In 2024, millennials and Gen Z make up 41% of home buyers. As a result, real estate technology is rapidly evolving to meet their needs.
Why are digital trends so important to newer generations? Simple: they grew up with tech all around them, so they expect digital options for everything. Fortunately, real estate and technology go very well together!
Are you gearing up to sell a Bethesda, MD property? If so, here are some property tech innovations that could make this process easier!
AI and Machine Learning
As far as ubiquitous real estate tech trends go, AI and machine learning (ML) top the list. Both Zillow and Redfin use AI and ML to predict accurate home prices. This is by far the easiest way to find out what your Bethesda home is worth.
Real estate companies are also using AI and ML for other customer-facing applications. Some common examples include:
- Pricing strategies
- Historical data analysis
- Evaluation of market trends
- Identification of customer needs
Finally, AI is a perfect fit for automated help desks. Thanks to these, real estate companies can address their clients' needs 24/7. And as AI tools get more powerful, so will the chatbots they're running.
Cryptocurrency and Blockchain
Cryptocurrency has come a long way from a niche payment mechanism to a respected financial tool. It's easy to see why: it provides near-instant transparent transactions. This makes it a great tool for the real estate industry.
As crypto becomes mainstream in real estate, blockchain technology will gain traction as well. Even now, you can use it to store documents or sign agreements digitally. Soon, blockchain will have a major influence on home sale processes.
The Internet of Things (IoT)
Smart property management has become synonymous with the Internet of Things (IoT). This technology can input sensors into all sorts of items, which is a perfect fit for many property management solutions. For example, the IoT can:
- Remotely control smart locks
- Regulate heating and cooling systems
- Send automatic rental notifications
- Oversee property activity
Right now, agents and property managers can use this technology to make property showings easier. In the future, we may not need in-person showings at all! Instead, buyers will inspect the entire property from the comfort of their home.
Drones
When it comes to technology in real estate, drones have a lot of untapped potential. Right now, they're mostly used to capture footage for listings. Admittedly, they're great at this role: aerial photos help sell houses 68% faster.
Drones can also help buyers and sellers make more informed decisions. For instance, a drone can inspect a rooftop to identify potential repairs. You can also use them to map the changes in your Bethesda neighborhood over time.
Real Estate Technology and You
Real estate technology has made leaps and strides in recent years. As consumer demands change, we can expect digital tools to get even better down the road. Until then, though, their main role is still to facilitate human relationships.
Are you looking to sell your Bethesda, MD home? At PMI Capital Region, we use the latest technology to ensure you'll get the highest possible price for it! Start by getting a free home valuation right now!
