Posted on October 2019 by Sarah Di Pietro
Advance tech innovations are shaping the future of every industry. The Real Estate industry is also experiencing rapid changes with the creation of new digital resources – online property listing platforms, smartphone apps, virtual reality, and artificial intelligence. It won’t be long until the things we thought were impossible in real estate becomes the norm.
This will impact all aspects of real estate transactions and it makes us wonder where the future of real estate is headed, and how can we best adapt to these changes.
Artificial Intelligence (AI)
Property Valuation & Management Is Getting Simplified With AI & ML Algorithms & Deep Learning
Artificial Intelligence is proving to be the game changer for real estate agents. AI and automation do however have the potential to make life a whole lot easier for people working in the industry, particularly with administrative tasks. As for buyers, AI will ease the challenges of finding, viewing, and buying a home.
AI together with Machine Learning (ML) helps real estate agents in providing their customers with relevant suggestions so that they can make well-informed decisions. There are several AI-driven tools such as robots, chatbots, and voice bots like Siri and Alexa which help customers by resolving their issues. This automation will simplify the entire sales process and make it fast and hassle-free. Goodbye tedious admin tasks!
An Advanced Technology To Spot Fraudulent Transactions And Eliminate The Need For Middleman
Blockchain is the technology behind cryptocurrency which actually has huge potential for many different applications besides virtual currency. This technology ensures transparent and safe transactions and eliminates the need for a mediator by maintaining a centralized database which acts as a fraud detector for realtors. And since there is no need for a middleman, this means lower expenses and faster settlement process.
Augmented Reality and Virtual Reality
AR & VR Facilitating Virtual Tours Letting Agents Save Time & Money
Virtual reality (VR) and augmented reality (AR) are other notable real estate technology trends. These two technologies provide solutions which can take prospective renters and buyers on a virtual tour of a rental property at any time, and from any corner of the world. These tools help real estate professionals save a lot of their time and money.
Brokers and builders can use augmented reality to display unfinished spaces and allow property buyers to beautify or decorate the space using their tablets or phones. Through immersive 3D visualization, AR helps buyers and realtors perceive constructions from a unique and different perspective.
Technology has become an integral asset for both real estate professionals and clients. In order to cope up with this intense competitive landscape, property managers and agents are trying to offer unique content to their clients using virtual reality and drone technology.
Drones can offer a bird’s eye perspective of a property and its surrounds; however, new 3D scanning technology is enabling agents to generate a home in 3D for VR purposes, creating super realistic, immersive walkthroughs.
The future of real estate will be driven by new technologies and this will be aimed at enhancing online search tools and speeding up transaction times. Real estate agents will need to accommodate more informed homebuyers who have access to thousands of property listings online. There is every indication that technological progress will continue to shape the future of the Real Estate industry.
“The future of the real estate industry lies within big data, predictive analytics, AI, and machine learning. With the advance of high tech, tech real estate companies will make more and more use of these to automate all process related to the industry such as searching for properties for sale, analyzing real estate deals, and even buying and selling a property.”
Marketing Director at Real Estate Data Analytics Firm Mashvisor