Technologies in the Real Estate Industry
According to a recent survey, more than two-thirds of housing businesses and realtors are following real estate technology trends. It implies that the use of technology in real estate will face an upwards growth in the near future.
The survey further reveals the primary ways technology is used in real estate channels processes. While over 40 percent of real estate marketers partner with real estate technology companies or tech startups, others prefer purchasing products from third-party suppliers.
This infers that the real estate domain has become an appealing sector for investors. Over the years, investments in the housing market have increased dramatically. This has improved the use of real estate tech. Combined real estate and technology have streamlined many processes and systems within this niche.
With that in mind, let’s delve into the details to see how technology and real estate work together. Here are some of the latest growing tech trends that are reshaping the real estate market.
Real Estate Technology Trends
Trend: Commercial Real Estate Technology Trends
Touchless Access solutions
Touchless access solutions are one such growing trend in commercial real estate technology. According to 2022 State of Access Control Report, 42 percent of businesses plan to shift to mobile-ready systems, while 32 percent plan to go touchless.
To ease the fear among employees, many employers are keen to install touchless security in commercial spaces. It is one way to avoid contact with readers, keycards, and door handles. They also want to explore various commercial access control systems with touchless functionalities.
Commercial buildings or spaces currently use a hodgepodge of touchless access solutions. This commercial real estate technology trend requires companies to install optical turnstiles at main entrances and areas leading to indoor rooms. It also includes keypads on physical locks, doors to restrooms, and keys on the main doors.
Although the infrastructure has existed for years, it has added new dimensions in order to meet requirements befitting current scenarios. The pandemic is one such scenario that has forced companies to reevaluate and take a new approach when it comes to different touch surfaces.
With safety becoming an essential feature, touchless solutions are raging as a leading real estate technology trend. The feature means the difference for any organization that wishes to seal a deal for a commercial workspace or office rental.
A major plus for a company looking to reduce cost by subletting its rental property may gain an edge in the market by showing the next-generation advanced commercial real estate technology features.
Monitoring Space Usage Solutions
Monitoring space usage solutions are a smart way to make the space work better for you. Advanced space utilization analytics improve the commercial workplace experience and help people make smarter real estate decisions by leveraging space data and technology.
Many real estate marketers use space utilization analytics to help organizations optimize the space they require. The software monitors and improves space occupancy and use to ensure better capacity and work environment. It helps companies determine how much space they require in a globally evolving hybrid world.
Integrated Workplace Management Tools (Hybrid Workplace Management Solutions)
Integrated workplace management tools support real estate asset management. The advanced solution for property management combines workplace planning, sustainability management, and maintenance orchestration into a single platform.
Businesses currently use IWMT for budgeting and capital project planning for real estate assets. In fact, this real estate technology reduces the risks associated with expansion and modernization as it centralizes data and provides a “what-if” analysis.
IWMT provides marketers administrative control over maintenance and space planning.
Some features relevant to property management include:
- Facilities management -equipment tracking and space planning
- Maintenance management
- Workspace optimization- office equipment planning
- Personnel planning - meeting room planning and seating chart
- Maintenance planning -budgeting, cost, dispatching
- Space occupancy tracking
- Mobile inspections and surveying
- Work order request
- Environmental planning
- Energy consumption management
- 3D model tools
- Building systems automation
Tenant Experience Platforms
The tenant experience platform is an excellent technology in the real estate industry. It empowers both tenants and property owners.
If you’re an owner, you can utilize the software to receive unparalleled data about properties you own. You can also have insights and access to detailed and thorough information on overall space utilization and amenity demand for tenant satisfaction.
With the valuable insights, you can monetize the property in a better way to drive long-term revenues and retention.
However, if you’re a tenant, the latest real estate tech makes rent payments easier, offers accessible amenities and convenient leasing methods.
Moreover, the platforms encourage an improved sense of community to give marketers an edge when hiring and retain new talent.
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Trend: Property Management Solution
Lease Management Solutions
Lease management software is a part of property management software. The advanced solution helps real estate agents prepare, assess, and distribute their leases and documentation.
In fact, a Lease management solution provides real estate marketers a centralized database that can store built-in financial analysis tools and property contract information.
This enables users to handle lease payments, make stacking and abstracts plans and analyzes lease-level financial details. The products allow professionals to set email reminders (critical date alarms) for important events and tasks such as lease expiration.
Lease management software is used by tenant representatives and leasing agents at many commercial real estate firms.
Trend: Smart Home Technologies
There is no denying that smart technologies for home bring benefits such as security and convenience. These two benefits are twin pillars when it comes to buying a home or residential property. From increasing property value to make them more attractive to potential buyers, smart home IoT technologies can do everything.
Remember that a fully-laden connected home spends less time on the housing market. As per the National Association of Realtors, when a property is smartened up, it fetches 5 percent more compared to conventional alternatives in the neighborhood.
Another survey from Home Advisor shows that a large percentage of millennials like to buy digs with smart systems technologies home security. That is enough to show how smart home technologies are impacting the housing industry.
However, smart technology now extends beyond streaming music or day planning. It includes several features to turn a property into a smart home. Some of these real estate techs are:
Building Energy Management System
Did you know that an Energy Management System can help reduce the energy consumption of a multi-story building by 50%?
An energy consumption feature of a property affects the tenants, environment, and bottom line. That means maintaining energy management has to be the top priority for commercial and residential real estate professionals. With proper energy management systems, property owners can improve operational efficiency, reduce costs, and meet sustainability goals.
An energy management system, in this regard, is a computer-based system that measures energy consumption and looks for areas to improve energy efficiency. Property owners can use an energy management system to monitor lighting systems, device-level equipment such as HVAC across various locations.
EM software provides a detailed picture of the energy consumption of residential or commercial properties. It also provides owners or companies the ability to monitor functions to collect data. The facility can then make informed decisions related to energy activities with this data.
Green Home Technologies
Real estate professionals consider highlighting environmental credentials and characteristics important to improve property’s value. In fact, they promote energy efficiency as an essential feature in their commercial listings to attract potential tenants and buyers.
Green technology features that many real estate professionals promote are an efficient use of insulation and lighting and solar panels. Green technologies in properties are in demand as more home purchasers are willing to buy energy-efficient houses that have cost-saving features.
Some more features of this smart home technology include:
- Rain Collector System
- Automated blinds
- Lighting control
- HVAC system
The technologies decrease both carbon footprint and annual recurring energy cost of the property. The features lead to major long-term savings and result in a high resale value of the home.
All in all, technology has not just altered the real estate market but has also reshaped its existing business model. It has created and paved the way for a more modern lifestyle. The changes have already affected labor within the housing or commercial real estate market and redefine the way investors approach their purchase process.
With the real estate industry producing large amounts of data, agents who can provide homes with the latest technologies are taking leading positions within the real estate market. Thus, the article explains how modern tech is shaping and revolutionizing property buying.