New age technology is constantly changing and reshaping the real estate industry. From marketing, investing, to customer communication, technology has created a ripple effect throughout the industry. As the near year begins, technology’s involvement in real estate is only getting bigger. Take a look at the latest real estate predictions:

Relying on the Cloud

The cloud is one of technology’s greatest achievements. The cloud has the ability to store mass amounts of data safely and securely. It allows access to this data and other information on any device with an internet connection. Real estate firms that use the cloud to their advantage will benefit from the range of applications and platforms, which will improve their business efficiency. Not only that, but the use of the cloud can improve their cybersecurity. As technology continues to advance, the security of the cloud will only grow stronger. The industry will begin to see more real estate firms utilizing the cloud as a vital tool for their business.

Improved Prediction Capabilities

As stated before, real estate is always changing. The industry heavily relies on the trends and new lifestyles of the buyers. Real estate firms and investors must aim to know the new market trends before they’ve even begun. Technology is now making that more possible. With the use of artificial intelligence (AI), machine learning, real estate analysts are able to predict property value, investment risks, and market trends. Using AI can better predict and evaluate risks, which is why it has a valuable asset to many real estate firms.

CRE Tech Startups

Technology can be hard for many people to fully grasp and understand. Even while living in the tech-savvy modern day, many people still fail to interpret terms such as the Internet of Things (IoT), AI, or Blockchain. Most real estate professionals’ expertise mainly has to do with only real estate. Most real estate firms have their own IT department, but the technology of today goes far beyond that. Because of this, there are now commercial real estate (CRE) tech startup companies coming up everywhere. As the demand for more advanced technology in the industry continues to grow, more tech startups specifically for real estate technology will begin to emerge.

Although technology has already shaped the industry, real estate tech still has a long way to go. The advanced technology of today has the potential to revolutionize the industry. As more real estate companies and professionals begin to embrace real estate tech, the industry will transform into a better and more efficient business.