and sellers. It improves transparency, security, and efficiency in managing property titles and contracts. Blockchain-based smart contracts enable faster and more secure transactions, reducing costs and eliminating the need for intermediaries.

Real estate companies are turning to blockchain to cut transaction costs, combat fraud, and accelerate real estate transactions.

Example:

PropertyClub offers a secure real estate platform for closing deals using smart contracts. They even have their own coin and accept transactions in various currencies.

Smart contracts for real estate Smart contracts for real estate

Property Aggregation Platforms

Property aggregation platforms collect data from multiple sources and provide real estate agents with up-to-date listings and market insights. These platforms simplify property searching, allow for price comparisons, and provide industry insights.

They can also be used to offer virtual tours of properties, track market changes, and identify potential opportunities. Property aggregation platforms empower agents with comprehensive market overviews and assist in making informed decisions.

Example:

Property aggregators use web crawlers to collect data from different sources. For example, the Czech platform Realitio lists a property on their website within 10-20 minutes after it is posted on the source website. A good property aggregation platform stays updated, minimizing the number of inactive listings.

Drones

Drones have the potential to revolutionize real estate marketing and inspection, increasing property and land values. They provide agents with aerial views to create stunning videos and photos for marketing purposes. Drones can also inspect rooftops and other hard-to-reach places, allowing for faster and more accurate pre-sale activities. Additionally, drones can map out neighborhoods and record data to analyze market fluctuations and make informed investment decisions.

Drones offer faster inspections, improved marketing capabilities, and valuable insights into the real estate market. They are projected to be widely adopted in the coming years.

Example:

Drones have multiple uses in real estate, including aerial photography and virtual property tours. Keller Williams and Realtor.com utilize drones for virtual property tours, providing a unique and immersive experience for potential buyers.

Data Security

Protecting sensitive data is crucial for any real estate business. Data security is a top priority to maintain reputation and comply with regulations. Software companies offer solutions for encrypting data, monitoring and preventing cyberattacks, securing network traffic, and managing risk. Building cybersecurity tools help manage vulnerabilities, backup data, and ensure a safer working environment.

Data security will remain a critical trend beyond 2025, considering the amount of valuable information that real estate businesses hold.

Example:

Tokeny offers a blockchain platform for real estate security tokens. Tokenization improves accessibility of properties, liquidity, and data accessibility. Tokeny's platform has reduced compliance and administrative costs by 90% in real estate funding projects.

Digital Twins

Digital twins serve as virtual replicas of real estate objects, systems, processes, or people. They mirror the form and functions of the actual entities and stay synchronized. Digital twins allow architects and developers to predict how future buildings will fit into the environment, withstand climatic conditions, and optimize energy consumption, space utilization, and environmental impact.

Real-time monitoring through digital twins ensures the alignment of actual construction with the initial design, streamlining the construction process and addressing any deviations promptly. Post-construction, digital twins become invaluable assets for property management, optimizing maintenance schedules, managing energy efficiency, and simulating the impact of modifications.

Digital twins also aid in adaptive urban planning, facilitating smarter decisions for evolving cityscapes, traffic flow, public services optimization, and sustainable development.

Example:

Real estate professionals utilize digital twins to provide three-dimensional virtual tours of listed properties for residential buyers. On the commercial front, digital twins assist in managing multiple listings and providing comprehensive models for building management.

Fractional Property Investment

Fractional property investment, also known as equity investment, allows for shared ownership of properties. Investors can participate in ownership at a fraction of the cost, reducing financial barriers to real estate investment. Fractional ownership can offer privacy and shared income from rental properties. It opens up investment opportunities and allows for diversification in the real estate market.

Example:

Robinhood has introduced fractional property ownership, enabling users to invest in real estate with smaller amounts of capital. Through the Robinhood app, investors can access fractionalized properties, democratizing property investment.

Mobile Applications Usage

Mobile applications have transformed the real estate landscape, providing innovative features for professionals and consumers. Real-time communication, financial tools, transaction tracking, market insights, and personalized experiences have become essential components of mobile apps for real estate. These features enable seamless interaction and informed decision-making.

Example:

Apps like Zillow and Redfin offer comprehensive features, including property searches, virtual tours, real-time market insights, and tailored recommendations. They streamline the buying and selling process and enhance the overall real estate experience.

Our Experience

At Geniusee, we have successfully worked on various real estate app development projects, exemplifying our expertise in transforming the industry through technology.

HappyHouse - a Rental Property Management App

We collaborated with Happy House to develop a cutting-edge rental property management app. This app transformed traditional offline procedures into a streamlined online experience. We utilized our deep technical expertise, particularly in React and integration services, to create a platform that connects tenants and landlords and handles crucial aspects such as tenant screening, maintenance requests, and rent payments.

The project's success was marked by overcoming challenges in payment integration, frontend alignment, and seamless integration of multiple frameworks.

Twinly & Polku - Property Management Services

We partnered with Polku Innovations, a leading Finnish real estate service development company, to develop a unified platform based on IoT solutions. This platform enhanced property management through the creation of digital twins for buildings. We ensured optimization of requests, integration of multiple databases, and management of vast data from smart devices. The collaboration resulted in a long-term partnership, digitized property management, and powerful 3D models for comprehensive building management.

These success stories demonstrate our commitment to reshaping the real estate landscape through innovative and transformative technology solutions.

Looking for Real Estate Application Development or Upgrades?

Geniusee is a software development company specializing in helping real estate businesses stay ahead in the fast-moving industry. Our team of tech professionals provides custom real estate software development and mobile app development services, including property websites, real estate platforms, crowdfunding platforms, automation systems, real estate configurations, sales tools, and more.

We offer software solutions to effectively manage, sell, lend, evaluate, or buy real estate assets. Partner with us to leverage groundbreaking technologies and gain a competitive edge in the real estate market.

Conclusion

The next few years will bring exciting advancements in the real estate industry. Technology will continue to shape the way we do business, with new tools and services emerging at a rapid pace. Real estate companies must stay on top of these software development trends to remain competitive.

By partnering with an experienced software and mobile application development company like Geniusee, you can harness the transformative power of technology and stay ahead of your competitors. Embrace these real estate technology trends and unlock new possibilities for success in the ever-evolving real estate industry.

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