Guess the last market to embrace digitization. It is the real estate industry, so it still makes up for the gap by following the most popular trends. Currently, "technology-based" is not a buzzword for the real estate industry. The startups in this space will most likely get funding using machine learning or other technical tools.
Artificial intelligence is one of the latest trends in Proptech, and the industry is enjoying one of its best times due to constant financial investments and excellent new models. Studies estimate that by 2050, the urban population will increase by around 75%. This percentage accounts for about 9.3 billion. The numbers indicate the bright future of the real estate platforms.
There is a lot of myth around these Proptech trends. And there are some exciting numbers you would like to know. So, in this blog, MarsDevs sheds light on the real estate technology trends that can get you a dent in the industry.
The real estate market is emerging, and the expectations indicate that it'll rise to be one of the most prominent spaces globally. Studies reported the expansion of the institutional grade to be more than 55% which was reportedly 29$ trillion in 2012. It grew to about 45.3$ trillion in 2020. Let's get to the future predictions now. So, the possibilities point towards 69$ trillion in 2030.
It is 2022, and investors are helping this industry lead a more excellent range of opportunities. Now, a proper investment community ensures more property chances for the public. People working with funds that provide shorter maturity and differing return profiles need these investment communities—the statistics point toward an emerging space.
By 2022, the real estate market grew to 2774.45$ billion globally, while the annual growth amounted to 32%.
The Business Research Company estimated that the real estate industry's value would touch around $7227.13 billion. The startups that use big data or other technologically advanced tools would take over the funding space. These startups would automate different segments of this industry, and virtual tours would disrupt the physical space. People need property buying or selling less hassle, and technology can help them do that perfectly.
Every year, people come up with a new assumption regarding the real estate industry. Some of them are justified and make sense. In contrast, some of them are just based on false beliefs. Many of us assumed that COVID-19 would cause the market to crash. However, the decline is slight, standing firm, and the scope of rising in the future is evident.
But, what are the real estate trends that we should be looking forward to?
The older generations used to take help from the agents. The agents would help them sell, rent, and buy a property. The millennials take responsibility in their hand to research on the internet before rushing to buy a flat or any house. They want smart homes and intelligent perks.
According to the statistics presented by the Real Estate Trends and Forecasts, around 44% of house owners find online information about the property before buying it. Approximately 73% of these buyers use mobile phones to search for purchases. In addition, they always want to know more. Just enough information presented to them on a platter can never be enough. They need to ask additional questions before booking the property.
According to the NAR research, 90% of real estate agents communicate through texts. Millennials want a house of their own. Thus, they do not show interest in second-hand homes anymore. Who would be interested in dealing with lousy plumbing issues anymore?
The industry needs to keep up with the trends. So, the modern real estate industry is looking for more innovative business models to satisfy every customer's needs. Automation is the new normal, and the millennials are not stepping back from that anytime soon. Thus, it also makes more sense for the investors to fund the technology-based startups, even in real estate.
Did you hear about the turnkey solution for the buyers? Amazon has partnered with Realogy, the largest residential brokerage company in the real estate industry, to make people's lives easier with turnkey. Turnkey is a customer buying solution that makes communications with the property agent easier. While buying, turnkey empowers the voice of the customers.
After buying the house, Amazon also helps you make it your super personalized smart home. They provide you with accessible technologies like installing a television or free intelligent products. All these would depend on the amount the customer spends on the house.
Let us address the elephant in the blog. We need software to manage the real estate business. CRM software can help you do that. You can use real estate software to track the emails, follow up with the leads, manage all the contracts, and keep a tab on the progress you make with any possible lead.
While it sounds innovative, the trend of using CRM software to streamline the processes is not new. It has been used for some time. But the industry is taking a leap to adopt this software more and making life easier.
Honestly, no matter your industry, you are expected to have a mobile application to make your services more accessible to consumers. Mobile applications development is a valuable trend, and you can not miss out. First, look at your target audience and sketch a plan. Then make a responsive app.
The world has everything at its fingertips. If you fail to update yourself with the trends, it will just leave you behind. So, while having a website sounds simple, you need to make your data and services more easily accessible. An app with an excellent interface takes care of that.
You might be thinking, what's next? You know you need an application. You also know why. But, the question is how. Do you have to hire an in-house tech team now? Hiring is a hassle that involves a lot of money, time, and patience. When MarsDevs can make life easier with just an easy collaboration, why do you have to worry anymore?
MarsDevs is a one-stop development shop that is ready to take care of your app development process and other tech issues. No matter your development stage, our team of experts can chip in anytime you want. So why wait? Let us discuss possibilities over a cup of coffee now!