The real estate industry is poised to undergo a technological revolution within the next 3 years due to many technological advancements expected to impact the real estate business starting this year. With the integration of artificial intelligence and automation in the region, and the use of blockchain technology for secure transactions, the current landscape is rather dynamic. Mobile apps are enhancing accessibility, while drones offer new perspectives in property marketing and maintenance. Also, smart building certifications and big data analytics are pushing for enhanced, integrated smart urban areas.
So what’s new in the real estate world for 2024? Let us discuss entrepreneurial innovations expected to emerge this year to make property management and real estate ownership more enjoyable.
AI and Automation
The 21st century is the era of technology and Artificial Intelligence and the modern developments apply to the real estate world as well. Many companies are enhancing their platforms with AI-powered tools to make property management and real estate operations easier for investors. One such company is Inside Real Estate, launching innovations on its platform with AI and home ownership tech.
The company added AI-powered productivity-enhancing solutions. These improvements include a CRM experience offering efficient and effective communication tools leveraging AI call scripts, email, and text-generating capabilities.
Blockchain
The real estate world is no stranger to large transactions, whether it’s rent payments, buying and selling properties, or mortgage transfers. Blockchain technology is a modern tool that allows owners, buyers, and investors to manage finances easily and efficiently. Blockchain technology has revolutionized financial exchanges by enabling secure, tamper-proof transactions and tokenization of assets – allowing you to safeguard your investments as a property owner.
The first major advantage of using blockchain is the provision of safe payments. Each transaction is written on an open ledger, which can hardly be changed or altered in any way. The above transparency helps in curbing fraud and hence creates a reliable platform for transactions in high-value properties.
On blockchain platforms, smart contracts execute or facilitate the conditions of real estate transactions. These self-executing contracts do not require the involvement of intermediaries like lawyers and brokers leading to a reduction of cost and time taken in completing the transactions. They make sure that all the requirements for the contract are fulfilled before signing the contract
Transparency is also improved through the use of blockchain as it avails all important information concerning real estate transactions to all stakeholders. It can foster trust between buyers, sellers, and investors because all have equal access to verified and updated information.
Mobile Apps
Nearly everyone has turned to using mobile apps for convenience in any business – personal or professional. The addition of mobile apps is one of the most significant modern improvements in real estate in 2024. Mobile apps have been useful for property investors and owners in the past, but the convenience continues to grow with more innovations and useful additions.
Modern mobile apps, available on platforms such as the Apple Store, allow individuals to browse through listings and buy and sell properties. Mobile apps add virtual communication to the comfort, you can talk to the seller via a video call and ask for a virtual property tour without having to spend hours booking an appointment and traveling. You can decide between the comfort of your own home. Therefore, mobile apps have made the process of selling and purchasing properties easy and transparent.
Smart Building Certification
Smart building certifications rank and award innovative buildings that utilize advanced technology in numerous aspects of the property such as energy consumption, networking, security, and tenant satisfaction. These certifications offer a reliable means of evaluating and enhancing smart technologies within the real estate sector.
Key Certifications and Their Criteria
- Wired Certification – digital connectivity of buildings is a priority for homebuyers in the modern world. As such, wired certification assesses the digital connectivity of buildings, ensuring robust internet infrastructure and reliable telecom services.
- Criteria include the quality and resilience of the building’s internet connectivity, the choice of internet service providers, and the ease of resident access to these services.
- LEED (Leadership in Energy and Environmental Design) – environmental awareness gives people the desire to live sustainably, therefore, today’s society has put eco-friendly practices forward. While traditionally focused on sustainability, LEED certifications are increasingly incorporating smart building criteria.
- Criteria include advanced energy management systems, smart HVAC (heating, ventilation, and air conditioning) controls, and the use of IoT (Internet of Things) devices to monitor and reduce energy consumption.
- BREEAM (Building Research Establishment Environmental Assessment Method) – BREEAM certification is awarded to establishments depending on sustainability and even smart technology incorporation. Smart technologies make living convenient and the modern world has grown accustomed to such comfort. Additionally, smart technologies allow homeowners to control energy and water consumption and security, and enhance building performance and resident comfort.
- Criteria include smart lighting systems, automated water management, and building management systems (BMS) that provide real-time data on building operations.
These innovations are driving efficiency, security, and new business models in the real estate industry, making it a dynamic field to watch in 2024.