The real estate industry adopts innovations at a much slower pace than, let’s say, banking or education. Not willing to change the usual order of things, many agents stick to regular practices and manually process all data. They lose the opportunity to pamper customers with more relevant offers, optimize expenses, and outpace competitors.
Yet this doesn’t mean that every real estate agency should go with the flow. You can be among the first companies that adopt apps, CRMs, or augmented reality for real estate. The digital transformation will give you a competitive advantage and boost profitability. Check out some of the core technologies that are worth considering below.
Real Estate Management Software
It was found that in 65% of cases, real estate agencies hire tech companies to improve operational efficiency. They leverage real estate technology to automate manual routine processes, such as accounting, property management, rent payment processing, and document management. As a result, this speeds up the sales process and, thus, increases profit.
Types and capabilities of real estate management systems
· Real estate CRM software. Customer management software enables agents and property managers to build stronger relationships with customers through continuous communication. Such tools usually store contact information of customers, details of their purchases, preferences, and demographic data. They also support lead generation capabilities that help agencies carry out more deals.
· Accounting and budgeting real estate management software. Such real estate software comprises the functionality for automated bookkeeping workflows, bank reconciliations, check writing, tax and financial reporting. It’s mainly used by medium and large agencies to optimize accounting procedures and achieve regulatory compliance more easily.
· Rent payment processing real estate software solutions. Property managers can use these tools to collect rent from tenants through the most common online payment systems.
Augmented and Virtual Reality Real Estate Tools
The real estate industry is well-suited for AR and VR solutions. VR real estate technology allows potential buyers to see the realistic image of the offered locations remotely.
Types and capabilities of VR and AR real estate technology
· VR real estate tours. Stop wasting time on physical visits to multiple locations and launch an AR real estate tool instead. VR real estate software is usually leveraged by medium to large agencies with multiple properties that can afford to make long-term investments in real estate tech.
· Augmented reality for real estate to supply customers with additional data. This AR real estate capability enables customers to learn all details about the offered property by pointing their mobile devices at it. Besides being exciting, this experience also boosts sales.
· Virtual reality real estate for a non-built property. Such a solution can assist real estate companies in convincing customers to invest in construction before completion.
Real Estate Applications and Web Platforms
Real estate web platforms and applications are usually tenant-oriented solutions. They enable customers to view property listings with detailed descriptions, just like in an online store. Whereas real estate web platforms are preferred by desktop users that like to conduct thorough research, real estate apps are popular among mobile customers. Actually, based on estimates, around 80% of millennials have found their home on mobile devices.
Key elements of real estate website platforms and apps
All web and mobile real estate solutions have a lot in common. Here are the main capabilities you should pay attention to while looking for a tech provider or developing your custom solution:
· Registration/login page
· Search filters
· Property listings
Real Estate Portal for Selling and Buying Houses Developed by Leobit
Custom Real Estate Software Development by Leobit
If commercial real estate software doesn’t provide all the necessary capabilities, custom real estate software development is the only right choice. You may invest in real estate tech for internal use or implement monetization to sell it. Both options will enhance your profitability but in different ways.
Regardless of what you choose, Leobit, a full-cycle software development provider, is ready to back you up. The company has completed multiple projects for real estate tech companies, many of which leverage the latest technology solutions, such as AR/VR, AI, and machine learning. To find out more about how Leobit works, check out the case study of the real estate portal for selling and buying houses and contact Leobit in case you need real estate software development assistance for implementing your idea.