Data from Deloitte Insights

Infographic by Parcel Tracker, the internal parcel tracking software

The real estate sector continues to enjoy rapid growth. Driven primarily by a very flexible housing market, realtors, estate agents, and property inspectors are also delivering in-house growth through the improved use of the right technologies. As the available tech becomes increasingly vital for the property sector, it is becoming essential that any business involved in the buying, selling or appraisal of property learns how to make sure of the right tech options. There are some exciting technology trends to pay attention to in 2020, and those in the real estate industry need to stay updated and ensure that they are using these technologies in the right way.

Technology and Home Inspections

One of the first tasks for a realtor is to provide a potential buyer with a fully comprehensive, highly detailed, but easily understood property report. This used to be a laborious, manual task that could delay a sale for some time. However, as property inspectors have developed a deeper understanding of the benefits of the right technology, it is now becoming a much faster process to deliver those reports. One of the most exciting tech advances in real estate is the development of cutting edge home inspection tools that can be used to create reports for buyers, sellers, and realtors alike. Significantly more efficient, these tools can be tailored to your needs for even more impact.

Artificial Intelligence and Real Estate

It’s safe to say that artificial intelligence (AI) is quickly becoming less of a distant sci-fi concept and something that is becoming increasingly integrated into daily life. As the technology and potential of AI continues to evolve, it is only proving to be of exceptional value to those in the property sector. This is because many of the tasks involved in real estate are manual processes that can take time away from other, more profitable activities. Consider how long it takes to manage lease abstraction manually, and you might start to realize just how much AI can free up your time. By allowing for faster and more efficient decision making, alongside improved transparency and client satisfaction, and it’s easy to see just why AI is becoming one of the more valuable tech trends of 2020.

The Value of Big Data

It used to be that real estate focused on three worlds: location, location, location. That is rapidly becoming the outdated viewpoint; realtors that still think this way are going to be in for a quick shock as their competitors move forward. Now, the onus is on location, experience, and analytics. This is being driven by the rapid adoption of data analytics.
Being able to gain valuable insights into every possible metric gives businesses of all kinds an edge. For the highly competitive housing sector, that edge could make all of the difference.
Data analysis is not new in real estate, but it has traditionally been used to provide short-term insights. As we head deeper into 2020, those businesses involved in property sales will be able to gain valuable long-term insights as well, which is why those professionals are going to need to prioritize learning and understanding how and why big data should be used.

Privacy and Security

All of that data that you collect will prove invaluable, but it also raises the issue of security. Cybercriminals are not simply trying to steal bank account details anymore. Instead, they are targeting big and small businesses in order to gain access to consumer and business data. That means that the modern property-based business needs to stay up to date on all of the ways that hackers can break into systems. Buyers want to know that you take their personal data seriously, as well as that you are up to date on all of the latest consumer privacy regulations.
Failing to act in terms of your online security not only leaves you vulnerable to cybercriminals but could also make you liable for business-ending fines for non-compliance.
It’s essential that all businesses start paying more attention to their online security, and that means more than occasionally changing your password. You’re going to need the latest firewall hardware or software, and also make use of password management systems. If you work alone or have a team, make sure that everyone is aware of the latest methods used by hackers, including spear phishing, viruses, and Cookie Theft.
Technology is changing every facet of the world around us, and businesses are having to evolve if they want to keep up with consumer demand. With the profitability of the real estate sector, it is more important than ever that those involved in property take the time to develop a keen understanding of the available tools and resources available to them in the digital age. Fail to adopt the right technologies in 2020, and you increase the likelihood of losing leads to more forward-thinking competitors.