The real estate industry has been quick to adopt technological advancements. This has helped the industry keep up with the times and meet customer demands more effectively and it is transforming the way real estate is viewed, bought, sold, and managed.
But how is technology being used in real estate to increase property sales? In this article we will take a closer look at real estate technology, how it’s being used, and its impact on the Australian property market and the overall customer experience.
The Rise of PropTech in Australia
PropTech is exactly what it sounds like; property technology. It is a term used to describe the combination of technology and digital innovations within the real estate industry.
PropTech in Australia is a tech-based solution that is streamlining the way the industry operates, moving real estate operations away from traditional methods to more digitised solutions.
From virtual property tours and artificial intelligence to blockchain technology and the Internet of Things, let’s take a look at the PropTech solutions transforming real estate for the better.
Virtual Reality
Virtual reality (VR) is taking the real estate business by storm. But what exactly is it?
VR describes a three-dimensional environment that is computer-generated to mimic reality. It can be explored and interacted with by a real person. The user of virtual reality technology is fully immersed within the virtual environment and can even manipulate objects and perform certain actions and tasks.
Virtual reality is now being used to increase sales within the Australian housing market. While it’s a less traditional method than touring people around properties in-person, it allows for more viewings to take place, increases customer convenience, and frees up estate agents to focus on other tasks.
Thanks to the immersive nature of virtual reality, it is possible to create realistic 3D virtual tours that offer immersive walkabout experiences and provide an accurate and detailed view of each property. This allows potential renters and buyers to view properties at their convenience and in their own time, without ever having to visit in person if they don’t want to.
Artificial Intelligence
Did you know that estate agents are increasingly utilising the benefits of artificial intelligence (AI) to boost property sales and increase customer engagement? When people think of artificial intelligence they think of robots and talking computers, but it’s so much more than that.
According to the Property Council, around a third of Australia’s real estate professionals believe artificial intelligence will have a “revolutionary impact” on the industry. Already artificial intelligence is simplifying time-consuming tasks, from managing lease negotiations to collecting rent, scheduling maintenance, and managing property viewings.
AI is also changing the way properties are found online and the ways in which they are recommended to potential renters and buyers. It does this by sifting through consumer data and using AI-generated algorithms to determine the optimum advertising strategy for each user. AI also lets customers interact with chatbots and virtual real estate agents 24/7, helping them secure the property they want faster and more efficiently.
Despite its popular uptake, the Property Council reassures everyone that “technology, even generative AI, won’t be able to do our jobs for us, but will enable us to do our jobs better, by extending our personal creativity and helping us move beyond our limitations”.
Streamlining Financial Transactions
The adoption of real estate technology has streamlined the once time-consuming process of buying and selling properties. Digitisation has eliminated the need for physical paperwork, replacing old systems with more secure, efficient ones such as electronic signatures, online payments, and secure transaction portals.
An added benefit to this streamlined approach is that technology creates a transparent and accurate digital record of all property transactions and ownership, thereby reducing the issue of fraud. This increases trust among buyers and sellers and ensures records always remain accurate and up to date.
Internet of Things (IoT)
If you’ve not heard of the Internet of Things (IoT), it is a network of connected devices that exchange data with each other and its impact on real estate is indisputable.
The Internet of Things (IoT) devices are revolutionising the way property management processes are undertaken. Software and mobile apps are making the tasks of rent collection, tenant communication, maintenance requests, and late fees more efficient through automation.
From data-driven decision-making to digitised processes, IoT is reshaping the real estate industry into a competitive powerhouse.
According to Deon Liebenberg, Vice President of Product Innovation and Strategy at Optus Business, “IoT is not just about the latest technology or smart use cases, no matter how clever they may be. It’s about adding value, streamlining operations and making people’s lives better”.
Blockchain Technology
Blockchain technology is a type of technology that allows for information sharing across a business network. This transparent sharing of information is transforming the real estate industry by improving efficiencies, maintaining transparency, and speeding up time-consuming processes.
Blockchain technology is streamlining real estate processes and transactions by forming a clear, unchangeable record that everyone can view and verify. It is completely secure, guaranteeing client confidentiality and data integrity while protecting transactions against fraud.
What’s more, blockchain technology supports something called ‘Smart Contracts’. These are contracts that can be self-executed. In other words, they do not rely on intermediaries and can be completed by the individual. This helps to streamline and automate processes, reduce delays and work backlog, and keep things running smoothly.
Blockchain technology is bringing big changes to real estate and is playing an important part in transforming the industry for the better.
Mobile Apps
Mobile app development within real estate is becoming more important than ever. As we spend so much time on our phones, it’s no wonder the real estate industry is looking to benefit from this incredible technology.
Mobile apps have emerged within the industry as a powerful sales tool. They allow consumers to navigate the complexities of the property market with ease and enjoy a seamless user experience.
According to Medium, “Australia’s real estate market is dynamic and diverse, catering to a wide range of buyers, sellers, and investors. In a rapidly digitizing world, mobile app development has opened new avenues for businesses to enhance customer experiences and streamline operations. A strategic mobile app could revolutionize the real estate industry, offering advanced features and functionalities that align with the latest app development trends”.
One of the most significant benefits of mobile apps for real estate is the instant access they provide to property listings. Users can set their app to notify them of property listings in real time.
They can filter the search results to only see properties relevant to their preferences and requirements (from luxury apartments to sprawling detached properties) and they can receive immediate updates that help them stay ahead in a competitive market.
From virtual property tours to personalised property ads, mobile apps have become an indispensable tool in the real estate business. The adoption of mobile apps in real estate is providing a customer-centric experience that offers real value to the customer and supports data-driven decisions to ensure they receive the best deal possible.
As you can see, technology is being widely used within the real estate industry. From streamlining processes and improving the customer experience to increasing property sales and simplifying the paperwork that comes with it, technology is making the day-to-day operations within real estate better and more efficient than ever before.
