Real estate is an interesting industry. Over the years, we have watched it blossom and expand to become the global pillar of societal innovation that it is today. All parties involved in the real estate game – whether they are part of property management, property investors, buyers, sellers, renters, flippers – are always watching it evolve and waiting for the next iteration to hit. The one constant in real estate is that there are no constants. Everything is in a constant stand of evolution and expansion. And that is incredibly exciting. The latest innovation to hit the real estate industry, of course, is the rise of technological advancement and rapid digitalisation. A traditional industry at heart, real estate is now the subject of technological innovation and digitalisation on an industry-wide scale. It is something that is prompting more and more people to praise the gravitational shift of the industry, and spur on its continued advancement.
A traditional industry embracing the new
Real estate is a historically traditional industry to its core. For generations, real estate has operated on the foundations of localised and personal connections and interactions. For decades, this is what has worked so phenomenally for real estate, and so when technological advancement began to hit the world on a deeper level, real estate was one of the very last industries to embrace its disruption. In recent years, however, we have seen the industry begin to open and allow modernisation through its doors, and it has already become infinitely more positive, inclusive, and globally appreciated than ever before.
Technology changing real estate from all angles
Today, technology is changing real estate from every angle. On the part of realtors and the industry itself, technological innovations like VR inspections, to online applications, to overseas investment meetings via video chats and 3D tours of properties, have shaped the new norm for real estate on an internal level. On the part of sellers, buyers, renters, and investors, technology has made itself known in form of VR inspections and online forms, both of which allow them to browse prospective properties and apply for them, all without needing to be there in real-time. Technology and digitalisation are aimed at making industries more convenient, more efficient, and more accessible, and on all counts this is exactly what is happening in the real estate field right now.
The future of real estate and tech advancement
Currently, the height of technological disruption in real estate is the introduction of VR property tours and online form submissions. While this is incredibly impressive, to say the least, it is just a glimpse of what the future of real estate is going to look like, now that technological innovation and digitalisation have broken through the surface. In the near future, we could be looking at anything from completely tech-driven properties being listed, to entirely immersive VR experiences, all without the need of being there in real-time, ever. This is an exciting time for real estate, and it is exhilarating to realise that this is only the beginning of this next phase in the industry’s lifetime.