Technology in Real Estate: How These Advancements Are Shaping the Industry

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Property illustration

The disruptive influence of emerging technologies has been felt across a wide range of industries in recent years. From on-demand app development disrupting traditional industries like taxis and hotels to artificial intelligence improving customer service, technology has played a large part in redefining many industries. 

Despite this, real estate professionals have been slow to adopt new innovations. It’s time for that to change. Technology has the potential to revolutionize this industry in ways that will benefit everyone from realtors to their clients. The following examples illustrate how.

Virtual Reality

In 2016, nearly half of all home buyers started researching properties on the internet prior to visiting them in person.

This trend has resulted in certain challenges for real estate professionals. Flat images don’t always give a dynamic, accurate, or thorough view of a home. It can be difficult to make a house stand out on the internet.

That may not be the case much longer. Some realtors have begun using virtual reality to let potential buyers virtually “tour” homes before visiting them. As VR headsets become more popular and accessible, opportunities to show off properties in this manner will increase.

The Cloud

Real estate transactions are complicated. Numerous parties must often coordinate to ensure various pieces of paperwork are signed and filed correctly before moving on to the next step in the process.

That process becomes much more efficient thanks to the cloud. With cloud storage, parties involved in real estate transactions can sign documents electronically and upload them immediately. That means they’re also instantly available to any other individual that may need to review said documents. As a result, processes that used to take days can often be completed in minutes. Most real-estate syndication software uses the cloud to simplify filing and to organize documents (like K1s, PPMs, etc.), store deal information, and more. 

Blockchain

Blockchain doesn’t merely support Bitcoin. It’s useful in many capacities and industries. Real estate is a major one.

Blockchain is essentially a public ledger distributed across a network of computers. This makes it difficult to hack. Instead of targeting one computer, hackers must target several.

This innovation also adds greater transparency to real estate transactions. Since adjustments to the information in a blockchain are made publicly and in real-time, a buyer doesn’t need to wonder what steps an agent may take after they make an offer. They can simply review the process via blockchain. The consensus-nature of the blockchain format helps prevent disputes. It also yields a greater degree of trust between consumers and agents.

Again, these are developments which benefit everyone involved in real estate transactions. Industry professionals who leverage them now will get an edge over the competition. If you work in this field, it’s time to start investigating how you can use emerging technologies to improve operations and better serve your clients.

Software technology

Software has eased the life of business owners and consumers too. When it comes to real estate business, property consultant has to face so many challenges and lean generation is one of them but thanks to the advancement in software technology where some web and mobile apps are easing their life. Websites, property listing sites, apps, property management software and seller lead generation platforms are some of them being used widely.