The real estate sector is being rapidly transformed by technology. As per an article published in Forbes, the industry is going through its most significant period of change, thanks to the influx of technology. This profoundly impacts how properties are bought, sold, and managed. But which technologies are having the biggest impact on the real estate sector? Let’s take a look at them.
1. Virtual Reality (VR)
Real estate firms are using Virtual Reality to give potential buyers a realistic view of properties they are interested in from anywhere by using a VR headset. This is especially useful for international buyers who might not be able to visit the property in person. Developers are also using VR to give potential buyers a preview of upcoming projects.
For instance, Matterport enables businesses to offer 360-degree, realistic tours of properties. This helps them reach out to potential clients in a better way. Similarly, Rooomy offers VR staging services to various stakeholders involved in buying and selling of properties.
2. Augmented Reality (AR)
While VR offers a realistic view of a property, AR goes one step further by superimposing information about the property onto the real world. This can be useful for providing information about the surrounding area, public transport, and schools.
Some real estate firms are already using AR to enhance the property-buying experience. For instance, US-based firm Realtor.com has developed an AR app that allows users to point their phones at a building and get information about it.
Augmented and Virtual Reality both have huge potential in the real estate industry. We can expect to see more firms using these technologies in the future. In addition to these two, we can also see the rise of ‘Mixed Reality’ technology in the real estate sector.
3. Chatbots
Chatbots are computer programs that mimic human conversations and can be used to answer questions or provide information about a particular topic. In the real estate sector, chatbots are being used to provide information about properties for sale and answer common buyer questions.
For example, mortgage brokers use chatbots to provide instant mortgage quotes and answer customer questions. These chatbots can operate 24 hours a day, seven days a week, meaning potential customers can get information about mortgages anytime. This helps enhance customer service while freeing up time for the broker.
4. Big data
Big data is changing how real estate firms operate, from identifying trends to targeting potential customers. For instance, by analyzing customer data, firms can identify which areas are most popular with buyers and renters. They can also use data to target marketing campaigns for people interested in buying or renting property.
In addition, big data can be used to improve the management of properties. For example, by analyzing usage data, firms can identify maintenance issues early and make sure that properties are running smoothly.
5. Blockchain
The use of blockchain in the real estate sector is still in its early stages, but it has the potential to revolutionize the way properties are bought and sold. Blockchain technology provides a secure, transparent, and tamper-proof way to track transactions.
This could make buying and selling property much simpler and more efficient, removing the need for intermediaries like banks and lawyers. In addition, by making transaction data public, blockchain could help reduce real estate fraud.
6. 3D printing
3D-printing technology involves using a printer to create three-dimensional objects from a digital file. This technology is already used in the construction industry to create homes and buildings.
The technology will likely become more commonplace in the future. The main advantage of 3D printing is that it can be used to build custom homes quickly and cheaply. For instance, Chinese company WinSun has used 3D printing to construct a five-story apartment building and a villa.
In addition, 3D printing can be used to create intricate designs that would be difficult to develop using traditional construction methods. This could make it possible to build more sustainable and energy-efficient homes.
7. IOT
The Internet of Things (IoT) refers to the growing network of physical devices that are connected to the internet. These devices can communicate with each other and share data. It dramatically impacts the real estate sector, from smart buildings to connected homes.
IoT devices can be used to automate tasks like turning lights off and adjusting the temperature. This not only makes life more convenient for occupants, but it can also help to save energy and reduce costs.
In addition, IoT devices can be used to collect data about how a property is being used. This information can be used to improve the property’s management and ensure it is running smoothly.
These are just some technologies that are transforming the real estate sector. Each of these technologies can potentially improve how the real estate sector operates. We expect even more changes as new technologies are developed and adopted.
