Technological advancements have been the key to the survival of every business during the pandemic. Especially in the real estate industry, the different innovations helped them to surpass the challenges. To support this with a fact, it has been reported that the real estate market is a significant part of the global economy, with a value of about $7 196 billion worldwide. Given that most homebuyers’ age ranges from the millennial and generation Y groups, might as well take it as an advantage to use technology trends in real estate. Online real estate or Real Estate Technology Trend offers a platform that makes it simple to look for new homes or the ideal property. With the help of various internet platforms, online real estate links homebuyers with real estate agents and brokers in the most convenient way. Technology has improved the lives of agents, investors, homeowners, property managers, and real estate business owners.
By reading this article, you can be taught about the upcoming technology trends in real estate and more.
What are the technology trends in 2023?
The trends of technology in the real estate industry are not new but were made advanced and convenient. With younger consumers and real estate agents choosing clever solutions that promote quicker rentals and more practical living arrangements, the industry makes sure to keep up with the demands. Here are the top trends in the real estate industry:
Augmented Reality (AR) and Virtual Reality (VR)
In simple term, from the words itself, it means bringing experiences to life. AR enhances a real-world scene, while VR provides an immersive virtual experience. AR and VR, have a 25% and 75% virtuality percentage respectively. Due to technology advancements, buyers and sellers can now demonstrate a try-before-you-buy model. They can now easily experience the setting by simply viewing it in a monitor.
While some prospective homebuyers might be more inclined to visit and experience the space before making a purchase, virtual tours and walk-throughs typically satisfy the wants and specifications of investors. For example, the use of drones or aerial shots. You may help your consumers and provide them with a realistic virtual experience of your business by using this aerial footage. Because of this, a lot of real estate brokers don’t need to invest as much money and time in space staging.
Artificial intelligence (AI)
Artificial Intelligence or commonly known as the AI is the replication of human intelligence that functions through machines, particularly computer systems. The expert systems of AI can be distinguished by natural language processing, speech recognition, and machine vision. Some examples of specific AI application include finding and analyzing deals and rates.
Many people could believe that the emergence of artificial intelligence in the real estate market poses a threat and is intimidating. People may believe and assume that artificial intelligence is intended to replace human intelligence and could ultimately lead to the extinction of humans. However, we must understand that computers or technologies are not meant to totally replace human’s natural activities, but it only aims to simplify an individual’s repetitive workload. For example, the innovation of Chatbots. The inquiries and requirements can be readily met by an automated service desk using conversational AI. Nevertheless, this does not mean that AI can entirely replace human labor. In the event of technical difficulties, human customer service professionals are still available upon the limits of robots.
Utility mapping based on AI is another example of a creative tool created with this type of technology trend. This device tracks geographic movements and circumstances using mobile sensors. For the real estate agents, this will be an advantage because they will be able to respond to clients’ questions about the location of a property and in turn can make an easier deal.
Internet of Things (IOT)
Internet of Things can be defined as the technology that enables communication between devices and the cloud as well as between the devices themselves, as well as the overall network of linked devices. In other terms, it can be described as the physical things equipped with sensors, computing power, software, and other technologies that link to and exchange information with other hardware and software over the Internet or other communication networks.
Think of anything that you possess that is connected to technology, such as your phone, laptop, television, and the like. These are all linked and powered by the Internet of things. The simple things that you probably do not notice that might be changing your life in the most convenient and pleasurable way are these: when a smart apartment is constructed, connectivity is built in to allow devices, building systems, occupants, and management to communicate. This enhanced connectivity offers advantages, including Wi-Fi, intelligent sensors, and intelligent access controls. Without you knowing, all of this is a part of the Internet of things.
Blockchain is a new trend in commercial real estate technology. It is a sophisticated database system that enables transparent information sharing inside a company network. Data is kept in blocks that are connected together in a chain and stored in a blockchain database. People may not see the connection between blockchain technology and real estate because most people know that this technology is typical in cryptocurrency. For example, Bitcoin is a digital asset created using blockchain technology. The majority of financial transactions throughout the world can use this highly decentralized virtual currency. With that being said, it has numerous uses in other commercial sectors, notably the real estate industry.
Blockchain technology can be used to validate encrypted transactions and make sure that financial records have not been tampered with. It will be beneficial for investing in fractional real estate and enable landlords to sell a portion of their ownership in a particular holding. Important documents like property titles may also be safely stored, thanks to property technology. Although this type of technological trend still has a few minor negatives, like potential tax repercussions. Real Estate Agents and sellers still accept Bitcoin as a method of payment for significant undertakings. Many real estate business owners feel and believe that in the future, digital currency will eventually supplant fiat or conventional currencies.
Metaverse Technology is described as the realm, whether it is a single, shared, immersive, persistent, or 3D virtual, where people can experience life in ways they could not in the real world. This could be a game changer in real estate in 2023. It is supported by mixed technologies, including AR, VR, and blockchain.
However, since purchasing assets in virtual worlds is still a relatively new idea and has potential risks, investors will probably continue to move cautiously. Although the metaverse offers a novel way to diversify your portfolios, they may think it is unwise to switch all of their investments from physical real estate to virtual properties.
What’s the next big thing in 2023?
For the past years since the pandemic, it did not become an easy road for the real estate. With the help of the technological advancements and trends, the real estate industry remained to be on top of the competition. The real estate market has a high gross of sales despite the challenges.
In Brittany, the real estate market is being shaped by the development of technology. One of the busiest markets in the world is here. More and more people are participating in the company’s market thanks to new technologies, mostly thanks to the use of smartphones and social media.
With that being said, you can check our website and browse the different properties that we offer. The help of the real estate technology advancement has created advantages in ways through real estate software, property technology, and many more.