Modern technological advances move the world in directions most people couldn't have fathomed even 50 years ago. Today, integrated technology is present in nearly every industry, including real estate.
Let's face it, if you're not up to date on the latest technological trends, you run the risk of falling behind in your industry. As more and more businesses move toward incorporating advanced technology, the traditional methods some businesses still use today are waning considerably.
No matter what industry you're active in, the advantages of modern technology give any business an edge over competition still operating by traditional methods. Whether you're selling real estate, working with a brokerage firm, or you have vacation rentals and want to check your airbnb stats, adopting current technology is sure to get you ahead in the game.
Here, we'll explore the latest technological trends present in the real estate space today.
AI and Machine Learning
Artificial Intelligence (AI) has made its mark in popular culture, but regarding the real estate world, AI isn't the stuff of science fiction that we're accustomed to seeing.
Artificial Intelligence is used largely to predict buyer patterns and behavior. Through complex algorithms, AI is being used in the real estate marketplace to aid prospective buyers throughout the search process. AI recommends properties through the consumer's anticipated expectations and the search queries are stored for further modification of algorithms.
Additionally, AI is also being used to regulate and control power, lighting, and security systems on higher-end properties. Some of these basic systems are integrated into the home and can be controlled through voice commands in some cases. For example, an integrated home can be paired with such devices as Amazon's Alexa, which can now be used as a home automation system.
During the early days of the COVID-19 pandemic, numerous businesses across the United States were forced to shut down for a short time. Many also adopted remote work policies that, thanks to technology, were easy to implement.
If you had to look for a new apartment or a home at any point in 2020 after March, you probably viewed a home via a virtual reality tour. Many real estate management teams have implemented virtual reality home tours as an alternative during the pandemic, and these features made it easier for anyone to view the inside of a home or apartment prior to signing any applications.
If there's one place where modern technological advances are being implemented, it's with smartphones and mobile applications.
If you consider dating sites, for example, this is just one online market that is constantly updating and upgrading its mobile applications every year. The same is true for mobile applications in the real estate space. Though real estate apps have been around for some time, they are now being integrated with powerful features from developments in Big Data and AI.
Today, you can browse for a home, schedule appointments, chat with agents and take a virtual tour all from the palm of your hand thanks to mobile application development. And, this technology is only sure to become more streamlined in the future.
Though many real estate markets are not accepting cryptocurrency as of 2021, it has been projected that the real estate market will ultimately accept alternative currency in the near future.
Blockchain is essentially a digital vault for information. It doubles as a digital ledger that records information in such a manner that the system makes it impossible to alter or change the information, which is vital to the cryptocurrency industry.
As such, blockchain is changing the way real estate management teams record information. It is thought that through implementing blockchain technology, the rate of real estate tax fraud will be greatly reduced. This is also tied to minimizing tax leaks which will result in better property prices.
Since the day of the bow and arrow, any enhancement in technology has advanced cultures across the globe. Only those cultures that have embraced new technology have been able to flourish.
Though today people have moved beyond basic primitive warfare, the advances of technology in businesses are like a modern tool of warfare in themselves. Only those businesses willing to advance with the pace of technology are likely to succeed.
Even in the real estate market, we find technology making any user better able to provide services and conduct business affairs, and the pace of this advancement is sure to quicken and continue.