Real estate is an ever-changing landscape, and 21st-century technology has only made the market more dynamic. Cutting-edge tech has also changed the way people think about purchasing homes. The days of traditional home-shopping are mostly gone, having been replaced by applications, real estate portals, and automated processes. To get a better understanding of these processes and the newest changes on the horizon, let’s take a look at some of the top trends in real estate tech for 2019.
While you may think that virtual reality is just a fun gimmick for gamers, it actually has a lot of interesting and useful applications in business. VR is now a promising way for consumers to be immersed in a product or service, giving them extra incentive to purchase or engage with a service.
This is especially helpful for real estate. Potential home buyers can now virtually tour the property before making a decision, without the need to coordinate with a real estate agent or even get off the couch!
Not only does this make shopping for real estate more convenient, but it also makes it more tangible. As VR continues to advance, various industries are clambering to implement the tech in a way that benefits consumers. After all, would you rather look at a few pictures of your potential home on a website, or put on a VR headset and take a virtual stroll through the property?
Fractional Property Investment
A lot of people want to invest in real estate, but they simply do not have the capital to turn their dream into a reality. Thankfully, this is starting to change, thanks in part to new platforms designed to allow fractional property investments. Essentially, multiple investors purchase a portion of a property and they can profit from any rental income or capital returns if and when the property is sold.
These platforms work to democratize homeownership and ensure that more people get a piece of the real estate pie. Additionally, these platforms make the process of purchasing real estate much simpler and more efficient.
Big Data, or the collection of huge amounts of data from various sources, is having a major impact on the business world. Companies can now analyze this data and use algorithms to design optimal business processes and advertising. Though some worry about the implications for privacy, new legislation is underway to ensure that personal data is used in an ethical manner.
Big Data is also extremely useful for agencies. Real estate agents can now analyze visits to their application or website and cater their marketing strategies to relevant demographics. Worried that nobody will show up at your open house? If you’re utilizing the services of a real estate agent who has access to Big Data analytics, you may be able to ensure that the right people know about your listing and increase the chances of closing.
While cryptocurrencies are technically in their infancy, they still have the potential to completely change the way you buy and sell property. So-called “smart” contracts are not common-place yet, but they have become more popular as cryptocurrency transactions become more trusted and secure.
Rather than going through the traditional channels to ensure your home sale (or purchase) is above board and legally sound, you can trust that cryptocurrency transactions are safe from fraud. These use blockchain technology to limit access to transactional information and streamline the purchasing process.