Technology has completely transformed virtually every industry worldwide, and real estate is no exception. During the COVID-19 pandemic, the rate of change in the real estate industry rapidly accelerated. To help overcome the challenge of virtualizing a traditionally in-person experience, innovators rose to the challenge, releasing new technologies to enable contactless showings and closings. Though the global pandemic is mostly behind us, technology continues to evolve, with new tools that can help real estate agents close more deals and build their businesses. 

Here are five emerging technologies you should consider using this year:

1. Predictive analytics to identify potential sellers

Listings are often the linchpin of a successful real estate business. Your sphere is a great place to go for potential listings, but let’s be honest, it’s often limited. If you’re cost-conscious, casting too wide a net can blow your entire marketing budget in a few weeks. Instead of shooting blindly, you can use predictive analytics tools to help identify homeowners that are likely to sell. These analytics programs can comb through tens of thousands of properties in minutes, using trends and data to identify prospective sellers. You can grow your business faster and land more listings by focusing your marketing efforts on local prospects most likely to sell.

2. AI-generated content tools

The November 2022 release of ChatGPT sent shockwaves across the internet, and in just two months, the generative AI chatbot hit 100 million active users. It didn’t take long for real estate agents to start utilizing ChatGPT to generate listing descriptions and write blog posts in mere seconds. 

Though ChatGPT still leads the industry, countless competitors hit the scene in 2023, with several new AI tools focusing specifically on content generation for real estate agents. For example, Write.homes is an AI tool that can generate real estate website content email newsletters, social media posts, advertisements and more.

3. QR Codes

Though QR codes originated nearly 30 years ago, they’ve only recently hit the real estate scene. Today, QR codes are ubiquitous, but real estate professionals are finding new ways to use these barcodes. Some agents include QR codes on business cards and for sale signs, while others print them on direct mail, allowing recipients to get a free home valuation estimate simply by snapping the QR code on a postcard. QR codes allow you to pack as much information as you need into a compact square barcode that you can put just about anywhere.

4. Virtual/Augmented Reality Home Tours

Virtual house tours aren’t a novel technology, but companies focused on VR/AR home tours have made enormous strides in recent years. They say the photos are a property’s first showing, and you can make that first impression even better with virtual and augmented reality tools. Some agents rely on professional photographers and videographers to produce virtual tours. However, thanks to companies like Kuula and My360, there are now several software programs you can use to produce your own high-quality 3D or virtual home tours.

5. Virtual Staging

Home staging can cost thousands of dollars, and even though staging may result in faster sales at higher prices, it’s not always in the budget. Fortunately, virtual staging has evolved into a viable alternative for those who aren’t ready to spend on physical home staging. Agents and their clients can invest in virtual staging software, choosing from dozens of companies and paying just a fraction of the price of in-home staging. Virtual staging isn’t a perfect replacement for physical staging, but it is a useful tool for agents trying to market and sell a vacant home.

Conclusion

It’s hard to imagine a time when the real estate industry didn’t depend on technology to optimize operations. With thousands of different tech tools out there, investing your hard-earned money in the right technologies can be a challenge. That’s why all five of the tech tools we mentioned here can help you grow your business through marketing, winning new listings and closing more deals. 

As always, Tongo is committed to helping you become a more successful agent, with tips and tricks to support your business, and the most affordable way to tap into your pending commissions today.