The Best Real Estate Tech Companies

The Best Real Estate Tech Companies

Hello, technology, meet the real estate industry. It seems that these two giants were made for one another, doesn’t it? In recent years, both have evolved and given rise to some amazing real estate/tech companies often referred to as ‘PropTech’. Let’s take a look at some of the top real estate tech companies, learn about who they are, what they’re known for, and how they make navigating the world of consumer and commercial real estate easier than ever.

OFFERPAD

Founded: 2015

Location: Arizona

States Served: Georgia, Texas, Arizona, Florida, Nevada, North Carolina, Colorado.

First up on our list of top real estate tech companies is consumer-centric Offerpad. With Offerpad, the process of selling a home is seamless. Simply request an offer, fill out a questionnaire, include pictures (videos too if you can), and wait for your cash offer. If the offer looks good, you’re on your way.

Offerpad Pros: The process for selling a home is straightforward.

Offerpad Cons: Offerpad serves a small relatively small number of areas in a handful of states.

HubbleHQ

Location: UK (London)

Areas Served: HubbleHQ serves 20 areas throughout London.

Next, we step into the world of commercial real estate with HubbleHQ, a top real estate tech company in the United Kingdom. HubbleHQ’s focus is on office space for not only companies in the UK who want to be in London, but also for any other company elsewhere who’s thinking of expanding. A great perk of going with HubbleHQ is that they handle the whole process from start to finish for free. Who doesn’t like a service that is free?

HubbleHQ Pros: Again, a simple process, and HubbleHQ handles all the details from beginning to end at no additional cost.

HubbleHQ Cons: There don’t appear to be much in the way of cons with HubbleHQ. The areas served might look like just a few, but London is a global destination so the number of potential customers is huge.

FlyHomes

Founded: 2015

Location/Areas Served: Seattle, Southern California, Portland, Boston and the San Francisco Bay Area.

The final top real estate company we’ll visit today is FlyHomes. FlyHomes is a real estate brokerage that helps consumers buy and sell their homes. They work with consumers as well as real estate agents. FlyHomes was started in 2015 by a single real estate broker and they’ve now expanded to an amazing 150 brokers.

FlyHomes Pros: FlyHomes touts a guaranteed cash offer a trade-up program and an app.

FlyHomes Cons: It’s hard to find a con with FlyHomes.

So whether you’re a consumer looking to buy or sell a home or you’re a commercial client who needs office space, there are a ton of top real estate tech companies you can turn to for help. The three companies we visited today, we think, deserve strong consideration.

AI Growing Role in Real Estate

AI Growing Role in Real Estate

Even though the first artificial intelligence AI programs begin to emerge in the 1950s, this technology had been the exclusive realm of computer scientists and leading-edge researchers. Today, however, it seems like we can’t talk about any subject or field wherein AI applications are not being discussed for their growing influence.

That includes the real estate sector. Those who don’t well understand AI can’t imagine how “intelligent machines” can have anything to do with buying a selling property. However, AI is doing nothing less than “transforming the real estate industry,” said Tara Mastroeni, a real estate writer for top media venues like Forbes and Business Insider.

We’ll forgo a tutorial on what exactly AI is here so that we can go right to describing key areas where AI is being used in real estate today.

Helping Agents Get More Clients

Real estate agents spend hours sifting through hundreds of e-mail inquiries and evaluating scads of people who contact via their websites and social media presence. The vast majority of these people are “unqualified” prospects who are likely to bog a busy agent down by wasting their time with half-baked intentions.

Now AI apps can be applied to these thousands of data points to pinpoint which prospects have the highest potential to convert into profitable clients.

Transforming Home/Property Research

Once again, webpages have been revolutionary in helping people searching for property. They offer an embarrassment of riches to choose from in just hours. Getting the same amount of data took days or weeks before the web. However, now that websites have proliferated to an enormous degree, wading through all that data means navigating a bottomless quagmire of information.

Here again, it’s AI to the rescue. AI apps can sift through gigantic amounts of relevant data posted across the internet and winnow out key data points finely attuned to the need of the property searcher. It makes real estate commerce vastly more efficient across the board.

Easier Property Valuation

This is an area where the “predictive” capability of AI comes into play. For example, an AI-driven “valuation model” can gather data from public records, an area’s transportation infrastructure, school district ratings, crime rate statistics, and much more — and use all of that to quickly nail down a value for a property in that area.

 

Innovative Real Estate Technologies

Innovative Real Estate Technologies

Technology is disrupting many industries. Even a sector as old as real estate is being affected. Here are some innovative real estate technologies that are changing the scene.

New Buy and Selling Platforms

Platforms like Redfin and Zillow are emerging. They’re making it easier for consumers to directly sell their house on their own, without an agent. “For Sale By Owner” (FSBO) was previously difficult to do but the advent of the internet changed things. Real estate has very high fees, typically 5-6% of the selling price. These new platforms can save sellers a lot of money.

