Credit: fanjianhua Via Freepik
Real estate transactions used to function at a plodding pace, hampered by procedural inefficiencies and slowed by manual processes. Anyone who bought their property before 2010 can attest to this fact; a homebuyer had to skim the Yellow Pages for a realtor, visit several homes, hold several (inessential) meetings, and wait with bated breath for documents and assessments to roll in slowly.
And if a consumer wanted actionable data to aid them in the buying/selling process, they were most likely out of luck – as real estate micro-trends, up-to-the-minute median prices, and other indispensable data simply weren’t available.
In other words, real estate was anything but immediate, and the lack of fast, transparent data was a significant source of frustration for consumers. Thankfully, times have changed. As real estate tech companies leverage big data, AI algorithms and streamlined communication platforms, consumers can harness the power of immediacy in real estate.
Let’s take a closer look.
Big Data, Fast Accuracy and Consumer Expectations
“Big data” is perhaps the most significant driver of immediacy in the real estate industry. Big data refers to large, complex and diverse data sets that traditional processing methods cannot store and analyze. These massive reams of data need predictive analytics driven by machine learning to uncover their insights – insights that come in very handy for real estate consumers.
As Nobul CEO Regan McGee aptly put it to Digital Connect, “The great thing about the real estate industry’s recent embrace of Big Data and all things digital is that we’re now able to be so much more current with our customers.” Hot markets can change drastically from day to day, and consumers want a way to keep up with the insights. "Customers have come to expect that kind of immediacy,” the tech innovator added. “They get it with Uber… they get it with Amazon… they can get it with virtually every other customer experience.”
Immersive Technology and the Instant Property Tour
It isn’t just big data facilitating fast insights. Immersive technology like virtual reality, augmented reality, and 360-degree tour photos allow consumers to view and assess properties immediately.
Especially in hot markets where “days on market” figures are crushingly low, a consumer’s ability to evaluate their options quickly and thoroughly can spell the difference between winning their dream home – and letting another one slip through the cracks.
AI Algorithms and the Real Estate Digital Marketplace
AI algorithms can also play a big role in delivering immediacy to the real estate process.
Take Nobul (led by Regan McGee, quoted above), a real estate digital marketplace currently disrupting the real estate industry. Essentially, the platform offers consumers fast access to their representation options by leveraging a proprietary AI algorithm. A consumer enters their criteria, and can then browse relevant real estate agents based on verified reviews, sales histories, commission rates and more.
Consumers don’t have to reach in the dark for a Yellow Pages ad. On Nobul, they can rapidly and accurately evaluate their agent options. They can also find resources like a fast online property estimator, affordability calculator and local market conditions indicators.
Buying and selling real estate can be high-stakes, competitive and complex. Unfortunately, it has also traditionally been challenging, slow and opaque. But recent advancements in real estate technology are starting to change that, bringing the power of immediacy to consumers’ fingertips.