5 Ways Technology Is Changing The Real Estate Industry
There’s no doubt that the real estate industry has had a serious comeback from the housing crisis of years ago. More people are willing to relocate for a better home, and commercial properties help attract potential residents to certain neighborhoods.
Technology is a major reason why real estate is such a buzzword today. Consumers can use apps to place furniture in a home long before they signed paperwork, and real estate agents can show off property like never before. And that’s just the tip of the real estate iceberg. Here are five different ways technology is (and will continue to) shape the real estate industry:
The Ability To Demo Unfinished Projects
One of the biggest challenges realtors and property developers face is selling uncompleted projects. For example, the majority of banks and finance firms won’t provide development loans unless a percentage of the property has been sold, even before construction is complete. Up until recently, the only way to demonstrate unfinished projects was to use miniature models, mockups, and similar subpar tactics.
With virtual reality, investors, lenders, and potential buyers can better see what a property will become. To put this into perspective, Azad Abassi runs a company that produces 360-degree videos and used virtual reality to let prospects view an unfinished building in Montreal.
The technology here is layered and complex. In an interview with Forbes magazine, Abassi said, “We mixed different types of mediums within the virtual experience, using 360-degree photography, video footage and 3D renderings. The photography was used at the beginning of the experience to set the tone, with inserts like picture-in-picture and stop-motion graphics.”
Getting The Bigger Picture With Drones
A decade ago, drones were barely a footnote in tech conversation, and today, they have entire magazines dedicated exclusively to their vast capabilities. Drones make it easier for agents and owners to effectively market a property, and for buyers to get an authentic feel of what the property holds. Whether a buyer is searching for commercial properties for lease in Denver or searching for residential property for purchase in Colchester, drones can shed the best light on any property.
Real estate is just one industry poised to leverage all that drones have to offer. Today, there are drone companies that focus exclusively on real estate, and their talents are uncanny. The portable tools can show off properties from an aerial perspective in ways regular photos cannot achieve. This is especially useful for large properties.
It can also capture videos and photos of the surrounding area, which can be instrumental in helping buyers understand proximity. If a property is next to a major attraction or beach, for example, a drone will be able to give prospects a bird’s eye-view of the property in relation to it.
To give you an idea of what we mean, take a look at how drones captured this beachside property in Santa Cruz with a combination of aerial footage, interior shots, and time lapse footage.
Tailored Real Estate Search Results
Artificial intelligence is everywhere, even when you don’t realize it. Take Netflix, for example. The more movies and shows you watch, the more the platform learns about you. It learns what you enjoy most based on what you view and what you’re searching for, and shows you suggested titles based on what is has learned.
The same technology applies to real estate. In the future, artificial intelligence and bots will ensure that your real estate search is highly relevant to your needs. It will combine data from a variety of sources based on your previous search history, clicks, average duration on certain listing and pages, and much more. For example, if you were searching for family homes in Chelmsford with gourmet kitchens, you would continue to get results that fit criteria that was most important to you.
Property Management Made Simple
Prospective renters and buyers aren’t the only real estate subgroup expected to benefit from artificial intelligence. Property managers will get their share of tech convenience, too.
Existing technology like Zenplace are already pioneering the AI property management frontier. Advanced machine learning will help property managers discover new tenants, locate vendors, and manage maintenance tasks. On the same token, tenants will be able to report issues online, submit payments, and receive automatic chat bot assistance on common issues.
Rise of The Virtual Tour
Virtual tours allow prospective buyers to make better decisions about a property. New 360-degree cameras and drone technology complement one another to create a complete package and streamline the viewing process for everyone. By creating an immersive experience, prospective buyers and renters are less likely to feel as though a space looked different in photos––a major time-waster in real estate.
There’s little doubt that virtual tours can actually sell a home. Because of virtual tours, buyers and agents will spend less time visiting properties that are less promising. They’re able to narrow down options that are best suited for them and properly depicted through visuals.