The real estate industry is one of the industries that have been slow to adopt new technologies.
But not anymore!
There is a boom in property technology. As a result, how you interact, sell, or buy property is changing significantly.
So, what are the new technologies that are disrupting the real estate industry? Read on to learn more!
Top 5 PropTech in the Real Estate Industry
The property industry is strategically placed to enjoy numerous benefits around big data technology. With more detailed data, it becomes even easier to make better decisions about buying or selling property.
Several property search websites are relying on big data to enhance the real estate industry. For example, if you are looking for properties, big data makes it easy to access vital information such as demographics, traffic, specific area’s trends and customer surveys to help you make informed decisions before buying or selling any property.
Machine Learning and Artificial Intelligence
Artificial Intelligence (AI) and machine learning are among the newest technologies disrupting the real estate industry. For example, machine learning and AI make it easy to find information about a particular property using search engines.
For example, you can narrow down your property search based on various preferences like display properties and location.
As technology advances, the chances are high that you will be able to use AI and machine learning to get property recommendations based on specific values, traits, and preferences. Additionally, you can now use chatbots available on property search sites to get answers to your concerns much faster and easier.
Virtual and Augmented Reality
If you are anything like most property sellers or buyers, you rely most on the internet for information about properties.
A National Association of Realtors survey showed that 50% of new home buyers use the internet to search for properties.
Virtual and augmented reality is making property searches and online property buying experience quite an experience to reckon. You can rely on virtual reality tours to learn more about specific properties, especially if you don’t have the time to visit the houses physically.
Perhaps you think that drones are a gimmick in the property industry, but they are actually changing the real estate market. Using drones technology, it is possible to create digital and multi-perspective property visits.
Drones offer real estate agents relatively cheaper and easy photography, which was hard to make several decades ago. If you are a buyer, such photography gives detailed information about property elements you couldn’t see, such as the rooftop, thus allowing you to make an informed decision before purchasing any property.
Internet of Things (IoT)
Technological advancement has allowed for ease of connectivity. Nowadays, you have access to smart appliances and devices connected to the cloud. Moreover, IoT enables you to get alerts about your devices or appliances for predictive maintenance as a homeowner.
As technology changes, you might be able to have a detailed report of a property’s maintenance and upkeep by assessing its plumbing, HVAC, and smart electrical devices, before buying it. Such developments will make it easy to make informed decisions when buying or selling property.
Notably, you can only ignore advancement in technology within the real estate industry at your own risk. The current technology is changing how you access information about the property and the ease of making property purchase decisions. Thus, make sure to stay updated with the latest trends and development in the real estate industry.