To many, real estate might seem like a static industry. Houses get bought and sold; what can be so dynamic about it? However, from the insider’s perspective, real estate is evolving rapidly, partly due to the intercession of technology. Let us take a look at three of the most important tech trends in real estate today. These will continue to transform the industry over the months and years to come.
Top 3 Tech Trends in Real Estate
1) Big Data
Big data is a vague buzzword on its own, but it changes our lives in every sector. Huge companies such as Amazon use big data methods to predict human behavior patterns based on data points from the past. For example, a retailer giant might be able to predict that you are going to have a baby before you have announced it, due to your Internet search habits. Furthermore, big data methods are becoming more sophisticated; over the coming years, they will be able to tune in on real estate leads, predict how many people will come to a showing, and calculate numbers such as how much a property will rent or sell for prior to its listing.
2) AR and VR
Virtual reality will enable interested parties to tour or inspect a property virtually from anywhere on Earth. Augmented reality can allow would-be buyers to virtually decorate a property or try out all kinds of other types of renovations by using their tablets or phones.
Many real estate tasks can now be automated. Propy is a great example of the way that automation is already transforming the real estate industry. Rather than depending on human agents, Propy’s blockchain-driven smart contracts can automatically perform processes such as Escrow. In this way, Propy’s methods dramatically reduce the time and money traditionally required to make a property sale happen. Features like these will become more and more popular in the coming years.
Technology is making all sectors change their ways. New tech innovations stand to introduce new standards of efficiency and speed to real estate. If so, the complex playing field will become even more dynamic for the players in it.