Technological advancements are shaping the way real estate agents and homebuyers navigate the home selling and purchasing process. In today’s digital world, professionals in the real estate industry rely on complex data on making decisions, assessing home value, and finding the best clients—while buyers get to navigate to different properties without any hassle.
Keeping up with the latest trends can be challenging, but the technology available to homebuyers and real estate agents alike is an exciting and convenient shift. Here are the different modern technologies reshaping the real estate industry—and how it can help sellers and buyers.
Augmented Reality
You can find out more about any property using augmented reality (AR) by simply pointing your phone’s camera at the property. It’s an excellent way for prospective buyers to learn more about properties that aren’t currently on the market, giving them a better insight into each one. You can see different information about the home through AR, including the listing or rental price. Additionally, AR also may show the latest valuation estimates and the last sold prices data. Using augmented reality can also let you see how many bedrooms and restrooms the house has. An upcoming feature of existing real estate virtual tours of properties is using AR in practice, allowing agents to add notes and highlight critical functions of the home or any other property digitally. It saves real estate professionals from the expenses that usually come with open houses.
Virtual Reality
If you don’t have the time to go around checking at several houses within a day, you might want to try virtual reality real estate visits. Virtual reality allows you to view and look around a home in a matter of minutes using your tablet, phone, or PC. This works by using 360 videos or photos and even a three-dimensional virtual tour. Virtual reality is a convenient way of reducing stress from the number of house tours and walkthroughs a buyer should do. Machine Learning Real estate agents and property investors always want to ensure that they’re spending their efforts and time efficiently. With the help of new technology, machine learning and automated ROI calculators are available for real estate investors. This allows real estate agents to have a more accurate estimation of the ROI they’re going to gain at each transaction. This can also give them more precise predictions of much better real estate deals, which leads to smarter investments.
Blockchain
The blockchain is a product of modern technology that is now being used in the real estate world. It impacted the industry of real estate in many ways. This becomes a new media where sellers and buyers can communicate and do secured transactions easily. Blockchain technology also reduces the transaction process cost as it cuts off intermediaries because of its peer-to-peer service. This also helps property owners to organize the system of fractional ownership. Real estate agents can also store important documents to blockchain ledgers, such as property titles, with a high encryption level.
Big Data
Big data and personalization significantly impact advertising, marketing, and even the real estate industry. This helps real-estate agents analyze what their client wants or what is on-demand at present. With the use of big data, clients or customers can evaluate how much they can gain from the property they’re going to buy. This also reduces the risk of purchasing wrong or unwanted properties. Big data also provides real-time and future price fluctuations, which mitigates the risks of buying properties.
Whether you’re an agent looking to sell more properties, a landlord who wants better tenants, or a home buyer looking to purchase your dream home, the modern technologies mentioned can streamline the process for you—reshaping the industry as a whole.