Virtual walkthrough

Sometimes potential buyers are in a faraway city. Or they’re unavailable during an open house. Either way, they’d benefit from a virtual walkthrough of the property. This is easy to do with some low-cost apps available.

With the technology available today, you can stage a property by digitally adding furniture. You can also create realistic photos even before construction starts.

Drones

Drones have already found a couple of use-cases in society. For real estate, they can be used for aerial photography. A flyby would be a great way to get a feel for a neighborhood.

As of now, it’s difficult to move a drone around a tiny, enclosed place. This means drones aren’t good for exploring the interior of a house.

Artificial Intelligence

Currently, you can plugin to the MLS (or another real estate database) that you want a studio or a four-bedroom house. In the future though, AI will be able to make recommendations based on your values, personality traits, and preferences.

Chatbots are rapidly improving every year. They’ll be able to answer questions from customers. Eventually, they’ll be able to accompany clients to real estate showings. An agent might be able to take on more clients or lower their fees.

Big Data

Along with AI, big data will assist in making personalized recommendations. The more data a company has, the better it can make data-driven decisions.

Hosting a Virtual Open House for Your Investment Property

Hosting a Virtual Open House for Your Investment Property

The thought of a virtual open house for an investment property might seem strange or daunting to some. Why would a potential buyer watch a virtual open house when they can just visit the house in person? In fact, many modern buyers prefer watching a virtual open house through Facebook or YouTube. It allows them to view the property without ever leaving the house–and if it’s a live video, they can ask the realtor questions along the way. And for realtors, they have the advantage of showing a property to dozens or even hundreds of clients at once without dealing with a large crowd.

Which is Better: A Live Feed or a Recorded Video?

Outfront points out that there are two types of virtual open houses: the live feed where viewers can watch the open house as it’s happening, and the recorded video where the realtor uploads a pre-taped video. Both options have their own set of advantages. With a live feed, potential buyers can ask the realtor questions as they walk through the house. A live video also creates a sense of excitement about the property. When people watch a live video, they feel like they’re actually tuning into an event, like a concert or a sports program.

A pre-taped video loses the excitement factor, but it gives the seller the chance to put together a professionally edited video that makes the property look as appealing as possible. It’s also a good option for sellers who aren’t comfortable talking to people in front of a live camera feed.

How Does a Seller Generate Leads Through Virtual Tours?

With traditional in-home tours, it’s easy to collect contact information and follow up with potential buyers. A virtual open house has no sign-up sheet, so it can be difficult for sellers to get potential leads. Reminder Media recommends ending the tour with a call to action, asking potential clients to submit their contact information. A seller could also set up an online form on their website, making it easy for buyers to get in touch with them. Once they get that information, the seller can send an email with all the details about the property and answer any questions they received.

Virtual Reality in Real Estate

Virtual Reality in Real Estate

Traditional real estate has been turned upside down by the introduction of virtual technology that assists home and commercial buyers and sellers.

Real estate, once considered a transaction resulting from a personal relationship between agent and seller, was already changing before the COVID-19 pandemic, but it is evolving now more than ever.

The benefits of virtual reality (VR) in real estate include the following:

(1) Distance is irrelevant.

Are you thinking of becoming a snowbird and looking for a home in Florida while living in Pennsylvania? Instead of booking multiple trips, you can narrow down the neighborhoods and homes you are interested in online from the comfort of your home.

(2) Properties under development come to life.

Design of commercial properties has always been guided by architectural drawings and two-dimensional mock-ups. Now, VR allows three dimensional views and makes it easier for buyers to request and implement timely changes because they are able to see the building in a more realistic view.

(3) VR is cost effective.

Yes, the technology costs money, but it quickly pays for itself. Consider the popular app called RoOomy. It allows for virtual staging.

According to Thinkmobiles.com, since 1985, real estate agents have been actively staging homes. Staged houses sell in 80% less time and often for higher prices.

RoOomy opens the staging process to the homeowner and allows the person to visualize how the house could be furnished to best meet his or her needs and preferences.

Because it is technology-based, the components can be reused. Gone are the days of the realtor dragging pictures, plants, and decor from a sold home to the next house for sale.

V-commerce goes one step further and allows the homeowner to purchase the actual piece that he or she has virtually staged in the home.

With so many benefits, it is hard to believe there are people who are not sold on the VR real estate experience.

Sam DiBianchi, founder of DiBianchi Real Estate in Fort Lauderdale, Florida tells Fortunebuilders.com,“Real estate is personal. Technology cannot get personal with a potential buyer or seller–it’s impossible.”

DiBianchi adds that VR is an excellent tool, but he believes it should be used as a tool and not be the all-encompassing real estate experience.