2023 Real Estate Tech Trends

Mortgage News February 18, 2023

Real estate professionals and investors should keep an eye out for some tech trends discussed in this article that could enhance their work and increase the effectiveness of their strategies.

Property Technology (PropTech)

Researching, buying, selling, or managing properties is made easier with PropTech. This technology can add value to a real estate company’s business. A key purpose of PropTech is to change the way people experience real estate and make the most out of it. All the tools used by real estate experts and professionals can be included in PropTech.

A good example of PropTech is Airbnb, but the industry has evolved so much since then.

AI – Enhanced Analytics

The use of artificial intelligence in real estate is certainly not new, but its implications are growing as well. With artificial intelligence, advanced analytics can be obtained easily and quickly. In terms of AI, real estate professionals can benefit from more than just analytics. It is increasingly common for agents to use AI in their writing, such as when producing listing descriptions or writing legal documents.

PropTech and AI can provide insights that can be used to make money for real estate professionals and companies.

AI and Algorithm Estimations

The role of AI in property value estimation is another implication for real estate professionals. The value of a property can be evaluated using statistical models, big data, and machine learning. The use of machine learning algorithms can even help real estate agents predict the amount of commissions they will receive after a deal is closed. In machine learning, pattern recognition can assist in identifying popular properties. It is possible to find better deals with all of these features.

Blockchain Technology

Real estate could be disrupted by blockchain in a couple of ways.

The first one is tokenization. In this case, cryptocurrencies divide assets into tokens, which can then be stored on a blockchain. In this way, a property owner can sell part of the property.

Additionally, smart contracts may be on the horizon. Property acquisition, home verification, and home search can all be accelerated with these contracts.

As a final note, if you work in real estate, you probably already work with automation. Chatbots and virtual assistants will likely play a larger role in automation trends in 2023. By automating your marketing, you can increase engagement and keep visitors on your website longer.

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