New Technologies Transforming the Real Estate Market
Real estate is undoubtedly the world’s largest commodity, with an estimated value of $217 trillion. But while most industries have kept up with established industry standards and modern tech trends, the real estate sector is the notable exception. While other industry leaders are already working on their third or fourth generation technology, real estates biggest players are still only building or upgrading their original tech solutions.
Meanwhile, their competitors are spending vast sums on hiring consultants to create customized solutions. New technologies are finally emerging that will eventually become mainstream in the real estate market and transform the way we all buy and sell our homes.
Improve Buyer Experience with Virtual Reality
Virtual reality (VR) promises to transform the property buying experience, as it is tailor-made for the real estate market. VR enables realtors to move beyond traditional photographs and 360-degree video and instead, offer clients a virtual 3D tour of a property on any device. It offers buyers real flexibility and a realistic view of what the real estate will be like to live in. Clients can also use the VR facility to customize any surface, from walls and flooring to furniture and fabrics. They can even change the countertops to suit their style and taste.
Chatbots Could Replace Human Realtors
Chatbots are still very much in their early phase, but this new technology is gradually making its way into the real estate market. Along the lines of Apple’s Siri and Amazon’s Alex voice-activated assistants, the chatbots have the ability to interact with devices and the Internet via voice. A number of tech companies have been working on apps that allow users to get property information and search real estate listings using simple voice commands. Buyers will be able to ask the app questions about the property and instant answers at any time of the day.
Blockchain Revolutionizing Home Buying
There’s no doubt that blockchain, including bitcoin and other cryptocurrencies, have been getting a lot of attention lately. Cryptocurrencies certainly have an important place in modern real estate market transactions. With blockchain’s transparency, security and efficiency innovations, the industry can really standardize and scale online transactions. Everything from insurance, property titles, ownership transfer, and escrow processes will all move onto the blockchain.
Close Transactions in The Cloud
Buying real estate is not always a quick business. It is often a long, drawn-out process. However, the cloud promises to change that by transforming the closing process. With the cloud and improved data management applications, the entire real estate buying and selling process can become streamlined, including providing the facility for electronic signatures. While purchasing real estate was a process that could take months or several weeks, it can now take just a few days with the cloud.
While the real estate industry has been slow to embrace technology innovation, we are now beginning to see more tech and apps emerging such as VR, chatbots, blockchain and the cloud. As this technology continues to develop and become industry standard, real estate buying should finally become a streamlined and efficient process in a way that we’ve never experienced before.