Technology continues to be a catalyst for change in every sector of business and industry, and the real estate industry has taken center stage in the new world of digital revolution.
That should come as no surprise considering real estate is the largest commodity in the world, with a global estimated value of $217 trillion. The industry is introducing huge changes that will revolutionize the way property is researched, presented, and sold.
From online listings to artificial intelligence platforms to virtual reality, emerging technologies are taking over the real estate industry and changing the course of business. But that’s just a tip of a huge iceberg. Here are 3 ways technology is changing the real estate industry.
1. The Cloud
The cloud platform has impacted the closing process in an unprecedented way.
Anyone who purchased real estate property a decade ago can testify how long and inefficient the process was. From inspecting to negotiations to handling legal matters, the process was not only frustrating but also involved a lot of paperwork.
Thanks to the cloud and incredibly powerful CRM’s solutions, technology has streamlined the entire process for both residential and commercial purchases. CRM systems provide an excellent way to automate the sales process and store customer data, thus reducing paperwork.
One company that has provided a remedy for this problem in an innovative way is Private Exchange Australia (PEXA), a property exchange network. It helps members—such as lawyers, financial institutions, and surveyors file documents with land registries and settle financials electronically.
With such a process in place, what once took weeks or months to finalize can now be closed in just some few days.
2. Virtual Reality
The wide adoption of virtual reality has finally transcended to the real estate industry.
Forward-thinking realtors are now stretching their hands beyond the constraints of photos and videos. They are offering their clients 3D virtual reality tours right on their devices. This technology allows clients to view property by walking around virtually inside a property.
While this technology is still developing roots, it’s very futuristic and convenient for consumers.
For instance, a real estate virtual reality app will allow you to determine the dimensions of rooms, size of windows, look into the cabinets, walk out onto the patio to check out the neighborhood and more. This eliminates the need to physically visit a property to inspect it.
3. Internet of Things (IoT)
The Internet of Things (IoT) has impacted the real estate market in ways that go beyond what is perceptible to the naked eye. In fact, any home in today’s world that doesn’t have an IoT device would not be considered modern.
Companies throughout the world are utilizing IoT devices that allow agents as well as owners to monitor their premises in real time. Thanks to these devices, it’s now possible to control room temperature or switch off the lights at the comfort of your couch.
What’s more, some advanced IoT devices have the capability to lock down a building when certain triggers are established. Others are able to send regular reports on the status of building equipment, thus ensuring regular maintenance when needed.
While the real estate landscape is changing, it’s no more or less lucrative for agents, buyers, or sellers. However, technology has radically made it easier than ever before to buy and sell a property. It has also made it convenient for owners to view and monitor their premises remotely.
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