3 Ways Modern Technology is Changing Real Estate Industry in 2020

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Source: Medium

Technology is slowly changing all aspects of life and business. One very important industry that modern technology is changing is the real estate industry.

The real estate industry with all of its branches and sectors has been notoriously slow and in desperate need of change. Digitalization is the only way forward, but it took some time for the real estate industry to catch up on this trend.

What was once private listings that could be seen only if you pass by the house or in the paper are now fully online for everyone to see and enquire.

Nowadays, actually seeing the property first hand is the step that people take as last. What they do before that is actually view a website, view the contents of a specific listing, enquire, and then decide whether to visit the property or not.

Naturally, this is a very convenient way of doing business, and an even better way of not wasting your time.

But that’s not all, and there are far more ways that modern technology is changing this industry. To clarify things and hopefully shed some light, we’ve decided to tell you about the X ways this is made possible through modern technology.

1. Blockchain

Source: Mprise

With increasing speculations that Bitcoin and the blockchain may completely revolutionize the way we do finances, real estate agents and companies are willing to risk and take payments using the blockchain.

The blockchain is a decentralized digital space that no monetary authority has nay authority over transactions or history. The blockchain technology is projected at a $200 billion worth in more than a decade since first operating.

But how exactly is it changing the real estate industry? Well, first off, we touched on the matter that it is completely decentralized. But it is the potential of this technology that makes it such a lucrative offering to the real estate industry.

The potential to completely change the way we pay for things, complete transactions, and even buy homes and property is what makes it a hot property in the real estate industry.

2. VR and AR

Source: Pinterest

Virtual reality and augmented reality are yet other pieces of technology that are instrumental to the buying process of a property in 2020.

VR, for those that don’t know, is a 3D technology that simulates any surrounding. This makes it possible for a real estate agency to effectively simulate a potential listing and offer the chance for potential buyers to “step in” and browse it.

VR is a very, very, sought-after tech in the industry, with more and more agencies hiring personnel to create their listings in the virtual space. But more so, an entire industry of design studios for 3D renders has emerged to air the real estate industry in making this a possibility.

Furthermore, potential buyers can customize their potential homes through the use of virtualized interior design, to determine how their potential home would look. This, as we said, has the potential of completely changing the way we buy homes.

As we talked at the beginning of the article, it is all because of VR that potential buyers don’t need to come and see the potential home their buying until the latter stages of the decision making.

To know more about vitalized space, how it can be used, created, and even see examples of professionals doing it, then make sure to head over to Voxelworlds.com.

3. AI

Source: Real Estate Forecast

Artificial intelligence has a grasp in all things, including this industry. Artificial intelligence is used for a more consumer-centric approach to real estate.

Things include anything from robots giving house tours to streamlining the process. This consumer-centric approach paves the way for convenience for both sides; the consumers and the sellers. AI has the potential to completely streamline the buying process, making it very convenient for the potential buyer to do what’s needed.

AI is often seen as the technology that will end humanity. But in real estate, and in various other industries, AI has the capacity to relieve many of the problems that burden the buyer.

Why Technology is Changing the Real Estate Industry?

Source: Dreamstime

We talked about how technology changes the industry, now let’s talk about why.

Speed

Source: Shutterstock

It seems that the reason why technology is heavily finding its use in this industry is all down to speed. Transactions take a lot of time to finish, and it can be a very painful wait to have everything processed and done.

This is where the blockchain industry comes into play. Not only is the blockchain decentralized, but transactions are super fast with minimal fees. Although it might take some time before the blockchain sees its use on all levels in this industry, the unmatched processing speed is yet another reason why agencies tend to use it.

Lack of Human Touch

Source: Medium

If there is one thing for certain in this industry is that there are too many salespeople that you have to meet while looking for your dream home.

Artificial intelligence and virtual reality are the technologies that help those that don’t want human contact when buying their home. We talked about how VR has the potential of showing a buyer the house, and we talked about how AI has the potential of streamlining the process.

Well, put two and two together and you have a recipe for success. With the two combined, a buyer doesn’t even have to meet a salesperson to buy his dream home.

Real-Time Data

Source: iStock

Yet another reason why AI is used in real estate is that it makes real-time data ready and easily accessible for all parties. With real-time data, potential buyers can acquire about the availability and state of a potential listing before even making the call.

This includes anything from availability, price, soil stability, and various other pieces of information that the buyer might deem useful.

Most of these things were gradually avoided by salespeople, as they feared it would turn people away from actually visiting the listing. Nowadays, it is welcomed by everyone with open arms and actually helps get the job done.

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