Curious about real estate software? Discover cutting-edge trends in software development for real estate industries! For a while, professionals working in real estate were slow to adopt new tech. They probably believed in the idea, “If it works, don’t mess with it.” Back then, methods such as in-person meetings, paper-based transactions, and traditional advertising were still proving effective.

Fast-forward — today, the big market players have started embracing technological innovations after realizing their benefits.

This is driving the real estate software market to grow at a fast pace of 10.1% CAGR, to reach $12.89 Billion by 2025.

Also, about 53% of real estate companies have already invested in at least one PropTech company.

Looking ahead, in 2024, the industry is getting ready for big changes. These will be driven by advances in technology and shifts in the economy and how we think about property.

Continue reading to understand what these trends in software development for real estate industries could look like.

Real Estate industries

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What is PropTech?

Proptech is coined from “property and technology.” It is the use of technology like AI and IoT in real estate. These innovative solutions are aimed at modifying the real estate processes including, purchasing, leasing, or renting to make it easier in this digital age.

PropTech helps with building management, customer service, list and data management, performance tracking, etc.

1. Blockchain

Blockchain has remained a trend in the past years and has now found its use in real estate. The technology is now employed in storing data and tracking secure transactions.

The transactions are only accessible to the parties you allow.

You can skip the time-consuming manual processes involved in managing mortgages. With smart contracts on the blockchain, all the loan collection procedures are automated, secure, and transparent.

Plus, you can facilitate the sharing of documents to avoid oversights in property management.

2. The Internet of Things (IoT)

IoT allows prospective buyers to see a property with cameras and sensors. They can also see the physical state of the building and learn important details before contacting the agent.

The sensors make the virtual tours of properties more realistic with pictures taken in real time. IoT technologies power smart houses that help real estate firms to identify each property.

These technologies control heating, ventilation, and aircons to improve efficiency.

Read also: Shaping the Real Estate Sector with Digital Mortgaging Solutions

3. Artificial Intelligence & Machine Learning

The ML algorithms recognize patterns that can identify the potential value increase of a property. This ensures that real estate deals are more productive and data-driven.

You can also employ AI and chatbots to simplify tasks for real estate agents. The chatbots respond to your clients’ questions 24/7.

They also ask the clients questions to help you identify their pain points before you meet them. As these automated technologies handle these routine tasks, agents can focus on more productive duties.

You can also integrate AI to manage other infrastructures to help you deliver high-quality services to your clients and put you ahead of the competition.

4. Business intelligence (BI)

Real estate companies store and work with significant structured data. These could include information on transactions and clients, pricing, and financial data.

They also make financial decisions from historical data. That is why business intelligence is essential in the real estate industry.

It acts as a computing technology that generates reports and identifies insights from the collected data.

Companies can employ this information to gain and retain old clients. BI tools like Tableau and Power BI can also analyze valuable information to help firms invest smarter.

5. Big data

Besides the collection of structured data, there are still multiple unstructured data in real estate. Big data tools can leverage these data to help realtors identify potential buyers. They achieve this by examining data from search engines or online ads.

Real estate companies can employ big data tools to examine the potential for development in a region.

This informs their buying or selling decisions in these regions. Big data solution scour interviews or talks from influential government officials regarding the development plans in an area.

They also leverage information on social media that shows the choice of living areas for different demographics.

This way, real estate companies know the most potentially lucrative locations to develop projects

Investors are not left out. They can employ these tools to predict the performance of real estate and make informed investment decisions.

6. Website and Mobile App Development

Real estate companies now invest in improving their online presence. This is because 41% of recent buyers, first looked at available properties online before buying. So, they are developing or revamping websites and apps.

Companies update these websites with relevant information for clients including residential/commercial properties for sale or rent and value of lands or properties by location.

Also, with the adoption of mobile apps, real estate companies have developed a solution. Companies like Zillow have also launched user-friendly mobile apps for clients to browse properties on the go.

7. Localization and geolocation

Real estate software developers employ localization and geolocation to build a user-friendly and custom experience for potential buyers, sellers, and investors. Localization allows users to see information about properties tailored to their location.

For example, users will see listings in their local language, currency, and even measurement unit. So, while Americans see square feet, Europeans see square meters. They can also see local amenities and proximity to schools or public transportation.

With geolocation, users find their choice properties close to their current or specified location. Users can even see recommended properties based on their previous searches or browsing behavior. They also employ data like county atlases and maps of flood zones to evaluate their worth.

Conclusion

Trends in software development for real estate industries will continue to evolve. But the goal is to stay relevant and dominate the market. So, keep up with these trends and stay one step ahead of the competition.

You can also employ the services of reliable, professional software developers for real estate to establish up-to-date solutions for your business.

Belayet Hossain

I’m a tech enthusiast, entrepreneur, digital marketer and professional blogger equipped with skills in Digital Marketing, SEO, SEM, SMM, and lead generation. My objective is to simplify technology for you through detailed guides and reviews. I discovered WordPress while setting up my first business site and instantly became enamored. When not crafting websites, making content, or helping clients enhance their online ventures, I usually take care of my health and spend time with family, and explore the world. Connect with me on Facebook, Twitter, Linkedin or read my complete biography.