How Technology is Changing the Real Estate Industry

This is a guest post by Jess Cooper.

Technology has slowly become an integral part of almost every aspect of our lives. One of those aspects is the way we buy, sell and rent properties. To remain competitive and obtain the best deals, both buyers and sellers need to embrace these technological advances. Prospective buyers and sellers already use some of these advances, while some still remain unfamiliar with many of them.

The aim of this article is to reveal the technological advances we can use to buy or sell properties more efficiently. When people have a  better understanding of how something works, they are more eager to use it. Especially, if it reduces our precious time, simplifies the process or makes our experience more life-like.

Among the best technological advances in real estate, we can mention virtual reality - it’s a great asset the modern age offers. Furthermore, the 24/7 availability of services is truly a game-changer. Next, the emergence and development of artificial intelligence are also making huge changes when it comes to doing business in real estate. Also, there are other digital advantages to doing real estate, including digital twins, RPA and e-signing.

1.   Virtual reality

When it comes to buying a property, the emergence of virtual reality has changed the way we do it. This modern technology allows us to ‘try the property out’ before buying it. Virtual reality has become the real estate reality with the appearance of drones and 3D technology. It enables us to make aerial footage of properties. Thus, giving us a chance to examine the property from the comfort of our homes.

This is a real advantage as you can give a thorough look at numerous properties. And you can do it without wasting time on communing and seeing the property live. Of course, it doesn’t mean that you can’t do that. However, you can be more thorough and efficient in doing such research. When you find an ideal property to buy, you can also give it a live tour.

2.   24/7 availability

One of the biggest changes in the real estate industry has been brought about by the development and popularization of the internet. As we are constantly online, we are connected to the world. And as our smartphones are always with us, we can conduct our online research at any time. Also, our communication is much faster and easier. We can obtain the necessary information in a few minutes or even seconds.

Imagine that you are interested in learning about the safest neighbourhoods to live in. Or the most family-oriented parts of cities. You can find that out with just a few clicks using a Google search. That helps both broaden and narrow down a search for a perfect home.

We can also read people’s reviews online and check out the street view. Moreover, we can use the same technique to find the best real estate agency for our needs as well. You should always choose client-oriented and professional real estate agents. Highly-reputable agencies have a goal to find the best deal for you and satisfy your needs regarding real estate.

3.   Artificial intelligence (AI)

Artificial intelligence is highly diverse and has many applications in distinct industries. The real estate industry is only one of them, with plenty of advantages. Even though it was a concept that was not easy to grasp, people have become used to it. Convenience arising from practical applications has made people realize that AI has actually made our life easier and better.

Real estate platforms featuring AI have plenty of useful functionalities. You can use these platforms to enable robots to facilitate house tours as well as virtual tours. This kind of approach is centred toward clients and it can be beneficial for a company, as it gives it a chance to move forwards in the industry. But that’s not all. Real estate professionals can even use AI technology such as commercial real estate technology to make data-backed decisions that mitigate risks.

4.   Digital twins

We have more and more information available online - if not all the information. Digital twins enable prospective buyers to explore their opportunities in more detail. But, what are digital twins, in fact? These are 3D models of existing buildings, but with some additional features. These additional features include predictions, based on different environmental impacts, such as tornadoes, earthquakes and, landslides.

Companies that maintain such properties will have all the data regarding the potential damage. Also, they will be familiar with the cost of repairs as well as an escape plan. Digital twins also have great use in the constructing process as architects can observe the whole picture. It means that they can use their resources more efficiently to ensure longevity and endurance.

5.   Robotic Process Automation (RPA)

RPA is yet another plausible technological advancement when it comes to real estate. Real estate is such an industry, where buyers and sellers need to communicate and share transaction details. It needs to be in real-time as well as safe, regarding the protection of information. There is also a possibility for different applications. Using one of them as a buyer or a seller, you can answer some questions to bots. These bots then further direct you. RPA is expected to flourish even more in the future in all aspects of real estate (and other industries as well).

6.   E-signing

When it comes to digital transaction management, the service of e-signing plays a key role. Today we digitize everything, which implies reducing physical paperwork. And we can reduce unnecessary paperwork if we take advantage of the encrypted e-signing services. That means that with these services, there is no need for meeting with clients live to sign the contract. We all agree that it is rather time-consuming.

Instead, you can seal the deal more quickly, by doing it electronically. Plus, you reduce the need for physical storage for paperwork. Not only this. You can also sign a contract with a person in a completely different part of the world. It gives you the opportunity to access it anytime, from any device. There are numerous modern real estate courses that teach you all kinds of valuable things.

The new digital age offers us many advantages and possibilities. It’s up to us whether we’re going to adopt and use them. With all these benefits in mind, it is surely easier to grasp the importance of learning about and implementing them.

About the author

Jess Cooper is a part-time journalist and blogger based in Sydney, Australia. She is an energetic and highly motivated person with plenty of interests. The most prominent areas of interest include makeup and cosmetics, fashion, style, event organisation and decoration, healthy food, fitness, learning languages, pursuing a career as well as home improvement.

Jess loves learning about new things and having the chance to combine those insights with her ideas and spread them to the world. She enjoys having a mindful and well-organised, healthy life, filled with all kinds of different activities and interwoven with close friendships.