Technology in real estate is improving data collection, convenience and refining the transaction and negotiation process. There are several new technologies that have emerged over that past five years but it took COVID-19 to accelerate the use of technology by businesses and clients alike. The new entrants that are improving the way we transact in real estate are refining the experience and improving transparency in buying property.
Artificial Intelligence (AI) and machine learning
Right now, property search site relies on preferences like location and land size as variables to display properties for sale. In the near future however, AI and machine learning may enable real estate sites to recommend property based on preferences, personality traits and values.
Chatbots on a site may be able to answer consumer questions quickly and easily. The data collected allow AI to help predict pricing trends more accurately. This type of technology looks at historical trends in the market for an area but is also able to take into account schools, transportation, marketplace activity and even crime stats.
Virtual and augmented reality
COVID-19 has been an unwelcome intrusion in 2020 for businesses across the world. Virtual reality real estate inspections have been embraced during Covid as physical inspections have been prohibited. Customers once reluctant to accept a virtual tour are accepting the technology, in many instances, preferring the convenience. Virtual reality has also concurred the tyranny of distance allowing clients to view properties with geographical boundaries.
The online buying experience allows sellers to increase the perceived value of a property with great staging. In some cases, vacant properties are virtually staged by digitally adding furniture and accessories to interior photos. New builds can create realistic architectural images and walkthroughs to help buyers understand and experience the property – even before construction begins.
Property managers are able to create tours of the space that might help new tenants evaluate the size and features of the property. Virtual tours can walk and talk through all the written instructions common to leasing.
On line offer management system
One of the biggest complaints in real estate is a lack of transparency. Online tools like those used by companies like Market Buy help streamline the offer and acceptance process. A platform that manages offers using a desktop or mobile phone whenever and from wherever is becoming common place. Sellers are able to see all of the offers as they’re made and not rely on the agent to give updates.
The transparent platform allows multiple genuine offers as the price rises. Buyers can see how many interested parties there are and what the highest offer is at any point in time. An email notification is sent when an offer has been beaten and because you’re placing offers from your desktop or mobile its convenient. The increased need to transact online is welcomed and is driving more start-ups to develop more platforms that limit risk and maximise efficiency.
These are just a few of the cool new techs in real estate. There is growing evidence that both consumers and agents are embracing changes that provide important data, convenience and transparency in real estate -making life easier.