The role of technology in the real estate industry

The real estate industry in South Africa is rapidly evolving, and technology is playing a crucial role in driving this change. From online property portals and virtual tours to blockchain and smart home systems, technology is transforming the way properties are bought, sold, and managed. 

Evolving technology is also providing new opportunities for property practitioners to connect with buyers and sellers, and enhance the services they provide.

Let's explore the various ways in which technology is impacting the South African real estate industry and how it is shaping the future of the market.

• Online property portals

The development of online property portals is one of technology's most significant effects on real estate professionals. These websites facilitate communication between buyers and sellers and offer comprehensive details on houses, including pictures, floor plans, and neighbourhood data.

This enables real estate professionals to promote their homes more aggressively to buyers and sellers via these platforms. If you choose Knight Frank to sell your house, you can relax knowing that our real estate professionals are knowledgeable with digital marketing techniques and produce eye-catching listings to stand out in the congested online marketplace.

• Augmented reality and virtual tours

The real estate sector in South Africa is also seeing an increase in the utilisation of virtual tours and augmented reality (AR). Buyers may browse houses virtually without actually visiting them, thanks to virtual tours. This is particularly helpful for purchasers who want to buy a house in a different city or nation.

Our property specialists at Knight Frank are moving in the right direction since we can offer virtual tours of houses to give buyers a look inside a home they might enjoy.

Moreover, by projecting virtual furnishings and decorations in a room, augmented reality apps like SketchAR enable potential buyers to see a house before even visiting it. This lets buyers see how their own furniture would fit in the property and imagine themselves living there.

• Smart home systems

Smart home technologies are also becoming more common in the property sector. These systems enable homeowners to remotely control a number of features, such as appliances, lights, temperature, and security. Systems for smart homes may be used to monitor energy use and cut expenditures. Smart locks, security cameras, and thermostats are examples of IoT (Internet of Things) technology that is being used in the real estate sector to enhance security, energy efficiency, and the overall living experience.

Property professionals gain from their capacity to convince potential purchasers of a home's current technologies and peace of mind. Our specialists can inform buyers and sellers about the advantages of smart house technology thanks to their extensive understanding of smart home systems.

How can property practitioners keep track of new technology?

To interact with buyers and sellers, offer virtual tours, and streamline transactions, real estate professionals need to be knowledgeable about and proficient with emerging technology. To be competitive in the market as technology develops further, you must adapt and keep up with the times.

You can follow developments in real estate technology in a number of ways:

• Attend industry conferences and events to learn about emerging trends and technologies in the real estate sector. The newest technology and its influence on the industry are frequently the topics of presentations and panel discussions at these events.
• The discussion of new technologies in the real estate sector can be found in a variety of online forums, blogs, and social media groups. To be informed about the most recent happenings, you can follow these resources.
• For a deeper knowledge of how they operate and how you can use them in your sales methods, you may enrol in courses and seminars on emerging technologies in the real estate sector.
• Networking with other people from various sectors may be a fantastic way to learn about new technology. Other professionals frequently describe the technology they are utilising, their advantages, and any implementation-related difficulties.
• You may get a feel of the new technologies being produced and how they could perhaps help your sales strategies by keeping an eye on the market and keeping track of new technology companies in the real estate sector.
• To understand how new technologies operate and may be applied, it is important to experiment with them, even on a small scale. This will enable you to get a feel for how they could fit into your company and how you might use them firsthand.

By employing these techniques, real estate professionals may keep current with emerging technology and improve their ability to comprehend, employ, and provide advice on them. You'll be able to better serve their customers and maintain your competitiveness in the market. Get in contact with Knight Frank right away if you're a property professional seeking real estate agents who are using the most up-to-date technologies to acquire or sell a home.