The real estate industry is one that has performed consistently well over the years. This is no doubt (at least partially) due to its adaptive nature. When it comes to shifting with the times, the real estate industry is one of the most forward-thinking sectors in the world.
In real estate, there has always been a predetermined understanding that buyers purchase homes that are in line with the current styles and their personal tastes, and so adaptability has been a necessary building block among realtors since the dawn of the industry’s inception. These days, the latest and greatest innovation in real estate is the introduction of widespread technology.
It might sound strange, but the rise of technological advancement in the real estate industry has made the entire sector operate smoother, easier, faster, stronger, and more reliably. And there are many people working hard behind the scenes of all this progression (think operators using Python for data science, realtors creating the digital listings, website creators making sure the coding operates smoothly, individuals making online learning resources readily available, etc).
So, what are the three biggest ways that technology is transforming the global real estate industry?
Automation
As in any industry, there are some tasks in real estate that are tedious to get through, but necessary to the overall process. From paperwork to rental and/or mortgage payments – and everything in between – we have begun to see the first inklings of automation work their way into the sector. This is a monumental revolution for real estate, as it allows realtors to spend more time on the aspects of their job that demand more human attention. This in turn allows everything to run smoother – not only for realtors, but for homeowners and renters alike (both existing and prospective).
Blockchain
The rise of cryptocurrencies speaks volumes of the impact digitalisation is having on all aspects of the modern world, and it certainly has its place in real estate now too. More than that, however, blockchain’s security and total transparency efficiently provides buyers, sellers, and renters the opportunity to enjoy and trust in a secure and honest process from A to B. In short, blockchain allows renters, buyers, sellers, and realtors alike to go through the necessary processes with advanced security, giving them a headache-free experience and allowing them the joy of it all without the risks.
Virtual reality
One of the most exciting innovations to hit the real estate industry in recent years is the introduction of VR (virtual reality) into the sector. It is no secret that modern buyers, sellers, and renters are busier than ever, and the simple fact is that not everybody has the time or the energy to spend hours looking through homes. Thanks to VR, individuals can now have fully comprehensive property tours through 3D home tours, or even immerse VR headsets.
We have experienced this sense of virtual property exploration through website listings before, but this is the first time that people can feel like they are walking through a property without physically walking through the property. And it is already making waves. Watch this space – this is only the beginning.
