Information can be a wonderful thing. Generally speaking, the more you have of it, the better informed you are and the better decisions you can make. This certainly holds true when it comes to real estate, thanks to modern technology. Apps like Zillow will show you every property for sale or rent around the globe. Finding comparables is much easier than it was, even ten years ago, and access to all of this information is basically free and available to anyone. The change the real estate sector is experiencing is clearly represented in new property investors. Out of all the demographics, Millennials are the overwhelming utilizers of Industry 4.0 tools to make investment decisions. There’s no denying that technology is changing real estate in many ways, but here are three major ways tech is changing real estate.
Virtual reality is becoming quite commonplace. Thanks to this amazing technology, you can take a virtual tour of any property from the comfort of our own home. You can walk through a property halfway around the planet and get a real feel for what it really is like or see aerial shots thanks to drone technology. As technology becomes more immersive, the need to physically visit a potential site will diminish. Some luxury home sales are already being done via VR without the buyer ever stepping foot onto the property. Augmented reality is also beginning to make its way into real estate, providing anyone with the possibility of seeing what a property would be like with any desired changes.
Just about every industry has undergone a massive change in the last decade as technology has advanced. Real estate has certainly improved but there are still many frontiers that have yet to be explored. As artificial intelligence (otherwise known as AI) is further developed, we will have platforms that will find matches for us with unprecedented precision. The “pain points” of purchasing a house will be addressed, and the entire real estate buying experience will be reshaped. AI is already is helping streamline processes for real estate agents by automating repetitive tasks, such as answering questions with chatbots in real-time or using predictive analytics to identify and target leads.
Although still a ways off from commercial use, Blockchain technology has potential positive impacts on the real estate industry. From Baby Boomers to Generation Z, just about everyone has heard of blockchain technology and bitcoin, but it’s recently been showing its utility in luxury and commercial real estate. Beyond using bitcoin as currency for real estate investments, blockchain technology offers the potential to improve trust and transparency, reduce the dependence on intermediaries, and make transactions more efficient.
While technology is definitely improving real estate, it does have a downside. Since information is so readily available, it’s even harder to find a good deal. So, as you consider your real estate investments, it’s important to find a company that’s not only up-to-date on their technology utilization, but also, has the experience to know what to look out for. Optum Real Estate Management knows how to spot the small factors that make one property a home run and another one less than perfect. We utilize the latest and greatest in technology to maximize your returns and minimize your risk. Ready to take advantage of cutting-edge real estate technology? Call us for a free consultation at 949-400-4275 or reach out to us at email@example.com.