Real estate has always been an industry dependent in technology and over the past couple of years the industry has been morphed by changes in technology. Yet historically outside variables like this tend to be a slow catalyst of change. So how has technology changed such a stubborn industry? And are there any trends that you can see continuing?
It is often difficult to spend tie touring properties in order to find the one you really want to buy. Virtual and augmented reality are looking to offset this burden by putting potential buyers inside of the house from the comfort of their own living room. But even if you do go to the property, it can be difficult to get a feel for how the space will look with your style. Augmented reality can help cut expensive staging costs by putting virtual furniture in the space that match the buyers style. From the sellers point of view, staging is such a crucial aspect of making sure your home sells for the correct amount. Yet third party staging costs can be enormous. By cutting this cost, home sellers will inevitably pocket more profits.
One area you can’t deny is technology’s ability to track comparable properties to see what they are selling for. Brokers often rely on high-level factors to find comparable properties, but with technologies like AI and precise mathematical modeling, we can get much closer estimates of property values than before.
The impacts that big data is having on real estate’s unique position is as a core technology going forward. Websites like Zillow, Redfin, and others are collecting a ton of data from both buyers and sellers to see where trends lie. This data can be huge for owners and property managers who historically have had to go on gut feeling to know if their property is valuable.
Drones have always seemed like a gimmick to me. They are often crazy expensive and can easily be lost. Not to mention that they can be expensive to repair if you were to crash them into anything. Yet one extremely practical use case is real estate marketing. Drone can be used to provide an aerial view of a property as well as promote some of a property’s key features. Backyard pools tend to look way cooler from the sky. It’s not crazy to think that one day you could use a drone or robot to remotely tour a property. Just look at Amazon’s security drone for indoor use.
The purpose of this blog is not to simply highlight the areas where technology is currently being used, but to also brainstorm other ways in which technology can change how we conduct real estate business.
Comment below technologies you think can change the real estate industry!