Technology takes a dramatic leap forward every few years and changes almost every industry you can name. This is especially true in terms of real estate. Think about the seismic shift that occurred when the Internet became commonplace. Overnight, the landscape of buying or selling a home was altered forever – buyers could “view” more homes quickly and efficiently online, and both sellers and agents suddenly had a target audience that included virtually anyone.
The same is true today when AI in real estate and similar trends are beginning to take hold in a noticeable way. All told, there are several important concepts shaping the present and future of the sector, all of which are more than worth exploring.
Table of Contents
1. The Security and Transparency of the Blockchain
One of the most important technology trends that is shaping the real estate landscape takes the form of the blockchain. It’s a term that many have heard used primarily within the context of cryptocurrency. The blockchain is a decentralized, distributed, fully public digital ledger that is used to record transactions. Essentially, once a transaction (or “block”) is added to the blockchain, it cannot be altered in any way.
The implications of this are enormous, particularly when it comes to transactions that are as important as real estate. Property owners can use the blockchain to definitively prove ownership, for example. If someone is interested in buying a house, they can look through the ledger to see a detailed record of all transactions to verify that ownership before proceeding. They’ll also be able to see if there are any liens or similar issues that they need to be aware of as well.
So, not only is the blockchain a way to make real estate transactions more transparent, but it also makes them more secure as well. This helps improve the process’s efficiency on behalf of both buyers and sellers. Everyone can proceed with confidence, knowing that they have the most complete, accurate picture of a property to work from when making decisions.
2. Virtual and Augmented Reality
Another one of the top tech trends reshaping the real estate landscape has to do with both virtual and augmented reality. Also referred to as AR and VR for short, they’re a great way to give more immersive property tours, among other things.
We saw a significant increase in popularity at the onset of the COVID-19 pandemic. During a time when large groups of people were forbidden from being indoors at the same time (making open houses impossible), real estate professionals had to get creative. They could use specialized cameras that, when paired with virtual and augmented reality software, would allow prospective buyers to walk through a property from the comfort of their own homes.
They could see every room from virtually every angle, almost as if they were standing in it. They could easily picture what it would be like to move their own furniture and belongings into the space, living there and making it their own. They could do this without taking time out of their schedules to drive across town and meet a real estate agent in person. They didn’t even have to currently live in the same state to view the property in this level of detail.
Just because things seem to be winding down in terms of the pandemic doesn’t mean that certain advancements will be going away. Expect real estate professionals’ virtual and augmented reality use cases to grow over the next few years.
3. Data Accessibility Through AI
Overall, one concept that is present in many of these technology trends is the importance of big data. Like many other industries, real estate information is being created constantly pertaining to buyers, sellers, their activities, and more. But that data is meaningless if you don’t have some way to cut through the noise and get at the true narrative hidden underneath – which is what analytical tools are all about.
This is where AI in real estate can shine. It can take that data and generate the types of market insights and predictive modeling that likely would have otherwise been unavailable. This ensures that real estate professionals always have the insight they need to make the strongest decisions possible in any situation.
Embracing Technology is Key in the Real Estate Marketplace
By resisting the instinct to fear change and by embracing cutting-edge technologies like those outlined above, real estate professionals can do more than just adapt to changing consumer preferences. They can help streamline their operations, become more efficient and cost-effective, and more – all while thriving in the dynamic and digitally-driven real estate landscape taking shape around them.
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