Real estate is one of the most valuable sectors in the world. And being a relatively low-risk asset, it appeals to a huge range of investors across the globe.
The real estate industry has witnessed a lot of change over the last decade. New technologies are not only shaping it up but also have altered the entire perspective of looking into the market.
Realtors and buyers are ditching the conventional ways of selling or buying and adopting new, improved ways (thanks to technologies like virtual reality and Blockchain) to seal their deal.
Let’s dig deep to find out how is the current era, dipped in technology changing the real estate market.
8 ways technology is influencing real estate
Heard of the infamous cryptocurrency, ‘bitcoin’? Well, blockchain is what that made it a reality. The blockchain is a decentralized database that cannot be hacked. Real estate professionals are incorporating this technology to create records today.
Though not have turned into a mainstream, if it does it could dramatically reduce data fraud on the one hand and enable access to much more data on properties, on the other.
Augmented and virtual reality
AR and VR have made it big into the market. As consumer technologies, they are a huge success. Take, for instance, the Pokémon Go and imagine how awesome will it be if people could take a virtual tour of potential houses before making it in person.
Now, throw in some augmented reality in this scenario. It can literally make people visualize how an empty house would look like after a makeover, making the process of buying and selling all the more efficient.
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Big data, AI and machine learning
Imagine you are able to anticipate a trend that will drastically affect the property price in the future. How cool would that be? If you can make big data, AI and machine language work in conjunction with one another, everything could be made possible.
With machine learning, AI could be used to process the data and identify newer trends. It could rightfully do the trick in the real estate industry and that too accurately.
Artificial intelligence is getting better at processing natural language, and so are the chatbots that AI powers. It has been reducing the time humans need to find answers on house prices and their availability. Chatbots don’t get tried. It is high time we consider them as a key part of our marketing approach (yes, to capture data and generate leads).
3D printing has the potential to revolutionize property construction – a future the real estate is eagerly waiting for. Experts in this technology are of the opinion that a 1000-square-foot home can be constructed in around ten days with just one 3D printer. It will speed up the building process. Plus, such properties will be calamities-proof (earthquakes and hurricanes).
Smart Home Technology
The smart home is the future of real estate. It lets us control our home, even when we are not physically present to get the work done. Like watching the security cameras from our smartphone, unlocking doors remotely or even turning the shades down.
Hence, needless-to-say, this one technology has made selling and buying houses faster and easier than in the past. According to a recent study, 81% of the subject was in favor of purchasing property with smart home technology.
Real estate has taken a giant leap onto technology. Both buyers and sellers believe in remote business today. They like to have their job done from the comfort of their PCs and smartphones. A lot of agents today have mobile-friendly websites developed to make it easier to get business done.
With real estate searches going online, advertising in the local newspaper alone won’t make the cut anymore. Online marketing has become an integral part of the whole strategy. Real estate agents, brokers, and brokerages also take full advantage of the social media sites today where they can segregate potential buyers based on geography.
To sum up
The real estate industry is accepting new technologies by leaps and bounds. It is changing the work culture of real estate agents. And owing to this change, a lot of companies have been adopting the 80/20 approach (where 80% effort goes into establishing activity and the remaining 20% in getting familiar with newer trends).