What Lies Ahead For The Real Estate Industry In 2021?
Coronavirus had an unprecedented impact on every industrial sector, including real estate. Long after the virus is eradicated, its impact will continue in the marketplace. With people slowly and steadily becoming a part of the mobile revolution, all the industries are also undergoing rapid digitization, and Real Estate stands no exception. Many apps like Zillow and Trulia have been created by startups and other companies and have cut off the need for real estate agents and saves a lot of cost on travel and commute from one property to another. However, there is still hope that the strong market fundamentals will help it sail through the rough waters.
What are the Real Estate Industry Trends in 2021?
Covid-19 is fast-tracking digital transformation and recalibration at a systematic and individual level. With the rapid developments in technology, it comes as no surprise that digitalization has been a prominent feature of the modern world. Before the pandemic, the real estate industry was on the path to creating digitally-enabled services or processes for tenants and users– which included all sorts and forms of amenities provided by the property listed in the portal–which will help the user choose the right one for themselves. The real estate industry trends in 2021 are similar to that with additional features–
- The move to home office– It has become more apparent that we need to digitally transform ourselves to adapt to this hi-tech world in the wake of the Covid-19 pandemic, which has profoundly revolutionized the way firms used to operate. The workforce has been made location-flexible, and the only requisite for being in the business is to have quick and reliable network connectivity. One can sit at home and talk to the client on which kind of property they are looking for, and so on.
- Cloud services– A number of technology providers, in response to the Covid-19 outbreak, have launched tools to streamline the communication process, optimize business efficiency, performance and smoothen collaboration among teams. G Suite, Zoom, Microsoft Teams, Slack, etc. have become extremely popular for making WFH possible, especially in the real estate world.
- Integration of Artificial Intelligence– Artificial Intelligence has been a boon in the marketing field as it brings in so many customers who are looking for a property– and AI reads their behavior and choices and recommends them with properties that they would like. This is exactly how real-estate businesses are investing in integrating AI into their websites and apps.
- Integration of AR and VR– During the pandemic, it’s a rare occasion when somebody steps out of the home. However, Augmented Reality and Virtual Reality have made virtual tours of properties and interior decorations possible with the use of some apps like Zillow and Trulia.
- Digitizing Real Estate Portfolios– A move towards digital can offer a long term risk mitigation for commercial real estate companies in particular. Finding out where all the existing data lies can bring about success by simplifying the access to data by collecting standardizing information before uploading it to a secure, reputable, highly functional online platform.
The Future of Real Estate Industry Looks Like:
So the future of real estate lies entirely in how the gaps are filled where the information is missing and how the process is made seamless with the use of apps and websites developed using Trulia and Zillow clone scripts.
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