Technology has made its waves in various industries and continues to revolutionize the way we live, work, and do business. This is no exception in the real-estate industry, where consumers flock to the digital world to find the homes they want to purchase, rent, or lease.
In fact, 44% of homebuyers will use the internet first to scope out potential real-estate investments according to the 2017 report from the National Association of Realtors.
This number is only set to increase, as Millennials, the largest demographic that buys homes in the US currently, seek out homes online to start their new families in.
Not only will most of the home buying process be moved online with the help of AI technology, but blockchain technology will change how real estate transactions are made. That is why understanding the tech trends that have become a natural part of the home buyers life is so important for success in the real estate industry.
In this article, we go over how technology is revolutionizing the real estate business and what changes you should be expecting in the home buying process in the years to come. Let’s get into it!
4 Ways Technology Will Impact the Real Estate Industry
In this section, we go over how technology will affect the real estate industry in 4 distinct ways.
1. Virtual Reality in Real Estate
Probably the most exciting advancement that will rock the real estate world, virtual reality is destined to improve the home buying experience in ways traditional agents never thought possible. Instead of having potential buyers physically see a home, home sellers will be able to show exactly what kind of property they are offering. Augmented reality will help buyers visualize a living space with their ideal furniture – all from the comfort of their own couch.
Some real estate businesses are already looking at ways they can integrate the technology in their digital platforms to make buying a home easier and more convenient. Agents that do this will see a dramatic increase in return on investment as they close the gap in the decision-making process of buying a home.
2. Artificial Intelligence Uses in Real Estate
Although AI technology can seem a bit spooky and obscure, not utilizing the tech in the real estate industry, or in any industry for that matter, puts you at risk from growing a thriving business. To keep your competitive edge in real estate, you should be looking at ways to optimize tasks and processes in your business through the use of AI technology.
Whether it is using AI to set up virtual tours for potential buyers, or sifting through data to find the best prospects, you will need to find ways to make your business work for you when you’re not on the clock.
3. Blockchain Technology Make Real Estate Transactions Easier
Buzzwords like bitcoin and cryptocurrency get thrown around like they are the hottest new trend instead of what they actually are: the future of how we will manage our money. Blockchain technology is set to disrupt the real estate industry and put more power in the buyer’s hand when conducting a financial transaction. This borderless, peer-to-peer currency will open up an international market of buyers normally ostracized from the real estate market in the United States.
If you want to learn more about the recent advancements of cryptocurrency in the real estate market, or need more information on how to use cryptocurrency to buy real-estate, check out our free informational slideshow on our website.
4. The Power of Real Estate in Your Hands
More and more people are using their phones to do just about everything. From searching for information to buy a home to closing deals using a click of a button, mobile use is becoming more and more prominent in our everyday lives. In fact, mobile use took the lead in total traffic this year, surpassing desktop use and hitting 63% this year.
Real estate transactions involving escrow services have also moved into the palm of the consumer’s hand, with mobile apps like Venturetrac that track the entire escrow process from start to finish making it more convenient and transparent for real estate agents, buyers, and sellers. This mobile escrow tool has revolutionized the real estate industry and will continue to make real estate transactions more transparent.
Technology Brings Transparency In Real Estate Transactions
New technology, along with other advancements, will make the real estate process more transparent for everyone involved in a real estate transaction. As knowledge and information for brokers, borrowers, buyers, sellers, and agents increases, so will speed and efficiency in the home buying process.
In this century, the 20’s will be roaring with technological changes that will drastically impact property buying, selling, and investing. It is important for everyone involved in the real estate business to keep up with the technological changes that will disrupt the way we buy homes forever.