Technology has become a fundamental part of our lives and has transformed industries through digitization. Real estate is certainly one of those industries that have been revolutionized by new technologies. Numerous emerging innovations are changing the face of the market, making it easier to buy and sell a property.
From the advent of artificial intelligence, the power of the digital market, the ability to create real estate business cards, and even virtual reality, much is changing in the real estate industry. Here’s how tech is transforming the market.
Perhaps the biggest impact technology has already had on the real estate industry is digital marketing. In the old days, agencies would need to place ad listings into local newspapers. While this is still a powerful advertising tool, the online world has allowed companies to reach more buyers in an efficient manner.
Online listings can be hosted on an estate agent’s website or on aggregate sites. Through your own website of another platform, you can list properties that can be updated in real-time to reflect new additions and changes in valuation.
Furthermore, social media allows you to connect directly with customers. Whether it’s Facebook, Instagram, or Twitter, social media puts thousands of potential buyers at your fingertips.
Virtual Reality and Augmented Reality
What’s interesting about virtual and augmented reality is that the technology is already here, and we can see how it is changing our lives. In terms of real estate, the complete immersive experience offered by virtual and augmented reality is opening many possibilities.
However, before discussing what those possibilities are, let’s look at the differences between virtual reality and augmented reality:
Virtual Reality: VR immerses the user completely into a digital environment, providing a 360-degree view.
Augmented Reality: AR uses an electronic display to project digital images within a real-world environment. It allows users to interact with object mixed between digital and real. Augmented reality is sometimes also called mixed reality.
For the real estate industry, both AR and VR allow agents to show houses in a completely new way. Potential buyers can tour the house, zoom in on specific details, and even project potential changes they would make to a property. While the technology is still nascent, many of these possibilities are already being explored.
Artificial intelligence (AI) arguably has the potential to be the most transformative technology of the 21st century. Certainly, the technology will likely provide the underpinning of advancing tech. Automation is the biggest benefit AI will bring to industries, including the real estate market.
Being able to tap into big data will allow agents to analyze market trends. By leveraging machine learning, this data would also be able to deliver predictions of where trends will lead.
For buyers, AI will be able to match their data directly to listings through algorithms that automate tasks. It is worth noting AI will be able to deliver data management tasks in the blink of an eye. Where AI takes the market is open to debate, but there’s no doubt that massive changes are on the way.