Technology is taking a critical dimensions in the way everything is being done including real estate. Artificial intelligence (A I) is taking over the traditional way of doing thing in the world and that is also changing consumers’ taste. Things in real estate are changing, to be sure and consumer habits are changing what the future of real estate will look like as a result. The traditional real estate market is controlled by agents but going by what artificial intelligence which is now enabled by technology. Technology helps in reducing personnel in terms of who does what and and how the what should be done. Whether it be commercial, residential or retail space, understanding and measuring how space gets used is critical for optimizing the tenant experience.
Expert in the real estate, Rita Santamaria, Champions School of Real Estate and other experts have posited that artificial intelligence is the next generation tool that will take care of ongoing prospecting, lead generating and old fashion customer service. AI is so sophisticated that clients can get information instantly and agents can have a personal assistant working 24/7 at the weekly price of daily Starbucks latte. The most exciting development seen according to Evan Gentry of Money360 is that technology enables transparency. Borrowers and brokers alike benefit from more information throughout the transaction process, and fintech-driven lenders are building better businesses for all parties around technology that offers greater information as well as speed and efficiency.
Marketing has changed a lot over the past few years and this is also noticed in real estate. Also, social media platforms use personal information to pointedly deliver advertisements to an audience who will likely actually appreciate them. In this regards, local advertising options mean that you can deliver ads directly to people in your target market. The For instance, with movements in the US legislature aiming to relax privacy laws coupled with rapidly paced advancements in tech, it won’t be long before in-person advertisements like those found on benches, buses, and billboards become more personalized as well. Look for targeted ads to literally appear before your eyes in the real world within the next decade.
Advancing imaging has remained a remarkable innovation in real estate and it has provided buyers a lot of verifiable options. Photographs have been an incredibly important part of the real estate industry, particularly since listings became readily available online. Great photography is one of the cornerstones of a successful listing, and it helps buyers to make the right decision, too. From remarkably high resolutions on digital cameras to drone technology, the constant advancement in imaging capabilities that has occurred over the past couple of decades is bound to continue.
Some imaging advancements that are likely to become the norm in the real estate market include virtual reality (VR) experiences that allow buyers to experience a listing from afar and cameras that require users to have little to no experience to take extraordinary listing photos. One company, Floored, brings innovative 3D software that incorporates VR for commercial office space rentals. The real estate brokerage community will be less important, fun and accessible to their consumer base if they don’t adopt this type of tool.
People have mobilized technology and for obvious reasons it is helping the real estate development. The revolution of cellular technology, with Wi-Fi being available almost everywhere, means that people are no longer tied to the office. People can send or receive listings while sitting at their children’s Little League game or camping at the lake. Advancements like this may eventually spell the end of the real-life, in person office for at least part of the real estate industry.
A lot of tools that are invented recently creates impactful innovations that have helped real estate. The way business in general happens is rapidly evolving based on the new technology being invented and refined. There are several types of tools that may have an impact on the future of real estate. The fact that people now can implode their pictorial designs online has given majority of buyers opportunity to make choices out of varieties.
Rating sites like have gained popularity over the past decade, and having the opinions of others at our fingertips seems to have started a cultural trend. People now frequently make decisions based solely on the opinions of their peers, and the internet means that everyone everywhere is a peer. While great customer service and providing a smooth experience has always been important, it’s likely to become even more so in the years to come when other agents and real estate experiences are more easily accessible.
Listing sites have become more technologically advanced, as well. In the future, we’ll see these sites get more interactive and more comprehensive, like offering built-in financing and actual transactions. These changes are in the works at many sites now and have the potential to create tidal waves in the real estate industry from the perspective of buyers, sellers and brokers. Real estate agents that embrace transaction management rather than fight it will be able to do more transactions by having more time and being more efficient.
Also because of the technology innovation one can add or subtract from an already created designs and develop an entirely different design. Due to mountains of student loan debt, lower income combined with higher cost of living, and witnessing the housing crisis, the new generation of homebuyers is thinking differently about money and debt. It may mean that the real estate industry of the future will not only be responsible for selling properties but also for convincing buyers to buy in the first place.
The evolution of our culture also means that the legislation that governs the real estate industry is likely to change some, too. Optimistically, this will mean better protection for buyers and less asinine regulation on real estate professionals. The real revolution has just started and we will see explosive growth. Like in so many industries, change for real estate professionals is not always bad. These changes will produce more transactions because the process will become easier, and those who embrace these changes will win. Most importantly, the consumer will win because they will have more transparency and control.