What do you do when you want to search for a new property in an urban area? This day in age, most grab for their phone. You then open an app to look for listings or check market trends. Technology is making the real estate industry more accessible and simpler to navigate!
Here are four types of technology that are changing the urban real estate market:
Virtual Reality and Augmented Reality
Relying on photos only to decide on buying a house is becoming a thing of the past. Today, potential buyers can take 3D virtual tours of residential or commercial properties they’ve got their eye on.
Through Virtual Reality and Augmented Reality, you can experience walking through the rooms and property without actually setting foot in it. You’ll be able to gauge the size of rooms, see if you like the size of the kitchen cabinets, and even peek outside at the yard and the surrounding neighborhood.
Because of VR and AR, you no longer have to spend the time, money, and energy on travel just to check out a property in person. Very soon, distance and time will no longer be barriers to property-hunting.
Artificial Intelligence is pushing the urban real estate industry into new heights. Through AI, potential real estate buyers can better locate homes and office spaces that are ideal for their particular circumstances. Real estate investors and agents can also have a better grasp of future market trends. Real estate brokers can cut marketing costs while still increasing productivity. Its a win, win!
The real estate industry has begun harnessing the popularity and power of crowdsourcing. Today, there are companies that allow people to combine their resources so they can invest in premium real estate as a whole.
Real estate crowdfunding companies pool funds from both accredited and non-accredited investors and use them for real estate loans. The investors, whose contribution can be relatively small amounts of money, become shareholders in the property or portfolio.
Online property listings make it so convenient for anyone to see what’s available and what they can afford. With just a few taps on your phone or a few clicks of a mouse, you can get detailed information about properties, including tax histories, school ratings, and neighborhood property values.
You can even open a map to see what the property looks like from the street and check how far it is from the nearest supermarket without actually being there. You can set up email alerts or app notifications to let you know when a new property that fits your requirements is listed. Nowadays, when everyone is always busy, online real estate listings make buying and selling property possible, if not actually enjoyable.
The real estate industry has really just started capitalizing on the numerous technology innovations being introduced every year. Some of the technological advancements that have boosted the real estate market — blockchain, the cloud, and AR, for instance — were barely in our consciousness just a decade ago. How will the real estate industry be changed by technology in the next few years? We’re about to find out.