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Top 5 Tech Trends not to be missed for Real Estate Industry in 2020.

1) Blockchain

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?

What is Internet of Things (IoT)?

What is Internet of Things (IoT)?

The Internet of Things (IoT) is becoming an increasingly important part of the technology industry, the simplest and most straightforward explanation on IoT is:

Andy Griffiths, president at Samsung Electronics UK and Ireland

“Imagine walking into a house where everything is controlled by your mobile phone – you can switch the lights off before you get into bed, turn the heating up if it gets chilly or even make sure that all your dirty clothes are washed in the washing machine, all from the touch of a button on your mobile phone.

The Internet of Things is when all of the electrical items in your house, like your fridge, oven, TV, microwave, washing machine and mobile phone are all connected to each other over the Internet so that you can control them from one another – almost like they are talking to each other!

All of these electrical items are really clever and can collect information about when and how you use them. They can then use this information to help make your life easier, so there’s more time to do fun things and less time to do things like household chores!”

IoT is producing powerful changes in the real estate sector!

First of  all,  IoT enhances the connectivity of our physical world, for instants, sensors and systems are installed to collect large amounts of data from both inside and outside of the buildings.  The collected data can be analyzed and then used in a bid to optimize the manner of occupation and operation of a premise and its entire infrastructure. 

Systems, as well as buildings and to the extent of individual rooms, can learn and react to the occupants’ behavior. For example, HVAC systems now have the capability of adjusting the heat, air conditioning and lighting, responding to the presence/absence of occupants, rather than being controlled manually. Having used of these systems over time, by learning the usage of its patterns, will result in finding the best way to maximize performance and cut down energy costs.

Further, when security systems are linked to smartphones or security passes, it will allow property managers to identify emergency services, such as whether a building is clear or determining areas and find anyone that is in danger/trapped.

The IoT is producing revolutionary changes in the real estate industry and has the potential to provide great benefits to all including the realtors and purchasers. It should be noted that anyone who does not embrace modern technology and adapt appropriately will definitely faces the risk of being left behind, losing new purchasers, and, thus, suffering a slowdown in revenue streams.

Therefore, let’s stay connected by adapting to the modern technology, connect the real estate agents/sales representative to potential purchasers, help home owners and your business to carry out a range of smart activities with ease. ProSales, our highly performing mobile app digitize from the point of sales prospecting to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving. Contact us today for a Free Demo.

What is “Big Data” Technology ?

What is “Big Data” Technology ?

Big Data is going to control the businesses all over the world.  It is impacting our lives in so many ways, we see schools and universities introducing the subject to its students and making it part of main stream education. So, all of us, in business, really, need to understand what Big Data is and how it is changing our lives.

Here is one of the Big Data definitions that most of us could understand:

“Can you write down your name and your age? I am sure you can. Can you write it down for everyone in your class? Or for everyone in your school? Or everyone in your town? Everyone in the country? Everyone in the world? And then write down their age, their favorite color, their favorite animal, their favorite TV programs, almost anything you can think of … for millions and millions of people.

That’s too much, isn’t it? You can’t do it, and I can’t do it. But some computers can do this, and we call it ‘big data’. Data is all the stuff we are writing down and you can imagine, for millions, billions, gazillions of people it is really BIG.

What can we do with all this data? We can find patterns. For example, people making television programs may discover that children who like music really like drawing too, so they could make a new program about music and art. Or hospitals could discover that people who like different foods may get sick in different ways as they get older. That could help families and doctors look after our grandparents better.”

Donald Farmer, Qlik’s VP of product management

The Importance of Big Data Technology to The Real Estate Industry

With the understanding of the simple definition of “Big Data”, let’s see how it has impacted the real estate industry. Data allow the real estate experts to spot trends (or patterns as mentioned above) and are in better position to predict, analyze, also to anticipate the effects of the relevant trends, which allows them to be better prepared if they come into sight. For example, what will be the most popular and demanded number of rooms in a condo / landed property in a specific location.

Big data makes the sales and purchase processes smoother and simpler so that both sellers and buyers will be well-informed.  Sellers/housing developer will use the collected data to make better decisions, for instant, the selection of location for new project development.  Where-else, buyers will have a better understanding of the environment and local community of their dreamed properties.

Businessman/ people will be provided with detailed property information regarding latest surveys, full lists of properties for sale/rent, maps with regions where properties can be filtered by its value and so on. The main idea is to give people clear and true information, encourage transparency and decrease fraudulent.

The future of Big Data Technology is very optimistic and NO one can afford to take no notice of it.  So, let’s think about the development of your own data-driven software, you may need a mobile app to start with that works with Big Data. ProSales, our highly performing mobile app digitize from the point of sales prospecting to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving.  Contact us today for a Free Demo.