As the world continues to become more tech-oriented, the real estate industry is playing “catch-up” when it comes to investing in and utilising technology and technology investment. The real estate industry has traditionally been slow to embrace new technology. However, as the world changes the need for innovation and modern solutions has become increasingly pressing. More and more real estate companies are turning to technology to help them gain an edge in an increasingly competitive market.
As a result, during the past ten years, the number of real estate technology businesses has surged by 300%. Success has multiplied many times over.
There is no doubt that this market expansion will last for the foreseeable future, especially as more real estate companies allocate funds for their complete digital transformation.
Top 5 disruptive trends in real estate
Technology is being interwoven into our industry everywhere you look, and for very good reasons. There have been significant innovations throughout 2022 that have the potential to completely alter our industry. Let’s examine some of the most prominent real estate technology innovations that are currently sweeping the US, UK, and even Australia.
#1 Purchaser aggregation
Crowdfunding has been successfully used to aggregate investors to create buying power to purchase single assets. However, the same logic has not yet been successfully applied to aggregate multiple investors together to create buying power to purchase multiple apartments in the same development.
Du Val Global has started to pioneer this logic with its patent technology. Du Val Global offers a range of properties for sale from leading developers in Australia, New Zealand, and the United Kingdom via its proprietary Du Val Dynamic Pricing™ algorithm. This sophisticated pricing model levels the playing field for small investors through aggregation, providing discounts of between 7.5% and 15% from retail prices, which, until now, have only been available to large institutional investors.
#2 Virtual reality tours of properties
What was once intended to be a temporary fix for COVID-19 has evolved into a practical, interactive resource for real estate companies, enabling them to engage with leads even further away.
They may reinvent consumer experiences, convey correct property information, and gain the audience’s trust by building and posting interactive virtual reality (VR) tours of their available properties.
VR is a technology that allows users to experience a simulated environment, allowing them to explore properties without actually being there in person. This can be extremely beneficial for buyers, as it allows them to get a better sense of the property, as well as its features and amenities, before they make a decision. Additionally, it can be beneficial for real estate agents, as it allows them to show potential buyers a larger selection of properties in a shorter amount of time.
#3 Automation of tenant experience
Short-term rental companies (like Airbnb) have had great success automating their “onboarding” procedure. Software can be set up to make bookings on the owner’s behalf rather than the owner manually scheduling cleaners each time a visitor is scheduled to arrive or depart the property, for example.
Whilst this technology will be perfected in the short-term tenancy space, it is clear there are broader application in the traditional rental market.
#4 Big data
One of the most prominent forms of technology investment in the real estate industry is in the form of Big Data. Big Data is a term used to describe datasets that are large in size and complexity, allowing companies to analyse vast amounts of data to gain insights into their operations and the market as a whole. By leveraging Big Data, real estate companies can gain valuable insights into consumer behavior, market trends, and more. This can help them better understand what their customers are looking for, allowing them to create more attractive and competitive offers.
#5 Artificial Intelligence
Finally, the real estate industry is also investing heavily in artificial intelligence (AI). AI is a form of computer technology that has the ability to learn and understand its environment, allowing it to make decisions and automate processes. In the real estate industry, AI can be used to streamline the process of finding and evaluating properties, as well as to automate tasks such as customer service and market research. This can help real estate companies save time and money, while also providing better service to their customers.
Overall, the real estate industry is playing “catch-up” when it comes to investing in and utilizing technology. While the industry has traditionally been slow to embrace new technology, the need for innovation and modern solutions has become increasingly pressing. As such, real estate companies are turning to technology to help them gain an edge in an increasingly competitive market. From Big Data to VR to AI, the real estate industry is investing heavily in technology, and this investment is paying off in the form of improved efficiency and cost savings. You can read more articles about proptech here.
Are you thinking about buying an investment property?
We built Du Val Global, real estate investment software designed to help investors make better investment decisions when they buy property. Our platform provides investors with the real estate investment tools to help with critical decision-making, including
Research – access to powerful property analysis provides real-time market research, allowing
landlords to have a complete picture of tenant economics, prevailing
rents, and capital values
Financial Analysis – a property investment tool that investors can use to create financial models to determine net return after tax and return on investment. Investors can understand specific tax implications. Our property comparison tool allows investors to compare investments on an after-tax basis to determine the best investment for them. Investors can even compare properties in different countries
Du Val Dynamic Pricing™ – Du Val Global offers a range of properties for sale from leading developers in Australia, New Zealand, and the United Kingdom via its proprietary Du Val Dynamic Pricing™ algorithm. This sophisticated pricing model levels the playing field for small investors through aggregation, providing discounts of between 7.5% and 15% from retail prices, which, until now, have only been available to large institutional investors.
Portfolio Management – a property portfolio planning tool investors can use to monitor and track the performance of their investments.
Interested in giving our platform a go? Start your free trial today at Du Val Global.