How Your Brokerage Can Leverage 3 Tech Trends Driving Innovation in Real Estate

Three major tech trends are driving real estate innovation in 2022. While these trends aren't exactly new, real estate companies are starting to harness their power more effectively and achieving transformative results. Learn more about these trends below.

Open software architecture

Traditionally, software companies have walled off their applications, trying to be the one and only solution for everything. This made more sense in the era of server-based computing. But in the era of the cloud, this has proven to be an outdated and inefficient way to run things, especially since no one company can be the expert in everything.

With open architecture, APIs (application programming interfaces) allow different applications to integrate and communicate seamlessly, without sacrificing security or robustness. Open architecture promotes creativity, collaboration, and flexibility, allowing companies to tailor their tech stacks to their business, not the other way around.

You can read more about open software architecture in our post about the collaborative future of real estate technology.

Data reservoirs or data lakes

The idea of data reservoirs is nothing new, but the availability of cost-effective cloud computing has made maintaining one easier and less expensive than ever. As a result, more businesses are jumping on board.

A data reservoir, or data lake, is a centralized repository of unstructured data (think of all your past sales data, stretching back decades). In the past, you might not have had a specific use for this data, but in fact, this information is true technology gold!

Why do you need a data lake? Simply put, it's good for business. According to an Aberdeen survey cited by Amazon Web Services, businesses that can successfully generate value from their data outperform their peers in organic growth by 9% on average. Real estate runs on data, and data is very powerful, especially when it's unique to your brokerage. Data lakes are a relatively simple way to use data you already have and pair it with other data types from public records or your MLS to gain valuable business insights. The right partner can help you find ways to do just that.

AI-powered analytics

Twenty years ago, artificial intelligence (AI) made us think of The Matrix, robot armies, or facial recognition technology in a spy movie. Not anymore. In fact, the availability and low cost of AI-powered analytics are one of the most incredible (and valuable) business developments of the 21st century.

With AI, you can take your data lake (your own data) and complement it with data from other sources:

• Your CRM
• Website
• Public records
• MLSs
• Other available data sources (free or paid)

The resulting data insights will take your comparative market analyses to the next level, help determine the best agent for a particular lead, and even figure out which past customers are likely to sell before they even know themselves, so you can target your marketing to earn their business early. The future applications of AI in real estate are endless and will only get more powerful and advanced.

Make marketing technology drive revenue

Technology is the key to working smarter, not harder. When you're building your tech stack, ensuring the solutions you choose create a real impact, both on your team and on your customers, is crucial for picking the right ones.

Constellation1 is your source for real estate technology. If you're looking for a true partner with the expertise, flexibility, and creativity to put together the perfect tech stack for your business, we're here to help. We work with your team to tailor your tech to your business and your future goals, putting your team on the path to success.

For even more tech insights from three real estate industry leaders, you can watch the recap of our Inman Connect event below.

To view the original article, visit the Constellation1 blog.