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Real estate is a competitive business that is greatly customer based, so it should come as no surprise that much of the new technology in the residential real estate sector for 2017 will be to enhance the customer experience throughout the entire process – from searching and purchasing, to moving in and living. The following are Silver Creative Group’s predictions for the top four technology trends in residential real estate:

Chatbots

Also known as chatterbots, chatbots offer customer service with a computer program that converses with customers and provides answers with lifelike voice or text. Chatbots have the ability to learn and excel in communication, making this a process that can get even better with time. For residential real estate, a chatbot could provide 24/7 customer service with answers to frequently asked questions, listings, and the ability to schedule viewings. Most customers have similar questions, so pre-recorded answers could help weed out customers who have more serious inquiries, in turn saving time and money for agencies. A programmed conversation also ensures a positive experience for the user which can increase conversion rates.

Why will chatbots be a hit?

Real estate is customer driven and the benefit to using chatbots is that customers gain and maintain trust in a company that is easily available. Chatbots help both customers and agents, making their lives easier with faster response times, 24/7 service, data collection, and the organization of inquiries.

Blockchain

The real estate process has remained fairly unchanged for years but one solution to simplify the process would be Blockchain. Blockchain is an accessible record of transactions creating new “blocks” of records on file that could create a digital identity for a property. This digital ID includes the property’s history along with those associated with it, making it possible to track, verify, and view accurate property information. The technology was originally used with Bitcoin as a public ledger of transactions, but for real estate, Blockchain records would allow the transfer of information and ownership without many of the usual middlemen. The system is being worked on but 2017 may be the year that Blockchain enters the industry to provide time and cost savings by cutting out the middlemen, preventing fraud, and making the buying/selling/renting process seamless and transparent.

Why will Blockchain be a hit?

By leveraging digital technology, Blockchain will reinvent the real estate transaction process by making it easier and faster, all while ensuring accuracy and fraud protection – these are solutions that are way overdue!

IoT Home Products

With smart building on the rise, the Internet of Things is not only reshaping convenience and efficiency in the home, but also tracking patterns that help us analyze our living habits. Stainless steel appliances were once highly sought after in a living space but now the new differentiator may be smart products, meaning that homeowners and renters will seek out spaces outfitted with smart solutions. IoT home products are raising the standards for living expectations because they bring automatic convenience through home management, security, and energy conservation. IoT can also be used to track the use of space to know what is being used and what isn’t. For rental landlords and management companies, this information can be used to improve areas that are shown to be underutilized, in turn improving relationships with tenants.

Why will IoT home products be a hit?

Our physical world is being analyzed by technology so that we may lead more efficient lives. When it comes to important issues like our home’s security and energy management, we can never have enough! This is great for homeowners and renters because of an improved experience but also great for landlords and property management companies who can use this data to improve living areas for tenants.

Virtual Reality

With virtual reality, visions can be viewed and shared. Open houses will no longer require an open door because visits can be made possible with virtual reality headsets. Home viewing can be completed without visiting the actual address which means that multiple places can be viewed in a single session. Another benefit is for design visualization, for example if a home on the market is empty or needs work then the home’s potential can be shown with virtual reality. Planning and designing can be made easier with renderings that make empty spaces into completed projects before any actual building work is finished. One of the greatest limitations is that people cannot typically see the potential of a home or building, with virtual reality that potential can be communicated effectively and will lead to more confidence in buying to increase sales.

Why will virtual reality be a hit?  

Virtual reality makes open houses and open minds possible through the sharing of visual information that combines reality with great possibilities, and properties can be seen and nearly experienced before any renovations are completed. This results in more confidence and faster sales.