Emerging Real Estate Trends in Malaysia

Gone are the days when viewing a property is done physically with the help of an agent or a negotiator. With virtual tours accessible on a smartphone or computer, choosing a house for purchase is now a real breeze. No more spending time and money on unnecessary trips to multiple houses to check out your dream home. The latest VR technology allows for a 3-D or 360-degree viewing experience that is both immersive and realistic. Such innovative technologies greatly appeal to buyers in making the final decision of owning a new home.

Mobile phones have arguably been one of the most innovative technologies to date since the invention of the Internet. In just under a decade, mobile innovations have evolved by leaps and bounds. The use of smartphones has become synonymous with real estate and property transactions. It is commonplace to find mobile applications for rental and property purchasing. The mobile platform is filled with countless innovative apps associated with property. With databases constantly updated in real time, locating new properties and listings is literally a walk in the park. The real estate market is booming and bursting with information about property. Agents and negotiators never leave home without their smartphones as well as smart apps.

In the digital era of big data and cryptocurrency, blockchain is fast gaining global acceptance amongst tech-savvy consumers and industry professionals. Blockchain technology helps secure sensitive data and verify encrypted transactions in a high-stakes property marketplace. It is of utmost importance and benefit in fractional property investments where buyers can partially pay for a property virtually using digital currency. Databases and data warehouses are also used to store huge amounts of information about consumer preferences as well as personal details pertaining to the prospects. Machine-learning apps coupled with property metrics can predict or forecast rental changes with amazing accuracy. This enables clients to make informed decisions about which property is a better choice for investment, be it industrial, commercial, or residential properties.

The proliferation of touchless services in the property marketplace has resulted in traditional homebuying processes and procedures such as home tours being increasingly automated through direct digital interaction with the property agents themselves. In addition to reducing paperwork, such innovative apps engage clients directly via personalized notifications as well as enable signing of documents digitally. This saves precious time and increases work productivity which ultimately leads to greater sales for real estate professionals.

Cutting-edge conversation chatbots and virtual assistants powered by AI can produce instantaneous reactions or responses in real time. They assist agents in capturing, collecting, and communicating their leads using natural language processing (NLP). Tech innovations that can consistently engage and follow-up with prospects 24/7 daily are ideally coveted. Acquiring hot leads and obtaining quality prospects is now possible using a breakthrough lead management mobile app such as X-Force Connect by Cornerstone Xstate. CSX agents are able to engage and execute transactions more effectively and efficiently.

Technological innovations are essential to everyday consumers and property professionals alike in terms of the products and services that they have to offer. Some of the popular tech tools used in the real estate industry today include social media platforms, real estate software development, in-app communication, videoconferencing engines, multiple listing services (MLS), augmented reality (AR) / virtual reality (VR), AI-powered IoT, and advertising automation. Advertising campaigns for new listings are generated automatically by software systems. These ads target specific audiences and include real-time analytics like views, clicks, demographics and other vital statistics. Real estate agents can help their prospective homebuyers which housing is best suited to them, whether for sale or for rental.

Using process automation, transactions are made more convenient and hassle-free. Communication technologies such as real-time chat, file sharing and transaction tracking are now possible using an online chatbot to communicate with customers. Virtual assistants also assist agents in connecting and interacting with prospects. Other high-tech innovations in real estate involves aerial surveillance/photography. The incorporation of drones to survey and showcase a home for sale is innovative indeed. They produce the bigger picture and a better view as well as highlight key details from a higher vantage point!