Technology’s impact on the real estate industry is gradually starting to take hold. To stay competitive, many real estate professionals and companies are changing their business models or the way they do business. With technology rapidly changing consumer behavior, real estate professionals must adapt to the digital innovations that are beginning to define the sector. Here are some tech trends real estate professionals can expect to happen this year and beyond.

Machine Learning/AI
Real estate pros are constantly looking for ways to streamline their processes, and many in the industry are counting on machine learning and AI to improve efficiency. Many agents and brokers now use artificial intelligence to match properties to a homebuyer’s specific requests. Additionally, many companies are finding ways to use machine learning and AI to spot trends in housing markets. The goal would be to use data backed by facts instead of relying on a hunch to make home buying and selling decisions.

Chatbots
Artificial intelligence is what programmers and computer scientists use to process natural language in the form of chatbots. This technology is one of the fastest growing trends in the customer service industry, and the real estate market is certainly no exception. Companies are looking for ways to use AI and chatbots to automate engagement between agents and brokers. They also hope to use chatbots to transform lead generation in an effort to streamline their marketing efforts. Chatbots are proving themselves as an invaluable tool in answering customers’ simple queries about home availability and pricing.

Blockchain Technology
By now, many people are familiar with cryptocurrencies such as Bitcoin, but they may be unfamiliar with the technology that fuels cryptocurrencies. Known as blockchain, this technology is far more than a cryptocurrency payment gateway. Instead, it is a powerful decentralized database that could hold important records on virtually any property in the world. If real estate professionals implement the technology, it could provide a fraud-proof way to access far more data on homeowners and properties.

The real estate industry could see some dramatic changes in the way companies conduct business over the next several years due to the rapid rise of technology. However, many real estate experts agree that the industry is overdue for a tech shakeup. Although the future of real estate and technology is uncertain, companies will have to adapt as AI and machine learning continues to evolve.