Like several outdated industries gone modern, the real estate landscape is set to be disrupted by once new and unknown technologies that are being used to conquer inefficiencies duly accepted by those who transition in and out of the real estate market.
From basic online listing pages to automated software that helps find clients and predict sales, the status-quo of real estate is finally responding to the competitive, on-demand needs of an evolving marketplace ripe for updated efficiency and transparency, just as global revenue in the real estate market is expected to generate $4236.7 billion dollars, according to 2018 findings by Grand View Research.
With innovative companies creating more options and solutions in response to urbanization, short-term housing, and decreasing home ownership, investment in real estate software and technology tripled in one year, up to $12.6 billion 2017, partly due to a sizeable market, foundational success, and segmented opportunity.
For Buyers: Finding a Home
According to the National Association of Realtors, 51% of home-buyers found the home they purchased online, so allowing prospective buyers and renters to visually immerse themselves inside properties with 360 augmented reality before declaring their interest to agents builds excitement in those serious about finding a new property but weary of photos.
With this, augmented and virtual reality also lead to faster, more confident closings, especially when clients can also tour surrounding neighborhoods, parking garages, and amenities.
For Sellers: Connecting with Clients
For a realtor or any individual selling a property, there is a high cost missing an email or message from a prospective or spending too much time with another. With new AI and automation technologies, sellers can automate client conversations and management through a personal AI assistant that will send messages, schedule viewings, and post ads. Using data-driven algorithms, sellers can also learn the value of a deal and know the probability of a sale within a few minutes.
These technologies help sellers and realtors free-up time and make smart decisions with updated CRM software that generates leads and tracks finances, along with property management software that tracks asset value, coordinates maintenance, and handles disbursements for investors.
Closing the Deal
Sending private and financial information such as your social security number and bank account information to an individual or company without really knowing who they are can be intimidating. With new blockchain and cloud-based title solutions, a secure database demanding verification of identity, licenses, transactions, and more can verify both parties with a huge reduction in time and administrative costs. These solutions also allow parties to track and simplify the buying process with secure deal management systems and e-signing to expedite trusted transactions.
Tokenization and Diversification
The growth of blockchain has brought a rise in tokens, a form of cryptocurrency,” that can be traded and provide access to utilities. The tokenization of real estate assets allows investors from all over the world to become part owners of single property asset. This makes it much easier to have a truly diversified portfolio of real estate assets.
Real estate remains an exciting and fruitful market for investors, home-buyers, and realtors. With new technologies emerging specifically for this industry, now is the time to get involved and learn how those new technologies can work for you. Countinue learning on housingjv.com to further your industry education and see what we’re doing to help you manage investments, diversify your portfolio, and impact lives.