The housing market has been booming in recent years, and it shows no signs of slowing down in the near future. Whether you’re an investor or a homeowner, knowing what real estate technology tools are on the horizon can help you stay ahead of the curve when it comes to making smart decisions about your home. Let’s take a look at the most exciting emerging trends in real estate tech so that you can stay on top of the industry as it changes and evolves over time. On Becoming a Tech Bro 101…
Virtual Reality (VR) and Augmented Reality (AR)
Technology is progressing at an even faster pace and we’re seeing innovative developments cropping up almost daily. The next big tech trend on everyone’s mind is virtual reality (VR). VR makes it possible for individuals to completely immerse themselves in a 360-degree digital space, simulating things like travel or concert experiences before they’ve left their homes. While VR isn’t yet available on all platforms, services like Google Street View, YouTube 360 videos and Facebook Live are bringing us closer every day. With AR, users can take photos of properties from any angle with their mobile devices. Then, using AR technology that overlays those images onto actual real estate listings, they can see how different elements might look once built.
The future is bright, you might not really have to be there to really be there anymore. You gerrit?
Artificial Intelligence (AI)
AI and machine learning are affecting every aspect of real estate. AI-based software can quickly analyse thousands of data points and make hundreds, if not thousands, of calculations in seconds that would have taken an agent days or weeks. Even better? The software can do it all with accuracy that seems downright human. AI has made it possible for some apps to create virtual agents that interact with prospective buyers and sellers just like a human would—and will eventually be able to handle more difficult tasks such as negotiating pricing, communicating with other agents, etc. Meanwhile, AI is already being used to manage properties on behalf of landlords by taking care of things like scheduling maintenance appointments and keeping track of rent payments. And you’ll probably see lots more applications before long; today’s AI technology is pretty limited but still very useful in many situations, which means entrepreneurs are getting into real estate tech right now.
How beautiful does it feel to know that you can crosscheck the authenticity of the information given to you by professionals you have hired to make your property purchase or management decisions easier?
Machine Learning
Experts believe machine learning will soon be capable of providing detailed insights into homebuyer behaviour, helping agents, brokers, and others make better business decisions. Have you ever wondered why you searched a particular product online and many similar or complementary options start popping in your face while you scroll through other random sites and pages? You guessed right, it’s not witchcraft, it’s just your smart gadgets learning to solve your problems ahead of time.
The technology is already being used for fraud detection in e-commerce transactions and website personalisation. It’s only a matter of time before real estate tech players find even more compelling uses for it. Proximity-Based Advertising: Nearby properties are becoming easier to target with relevant ads thanks to proximity-based advertising tools. Google AdWords now allows advertisers to select locations within close proximity of their ad’s location rather than specifying a single location—useful for targeting people within walking distance or driving distance of listings.
Internet of Things (IoT)
From smartphones to refrigerators, an Internet-connected device isn’t far away. This Internet of Things (IoT) is a growing ecosystem that connects digital devices, appliances and everyday objects via wireless networks. IoT devices communicate with each other and their environment, creating opportunities for applications such as home automation. Since real estate has been largely untouched by these technologies, it’s set to be disrupted by them in an exciting way.
It was done with cars, tracking your priced items to safety and making them remain within your purview. You could turn on or off lights, music, etc, with a voice command, a button on your phone, a snap of your fingers, or just by a clap of your hands. The scope will only continue to get wider.
Big Data
The real estate industry is exploring how big data can be used to its advantage. While large-scale data tracking and analysis might seem like a pie-in-the-sky concept, it’s not. By analysing trends and working with information gathered from social media, mobile devices, and more, or simply by tapping into what’s already out there, we are paving the way for some really exciting applications. Applications that could change how you find a home and save money as a buyer or seller. And it could also have bigger implications for people looking for any new place to live; good stuff for buyers, sellers, renters, lawyers, landlords … pretty much everyone!
As beautiful as all these sounds, and as much as I would love to absolutely focus on all the endless possibilities of improved technology in real estate and generally, I can’t but have those occasional flashes from those American SciFi and futuristic movies where AIs and robots take over the world and control humans. Maybe I’m crazy or super paranoid, or maybe we should all just start planning for a war with robots.
