Every year, more than 5 million old homes are sold and almost a million more are built from scratch and sold. In other words, there is a constant demand for real estate, and there are a lot of reasons that people are creating new technologies to help people find homes more easily.
As technology continues to progress, the most powerful techniques to navigate the world of real estate will continue to change. It is important to keep up to date on the latest developments in technology so that you don’t miss out on a powerful new tool that could increase your success in real estate.
So what exactly are these new real estate technologies that are changing the industry? Read on to learn all about the most transformative real estate technologies that are changing the world of real estate!
1. Big Data
We have always had a lot of data, but recent advances in processing technology have allowed us to make the most of it. What we call big data basically consists of feeding an incredible number of data points into analysis and waiting to see what insights pop out of the analysis.
When applied to real estate, this can tell us all kinds of important things about specific properties in neighborhoods. It can give us some sense of whether or not they are likely to go up in value or go down.
It can tell us the probability that a given property will require insurance or repairs.
Of course, you don’t have to only apply big data to properties. You can also apply it to consumers. Imagine that you have a perfect property and you are looking for someone to buy it.
Sometimes, a property is perfect for a certain kind of person, and not good for the average person. So how can you find the kind of people who would be interested in your property?
Big data can help people to identify potential homebuyers who would be interested in a given property.
The end result is that houses will get sold to people who want them more. That means they may be able to sell for higher prices. It also means that they will sell more quickly.
2. Virtual Reality
A huge part of buying a home is taking tours through option after option. It can be an extremely time-consuming process. Without it, buying a home could take only a fraction of the time.
At the same time, it is extremely important to see what a home is like in detail before buying it. People don’t want to take a gamble on something as important as the place they will live for potentially years to come.
That is what virtual reality comes in. Virtual reality can give people an experience almost as good as actually visiting a home. From the perspective of the prospective home buyer, they will be able to walk through the home and turn their heads to look at whichever aspect of the home catches their eye.
At the end of the day, home buyers will still probably want to have an in-person look at a property they want to buy. So what is the difference?
The difference is that homebuyers can generate a much shorter list of options to visit in person. In a single day, they can virtually walk through 10 homes and discard the ones that they would not have been interested in even if they had seen them in person.
This greatly accelerates the buying process. It can also make it a lot less work.
3. Automation and Artificial Intelligence
Some parts of the real estate game require high-level insights and initiative. Other parts require extreme conscientiousness and tedious paperwork. Artificial intelligence is now getting capable enough to automate a lot of that paperwork.
In the future, real estate will be more and more about the human element. Once again, this will make the whole real estate buying and selling process much easier for everyone involved. The boring aspects of the industry will be handled by artificial intelligence while people spend their time meeting each other and talking over what kind of home would be right for them.
The essential insight of cryptocurrency is the blockchain. Blockchain technology allows you to have extremely secure transactions that do not require a centralized authority. In traditional real estate, transactions depended upon the approval of central authorities.
Transactions, notarizations, and certifications can all potentially be handled on the blockchain. You might be surprised how much cryptocurrency and real estate can work together.
The more you learn about emerging technologies in real estate, the more you realize that the future of real estate technology is online. Residential and commercial real estate technology changes include blockchain technologies like cryptocurrency.
Real estate and technology are already coming together with cryptocurrency coins that are based on real estate investments. People are able to own shares in real estate investments simply by working with this new crypto-currency. To learn more about how cryptocurrency is the new real estate technology, check out BlokHaus Real Estate Investments.
Keep Up to Date on the Latest Real Estate Technologies
We hope that you were able to take away something helpful from this brief article on some of the most transformative real estate technologies that are sweeping the industry. Technology simultaneously makes old methods obsolete and provides incredible new opportunities for those who are quick to adapt.
To keep up-to-date on the latest developments in technology, marketing, and more, have a look through our other articles!