Technology is becoming more and more important in the real estate sector, mainly because of having to deal with shifting market conditions or consumer behavior changes that are completely unexpected. Different emerging technology companies appear every single year and are focused on residential and commercial real estate services and products. We can say that the real estate technology sector is finally showing maturity signs and those involved in the industry finally started to look at tech as something that can help. 

To put it as simple as possible, emerging real estate technology companies now create opportunities for investors, sellers, and buyers. Innovation and technology keep being vital for an industry that is moving towards the digital ecosystem. However, most people do not know much about what tech is present in real estate. Contrary to popular belief, we are moving way further than home auctions organized on websites and mobile applications. 2018 will be a huge year of innovation after in 2017 we saw a shift from face-to-face meetings to online experiences. 

Collections by Compass 

A really good example of technology evolving is the recent launch of Collections by Compass, an innovative modern real estate platform that offers technology needed for the real estate agents to sell in a highly intelligent and seamless way. Collections allow agents and buyers to collaborate, discuss and organize real estate properties. This offers much inside information about buyer behavior. The site is even known as “Pinterest of real estate”. Because of the success, it gained, there is a possibility that new similar sites or apps will be launched in 2018.  

Real Estate Chatbots 

2017 was the year of chatbots, with Amazon Echo and Siri being great examples. The chatbot is standing out and emerging as a strong customer service tool. Nowadays it is hard not to end up faced with a chatbot as you shop online or browse the internet. In regards to real estate, the chatbot can revolutionize customer service and lead generation. This is possible as initial contact stages between prospects and agents can be automated. Real estate chatbots engage visitors so lead conversion is higher online. 

Real Estate Transactions And Blockchain 

When thinking about blockchain we inevitably consider cryptocurrencies like Bitcoin but in regards to real estate, we actually have to look at blockchain technology. Velox RE worked with Cook County Recorder of Deeds for a pilot project that explored the way in which blockchain technology could possibly be used to store real estate property records in a county with 5.2 million residents. 

Blockchain stands out as a brand new way to manage data. The real estate industry is now interested. This is especially the truth when referring to lenders and financial institutions. 

Final Thoughts

Innovation and technology continue to grow in real estate. With this in mind, there is one thing that is a certainty: we are in front of a shake-up. Tech first companies have been targeting transactional real estate. This includes leasing and sales in both commercial and residential real estate.