We’re living in a time where technology is rapidly changing the way we live and the way business is done. Technologies like machine learning and artificial intelligence are becoming commonplace in the products and services we use every day. Businesses are employing a wide range of technologies to improve efficiency and productivity across websites, on-demand apps, and more.
While it may seem that businesses in every industry are pushing hard to develop and implement uses for a wide range of technologies, real estate is one industry that seems slow to adapt. This post will look at three technologies that are expected to have a significant impact on the future of the real estate market.
Cloud computing has the potential to streamline a number of different processes in the real estate industry by delivering services over the internet. By making resources instantly accessible from anywhere, a real estate brokerage will be able to operate more efficiently and serve their clients better. Additionally, programmers could develop cloud services that make it easier to execute multi-party real estate transactions and delivery systems that can more efficiently handle the submission of documents.
The use of electronic signature services is one way real estate agents are already using the cloud. This not only eliminates much of the hassle and overhead that comes with working with paper documents, it also provides a much more convenient way for agents and their clients to sign important documents and keep them organized.
Virtual reality (VR) has come a long way from the days when it was just seen as a niche gaming technology. More businesses are starting to use VR to promote products and engage consumers, and the technology is only becoming more accessible with each passing year.
With the ability to put consumers in immersive experiences, VR has some obvious applications for the real estate industry. Realtors could create 360 videos to provide buyers with a realistic first-person view of a property. Beyond this, you could also build 3D representations of a property to create a virtual tour that potential buyers could take from their home.
Most people associate blockchain with cryptocurrencies like Bitcoin, but there is potential for this technology to be used in a number of different industries. The primary advantages of using the blockchain are that it can provide better transparency for transactions while still maintaining the security and integrity of the information being used for the transaction.
One example is the company SMARTRealty. They use blockchain technology to develop smart contracts and to verify transactions for real estate deals. Not only does a system like this provide a more convenient and cost-effective way for buyers and sellers to execute a deal, but it also establishes a much more secure transaction.
We are still in the early stages of real estate businesses developing and deploying services that use these technologies. That said, more businesses are experimenting with these technologies every day. It will not be long before they change the face of the industry.
Author: Rae Steinbach
Rae is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Rae is passionate about travel, food, and writing, of course.