Real Estate Development Trends We Expect To See In 2024
Digital innovations invade all the spheres of modern life at a giant pace and the speed is just gaining momentum. Business, education, industry and everyday life have been and are still being reshaped to match the new reality. Digital transformation in real estate is not so rapid, because the industry is based on hospitality and construction. However, real estate software solutions and technology integration into practices are already making their way into the sphere.
Some technologies are already referred to as «disruptive» by some experts, while the others say their real impact has yet to be seen. We prefer to call them digital trends and want to review them and their impact on the industry here.
1. Big Data and CRM
The real estate sphere is the sphere of big data. It comprises the real property objects, their characteristics, owners, companies, renters, agents, so real estate data analytics is inevitable for successful business development and revenue generation. Using CRM tools will help you in many ways here. It can, on the one hand, show you the potential customers, their activity and interests. On the other hand, it can be used for making predictions as to the market conditions, property buying or investment perspectives or price. Being a real estate business you cannot do anymore without custom real estate software solutions and CRM tools for a better staff, resources and customer management as well as better document administration and access anytime from anywhere.
2. Real Estate AI, Machine Learning and Predictive analytics
Artificial intelligence and predictive analytics are nowadays the competitive advantages of the real estate market players.
To succeed in business, one should analyze carefully his potential customers, regulators, business leaders and competitors, staff and lots of other essential details, like paperwork, taxes fees, etc. It’s crucial for understanding what data is at disposal, what can be done with it, what risks it poses, and how to manage it all properly. The information is too valuable, however, too abundant to collect it, process and turn into insights. One should either spend tons of time on it or use modern real estate predictive analytics tools to detect problems, prospects, and solutions. Even more crucial is to process data real-time. That’s where machine learning and AI in real estate come handy. They help to analyze and interpret the information collected as well as put it to good use.
Artificial intelligence can provide valuable insights as to the markets, property objects, and even ROI from the rent, reveal the potential cash flow and aid agents to match properties to the customers. AI and machine learning have in fact brought the technology of the sphere to the next level, being extremely good at data analysis through the real estate analytics tools, intuitive, easy to use, and reliable. Furthermore, as technology continues to progress, we may witness a growing number of PropTech startups and established companies integrating quantum computing into their algorithms, recognizing its immense potential.
3. A Shift to the Cloud
Cloud property management software solutions are becoming increasingly popular among evolving digital real estate trends. Such software allows quick and hassles access to the property information and financial data any time from any place. The property owners and tenants can just log in to the system and check whatever they want. There is no necessity to write emails or to make phone calls anymore. It creates an additional bonus of minimizing the amount of communication.
To discuss modern digital trends without mentioning Blockchain is nonsense and real estate is not an exclusion. In 2024, we can expect more properties sold via blockchain technology. The transactions made do not then require any middlemen or bank verification. Though the technology was overhyped in 2019, now real use cases for it can be seen beyond payments and digital currencies. Blockchain is going to be widely applied in real estate and asset management giving it the fresh start. At present, it can be thought of as an operating web-based real estate market with active business, benefiting from transparency and security. Financial scams and cyber-attacks have little chances with this innovative technology. It’s due to the fact that there is no single authority holding the record of the transactions exist.
5. Augmented Reality and the Industry
AR is another ground-breaking technology combining virtual reality and real-world content. The technology can be used, to see what a property would look or looks like through virtual tours, which will also help secure a property sale or rent.
There are already commercial real estate software products, which help scan buildings and watch the available spaces inside, getting all kinds of information on the property. Some of such applications are already able to go as far as to connect the clients with the agents directly. Though the apps of AR have not come into wide usage yet, many experts believe Augmented Reality will influence the future of the real estate industry. 2024 is a perfect start for this.
6. The Metaverse
In 2021, the global market for metaverse real estate was valued at $821.9 million, and it is projected to reach $5.95 billion by 2028. Metaverse real estate involves the application of virtual and augmented reality technologies to the real estate sector, enabling immersive property tours and interactive experiences for potential buyers and tenants. It also encompasses the utilization of blockchain technology to establish secure and transparent real estate transactions. The emergence of the metaverse in real estate represents a rapidly expanding trend, introducing fresh and innovative approaches to the market, selling, and managing properties.
7. Smartphone Apps
Real estate application development is the aspect to consider for all agents or real estate business owners. Mobility is now the key to success and a great advantage in the increasingly changing and competitive environment. Most CRM and real estate software products development processes come with mobile apps already, however, it is predicted to become even more popular and practical in the 2024 year. It can allow agents to access property details, as well as the necessary documents and tools any time even on the go and get any information required right at the palm.
Though property buying selling or renting is going to stay a physical affair forever, the future of real estate transactions is digital and mobile. To gain an advantage over the competitors, one being in business should become an early adopter of real estate development trends.
Stfalcon is ready to support you in this and develop a modern real estate IT solution for you. It will keep you always reachable for the customers and partners, allowing you to instantly answer their queries or needs, thus attracting high-quality leads and generating much profit for your business. Our dedicated team is ready to help you, just contact us, and a complimentary consultation is available.