No aspect of the modern world is possibly left untouched by technology, including real estate. The advent of technological developments has not just transformed the way people buy or sell properties, but has revamped the industry as a whole. Hence, no matter you are a buyer or a seller, keeping track of the latest technology trends in the real estate industry is very important.
So, pull up your socks and get ready to be acquainted with the following top technological trends that you need to follow right now.
Blockchain is expected to be the most prominent technological development in the realty industry. Through this technology, contracts between the sellers and buyers will be executed with built-in legitimacy checks and complete encryption; property titles will be conveniently stored; and landlords will be able to sell portions of property ownership hypothetically.
- Big Data
Through big data, real estate agents are able to provide personalized property recommendations to their clients, in accordance to their needs and desires. However, these recommendations are expected to become more intelligent in the near future. Many real estate agents and groups, like the Gamer Real Estate Group, believe that if used in the right manner, big data will help in predicting the exact needs of the buyer, even if they have not stated their needs explicitly in the past.
- Machine learning
Using technologies, like machine learning algorithms and big data, real estate professionals will be able to calculate the ROI for each transaction. For example, they will find it easy to predict the amount of money made by their client and their commission in the deal. Also, finding the best real estate deals will be smooth as a cakewalk through machine learning algorithms.
- AR and VR
By 2020, virtual reality is expected to become a $29.7 billion dollar industry. This technology allows the buyers to have a complete virtual tour of the property from any location around the world. This also means that the buyers can inspect the property any time they want, 24*7. On the other hand, augmented reality is also going to change the real estate property buying/ selling experience. Using this technology, the developers and brokers will able to showcase an unfinished property to the buyer and let them visualize how the space would look like, once it is decorated as per the buyer’s lifestyle preferences.
- Real Estate Robots
Voice bots, chatbots, and virtual assistants are the major examples of real estate robots that are going to become the new ‘normal’ for the real estate industry. Not only will they answer consumer queries, but also keep the expectations of the customers at bay.
Most of these trends are already in practice, though on a small scale. So, keep track of these trends and watch out for more developments coming your way.