Want to take a tour of a building you're interested in buying, but it's in a far-off city? Thanks to technology, that's already being made possible, and could become the norm in the future. And that's just one way that technology is shaking up the real estate world.
Real estate innovation is not only making it easier for potential buyers to view properties, but also helping them determine which neighborhoods might be the hottest in the coming year thanks to artificial intelligence.
Let's have a closer look at how emerging trends may forever change the world of personal/commercial real estate.
The introduction of virtual tours may help both buyers and agents. For example, a potential buyer can tour a property from the comfort of their own home, without the need for an agent to arrange for an open house. That saves both parties time and money: less need for shoppers to drive around and for sellers to stage a property.
These are more than clicking on photos to get an idea of a property. Modern VR technology allows a real estate shopper to navigate a property, seeing every detail right down to the kitchen sink. They will also be able to get a sense of the neighboring amenities.
There can be an overwhelming amount of information to review about each potential property you're looking at. However, future trends point to learning a buyer's preferences and narrowing down the field based on the most important criteria.
Meanwhile, artificial intelligence can gather data about the property and from the area including the quality of local amenities to determine the future value. This can be helpful for real estate agents during the negotiation process, and can also help buyers make smarter investment choices.
Blockchain is something you often hear associated with cryptocurrency. However, blockchain could find itself as a mainstay in commercial real estate transactions.
This technology will allow major transactions to take place while bypassing traditional financial institutions. There are two ways that blockchain can disrupt the real estate transaction.
One of them is called tokenization, which allows property owners to sell off a portion of their property to investors. Essentially, these "tokens" become equivalent to holding shares. The tokens are then tradable on crypto exchanges.
Meanwhile, smart contracts can eliminate the other players in a transaction and narrow it down to just the buyer and seller. This expedites the transaction and makes it more secure backed by blockchain technology.
Regardless of the method used to buy real estate, there are some advantages to teaching a child to save early through an allowance.
From virtual tours without an agent to using AI to find the ideal property that will increase in value in the future, there are emerging technologies that are disrupting the real estate industry.
Even the way payments and contracts are handled could change dramatically due to rising technology that's being adapted for real estate transactions.
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