New technology has helped the real estate business hit an all-time high in this age. Buying and selling homes has become a lot more easier and well organized. You can now access various homes on sale and tour them at the comfort of your house. Below are some few technology trends that have pushed the real estate industry to the next level.
1. Artificial Intelligence
Looking for a new place to call home can be overwhelming. This has been made easier with AI and machine learning which helps online property markets narrow down potential buyers searches according to their precise details; such as lifestyle, customer traits or values. Search sites have chatbots to answer consumers questions in real-time. The chatbots can also accompany buyers to showings. Other property market places enables the users work together with family and agents to choose their suitable homes . Houses can be grouped in special listings, like homes with a pool, to match their specific styles. Through AI , precise pricing trends will also be projected. This cutting edge technology works by reviewing the area’s historical market trends as well as the infrastructure to predict the price. AI also enables the digitizing of the whole home buying process making it easy, faster and more efficient.
2. Drone Photography
Aerial photographs and videos have become the highlight of property advertisement in the real estate market. They are a great tool to capture the interest of potential buyers. Sellers can now easily create aerial photographs and videos at an affordable price unlike the past. Drone photography is a great way to showcase large properties creating a precise view of the property’s size. Drones have made it possible for sellers to offer potential buyers a tour of the neighborhood. Through the use of drones, a seller can be able to pinpoint maintenance issues that could degrade the property. If the property is a large commercial site , a drone can be used to provide a tour remotely.
3. Blockchain Tech
Real estate has proved to be a favorable platform for the use of cryptocurrency. Although still in its initial stages, blockchain technology is already a major success in the real estate industry. Cryptocurrency stands out because it’s a worldwide currency and is not under any monetary authority. Blockchain technology will help do away with the challenges below:
• The tedious paperwork involved in the buying and selling process. Instead of notaries, blockchain tech enables the verification and time stamping of smart contracts.
• Smart contracts can also be used to connect the blockchain with the digital property ownership. This technology helps protect the buying and selling process from the fraud that comes with falsifying paper contracts.
- Through blockchain technology, all the property information is safely stored and kept up to date unlike the other way where you have to pay to get the updated information. Update of information is done in real time therefore can be done anytime with no need of involving intermediaries.
- Blockchain technology reduces the number of people needed when closing deals. This cuts down on the cost of the whole process.
4. Virtual and Augmented Reality
A large number of potential buyers in this age, search for their future homes online. For any realtor wondering how to sell house quickly, first thing should be to understand online marketing. Through virtual and augmented reality ,this process has been made more efficient and inviting. This technology has made choosing a home easier with sellers creating virtual tours for possible buyers. This enables a buyer tour a home at the comfort of their seat. It has made it possible for long distance buyers to have a clear picture of their chosen house, even when they can’t visit physically. Some virtual reality tours go as far as neighboring houses to give you a glimpse of the neighborhood. Through virtual and augmented reality, reactors can now virtually stage a house by adding furniture and other accessories to the interior view. For people looking to build new houses, virtual reality can help come up with realistic architectural designs to give them a feel of the house before construction.
5. Facebook as a Marketing Platform
Facebook ads have become a popular marketing tool in real estate industry. With Facebook, realtors can understand their buyers by just looking at their profiles and interact with them at anytime rather than cold calling. Buyers can also search property ads with the details they prefer.
There’s no doubt that these technology trends are a big step ahead for the real estate industry.