There is no doubt that real estate investing is one of the largest asset classes in the world, making it faster to build wealth and ultimately become rich for many investors. In fact, more people have become millionaires today through real estate investing than any other business. Now, this doesn’t mean it happens overnight or that you don’t have to work at it and put in the effort.
However, in this era of technological advancements with new inventions and upgrades being introduced each year, simply scouting the best deals in the market won’t cut it. For some, these latest technological advancements may have disrupted the traditional inner workings of the market and, in effect, is one of the last industries to adopt technology.
Listed in this article are some great innovations that have been slowly integrated and merged with the great niche that is real estate.
Technology and real estate can make deals more efficient and smooth-sailing. (Photo from Unsplash)
#1 Real Estate Preference Matching with Machine Learning and Artificial Intelligence (AI)
These tech advancements may seem like something for gadgets instead of the market for selling houses, but AI and machine learning play a big part in gaining customers. For example, once a potential customer uses the Internet to search for Victoria Sur Le Parc condominiums for sale, AI technology can present them with recommended properties that are the best fit for their lifestyle needs. Machine learning has evolved into a better kind of pattern recognition software that will help potential real estate clients come up with smarter investment decisions.
Aside from the efficiency offered to the customers, real estate dealers and companies can also take advantage of AI by checking different trends, traffic, demographic, and consumer survey information. They can then collect and analyze the data to gain more insight into current home-value trends in different neighborhoods.
#2 Virtual and Augmented Reality for Site Tours
More and more industries have slowly migrated to online platforms to gain enhanced reach and provide their clients with convenient options. In the real estate market, more clients now tend to look for properties on Internet search engines. With that being said, what they see on the real estate website should already serve as their actual tour of the property. Using VR and augmented reality tech on digital tours have several benefits. The clients can get a more immersive feel of the property and navigate it through their fingertips (using computers, smartphones, or tablets) without having to actually be physically present. Some software can even be used for customers to customize the property before it is actually built.
Virtual tours mean exploring real estate from the comfort of your own home. (Photo from Unsplash)
#3 Drones for 360-degree Viewing
This famous photography gadget is not only great for taking vacation pictures at the beach. Drones might seem unnecessary for some, but for real estate, the potential in this gadget is great. For one, aerial photography has been quite costly, but due to this gadget, paying a great price for a decent aerial and multi-perspective site viewing of properties is a thing of the past.
Not to mention that the drone captures and videos give the potential buyer a real feel for the size of the property, leading to higher chances of purchase. Another great advantage of using drones in the real estate market is remote property touring. Giving virtual tours and surveying properties nowadays have been made easier with virtual reality innovations coupled with the help of drones.
#4 The Cloud Connection for Permits and Processing
Streamlining the closing process and improving data management are some of the top benefits of the cloud platform. In the olden days, the most annoying part of closing residential or commercial purchases on properties was the tedious, not to mention inefficient, stages of paperwork, signatories, etc. Now that cloud computing has digitized the process, it is much easier to follow up documents, get the required permits, and file the appropriate registries for both dealers and investors.
Smart homes are becoming more popular in the real estate market. (Photo from Unsplash)
#5 IoT or Smart Devices for Residential Properties
Smart devices, appliances, and other gadgets that have Internet connectivity and advanced features are all part of the Internet of Things or IoT. This is perhaps the biggest and most widely popular technological advancement in the real estate industry to date.
Some in-demand examples of these innovations are high-tech home security systems and smart devices that control different fixtures in the house like the HVAC system, electric circuitry, and even plumbing. This gives the homeowner a long list of benefits. They can save money on repairs, inspections, and upgrades since it will be easier to detect problems.
#6 Platforms for Buying and Selling Properties for Easier Transactions
Customers can now skip going to the banks and using up their time just to pay for their real estate purchases. Not only that, but real estate dealers are also getting faster turnarounds for their projects, closing more deals now. How is it possible? Through another valuable technological advancement–online payment platforms.
Payments for properties have now been made easier, user-friendly, and more secured using military-grade encryption and legitimacy checks. An example of this innovation is cryptocurrencies and blockchain. These payment methods allow for the legitimate processing of major transactions without the restrictions set by other governing bodies.
Aside from payments, blockchain can serve the real estate market with its ability to standardize and scale transactions online, making it not only convenient but also safer than ever to complete transactions between buyers and sellers.