For years, the real estate industry has remained pretty much unchanged. They have had to overcome a number of obstacles and challenges, and technological innovation has never been a priority. However, this is changing and more and more real estate professionals have now started to use innovation management software to improve their business. This makes sense, because many of today’s realtors are Millennials, and they have grown up in the digital age.
How Innovation Management Software Is Changing the Face of Real Estate
Thanks to innovation management software, real estate businesses have become more aligned with the needs of their customers, who expect things to be digital. More agencies are now moving online in a direct response to the fact that 71% of Millennials want to buy real estate, and they do so digitally. Furthermore, this demographic has incredibly high consumer expectations. They don’t just want to buy property, they want to know about amenities, food provisions, shopping areas, employment opportunities, crime rates, schools, and more. Real estate agents have to use big data, therefore, and this starts with innovation management software, in which ideas on how to improve their methods of working can be collected.
One of the developments that has come straight out of innovation management software is VR (virtual reality) showcasing. Over the past few years, VR technology has become a lot more advanced. It was designed originally for gaming, but real estate professionals have jumped on it, giving people the opportunity to explore a home without actually having to go there. This has freed up a great deal of time for the realtors as well, who can show a property to hundreds of individuals at the same time.
Another development is that of crowdfunding. This was something used mainly in the world of business, but realtors found a way to adapt it to their industry. Basically, it has enabled investors to purchase pieces of real estate without a middleman. No longer do they have to make indirect investments. Instead, they can go straight to the project manager. Meanwhile, contractors are working together with this technology to obtain construction bonds. They can run campaigns on crowdfunding networks and have done so very successfully. In fact, it is expected that some $8.2 billion will be raised by 2020.
Another innovative idea is that of AI (Artificial Intelligence). Again, innovative realtors have understood that AI can greatly simplify their work by avoiding administrative tasks, responsibilities, paperwork, and so on. Instead, all documents can efficiently and quickly be analyzed and important data can be instantly extrapolated. This means that decisions can now be made in record time.
The final innovative solution that has been developed by real estate professionals is that of smart homes. Millennials, once again, look for smart properties. They are interested in the Internet of Things (IoT), which includes lighting, smart devices and appliances, better lighting, and so on. It is estimated that, by 2020, the smart home industry will be worth some $121.73 billion.