How Technology is Changing the Real Estate Industry

How Technology is Changing the Real Estate Industry? Housing Digital, which offers the most recent technology news in the housing sector, is the best source for you if you’re interested in learning more about it. The news is published by specialists in the field.

Digital change is taking many various forms and moving forward in the housing sector. This essay will explore five ways that technology is changing the housing industry.

Technology is Changing Real Estate Industry

Table of Contents

1 Technology is Changing Real Estate Industry
2 1. Virtual Viewings
3 2. Affordability Checks
4 3. Repairs and Maintenance
5 4. Predictive Analytics
6 5. Automation Through Chatbots

1. Virtual Viewings

After COVID-19, it became difficult to see homes for sale or rent, whether they were for purchase or rental. Real estate websites like Rightmove were required to follow social distance rules, which they did by implementing virtual tours. As of right present, over 10,000 real estate agents have included an online viewing option on their Rightmove property listings.

With the use of virtual reality, certain housing companies, including Thames Valley Housing, have now gone even farther.

2. Affordability Checks

Before buying a house, individuals want to know whether they can actually afford it in the first place. To be able to deploy chatbots that verify people’s affordability, several housing providers, like Thames Valley, have teamed with financial institutions. Customers can then easily go online, enter all of their information, and receive a quick answer as to whether or not they can afford it.

These chatbots have developed into such a quick manner of informing consumers if the home they are looking at is within their price range. Not to mention that it saves business personnel a tonne of time by eliminating the need for them to personally review each application.

3. Repairs and Maintenance

Customer satisfaction levels dropped in 2018 as a result of problems with services related to housing and upkeep.

This assisted businesses like Notting Hill Genesis, who created Workwise, in focusing on their customer satisfaction rate. By doing this, they were able to raise their customer satisfaction percentage to 65%.

4. Predictive Analytics

Wouldn’t it be even better if these huge digital revolutions prevented any problems from arising in the first place? Despite the fact that they provided a platform for reporting defects and fixes, Predictive analytics then enters the picture, using data to identify potential problems before they even arise.

By analysing previous maintenance reports and combining them with vendor data, predictive analytics can alert you when something, like a lift, is ready to fail. This is such a fantastic technique for any housing suppliers to be able to address a problem even before it arises; it can also be used to address other typical tenant issues.

5. Automation Through Chatbots

Automation is spreading into the housing industry. Housing associations frequently have a contact centre workforce that responds to enquiries that are primarily transactional and frequently repeated.

Chatbots can assist housing associations in dealing with centre teams in one of two ways:

The housing associations have set up predefined queries and responses in the button style/scripted chatbot.

An NLP-capable chatbot Natural language processing, or AL, is what this chatbot employs to accomplish all the grunt work. It interprets the inquiry and its purpose before returning what it believes to be the right response.

Chatbots must be able to escalate any complex inquiries so that a real person may take over, in order for them to be useful and worthwhile.

Everyone should seize this opportunity to embrace the rapid technological transformation occurring in the housing industry. Organizations have had to adjust as client expectations shift in order to suit their needs.