LATEST TECHNOLOGY ADOPTED IN REAL ESTATE

LATEST TECHNOLOGY ADOPTED IN REAL ESTATE  

Let us explore what are the latest technology that is impacting the Real Estate Industry……

In 2017, research has shown that investments in real estate technology has reached an all-time high of nearly US$13 billion.  We are talking about real estate technology that can include anything and everything from hardware to software tools used by real estate- managers, brokers, owners, or consumers to collect, evaluate, and distribute valuable data about the industry.

1. Automation tools

Real estate agencies are responsible for gathering and analysing property data, which can be a time-consuming task. They spend too much time on data collection and little time to analyse the data in order to advise consumers, or to generate leads, and ultimately data to close deals.  Automation tools can help to free up a significant amount of time and it’s a powerful way to help agents and their clients eliminate unnecessary back-and-forth decision making. At the same time, it also helps real estate agents in social marketing efforts, ads, emails, and text messages to leads all while they are out meeting with clients in-person.

2. Internet of Things (IoT)

The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the Internet and collecting and sharing data. In the real estate industry, property managers and owners are using IoT devices to monitor and control certain aspects of a property and its surroundings, such as temperature, air quality, lighting levels, security systems, fire systems, on homeowners. This means that IoT devices can help to provide insights on homeowner / occupant behaviour, energy usage, and allow them to be more proactive about property maintenance and repair.

3. AR and VR

Augmented reality (AR) and virtual reality (VR) technology are not new to the real estate industry.     AR applications in real estate range can be simple to game-changing deployment from advertising to home tours. As a matter of fact, by 2025, both VR and AR market in real estate is expected to reach at least US$80 billion. Currently, there are AR applications that allow property owners to visualise how furniture and furnishings will appear in real-time, or already giving buyers virtual tours of properties, which is extremely helpful for out-of-town buyers. People can actually experience what it’s like to walk into the property for themselves, without the need to travel.

4. Blockchain

A blockchain is a digital, public ledger that records transactions in a verifiable manner using cryptographic security features, eliminating the need for a third-party recordkeeper. Blockchain technology is the backbone of digital currencies, such as bitcoin, and has a number of potential use cases in the real estate industry. Beyond facilitating property transactions, blockchain technology could be a valuable solution to fraud issues in the industry, specifically in developing countries where real estate and land record fraud is more prevalent. Earlier this year, in the USA, one of the New York-based Magnum Real Estate announced that they would begin accepting bitcoin for property purchases. And, one of their Manhattan properties was paid for entirely in cryptocurrency shortly after the announcement. 

New technology for a new age

While the technologies mentioned above are certainly changing the real estate industry, this list is not exhaustive. As the industry moves into the digital age, innovative resources and platforms are emerging all of the time to help property buyers and sellers alike. The key will be encouraging the adoption of these new technologies so that all stakeholders can benefit from more accurate information, and ultimately, make more informed, lucrative decisions. 




written by: Stervey Lim