Blockchain technology is an entirely new way of documenting data on the internet. It is like a public ledger, not owned by any single entity and is decentralized for all transactions conducted on the cryptocurrency (digital currency) network.
In 2017, this technology paved its way into real estate when an apartment in Kyiv, Ukraine became the first property to be sold using cryptocurrency. It is about the “system of trust”. In Malaysia, a Sabah businessman secured a land deal successfully using Bitcoin on Jan 9, 2018 — to be more precise, half a Bitcoin is equivalent to RM38,832.50 at the time of transaction.
PropertyClub is a another good example of real estate platform that uses blockchain to refine the way people market, search, buy, sell and invest in properties. It uses smart contracts and conducts real estate transaction digitally using cryptocurrencies like Bitcoin.
2) Big Data
Big data refers to a huge quantity of data that is used to provide predictive analysis about customer behavior based on their purchase history, financial status, trends and patterns. With such analysis, it helps to understand the customer better, thus, gain more profit and achieve new heights. It could also involve using CRM systems that digitalize the record of leads visiting property listings or websites and collects data based on what people are doing on that particular page. With that, follow up action can be done to receive a site / sales gallery visit and then, matching and tempting offer can be made accordingly to convert the sales.
3) Virtual Reality (VR) and Augmented Reality (AR)
AR alters your reality while VR replaces your reality entirely with a simulated environment. With these technologies, property prospects can enjoy 3D virtual property tour from anywhere in the world, and at any time, without the need to be caught in a traffic jam, physically. They will eventually become a critical part of real estate marketing, expect to see more of these in the years to come.
4) Artificial Intelligence
Real estate companies are using AI – in particular, AI chatbots as powerful tool for lead generation by automating the initial contact between buyers and sellers. The connection saves time and resources while enable answer to inquiry efficiently. It provides solutions and most importantly, it is a synonym for great customer experience in an instant and trendy manner.
5) Smart Homes
The millennials (Aged 26-40) and Gen Z (below 25) will remain the most dominant buyers in the housing market. They are tech-savvy and keen to invest in smart homes. Property developers will be drawn to this trend of providing “smart” homes instead of “dump” home to meet the emerging market demand.
Are these techs already on your radar?
There is a saying where most companies choose to go for an 80/20 rule, where they spend 80% of their time on established activity that account for results and 20% of their time being the first to adopt new technologies. If those new technologies don’t pan out eventually, then, only 20% of the time is lost. But, if they do, then those companies will be the first to take advantage of such tech and thus the first to gain the profit/rewards. What is your view on this?