Trending in Technology: Technological advancements are everywhere - and changing fast! Here’s a look at a few of the top technology trends impacting the real estate industry:
AI – How will artificial intelligence impact the future of the real estate industry? AI can process huge sums of real-time data and is able to provide valuable insights. Using historical data, AI identifies trends in the property market and provides realistic valuations. It also aids in understanding customer needs and recommending suitable properties, improving the overall purchase experience.
Internet of Things- Voice and speech recognition, cameras, and motion detectors that monitor the environment of a building are popping up more & more. Monitoring systems within a building from water to electricity usage monitoring is allowing builders to build smarter and property managers to stay safe from intruders and efficient in energy usage.
Immersive Technologies - VR (virtual reality) and AR (augmented reality) technologies now have an important place in real estate. Virtual tours of properties allow clients to tour multiple properties from anywhere in the world. AR can also be used to stage properties based on individual tastes where real estate agents can show unique furniture/decor setups to their clients which help to envision their future home.
Blockchain - Millennials and younger generations are less likely to be able to afford real estate today but blockchain offers answers. Blockchain-based “smart” contracts store property transaction data and are signed digitally when the buyer-seller conditions have been agreed upon.