From digital open houses to artificial intelligence (AI) platforms to bitcoin cryptocurrency, new technologies are taking over the real estate industry by storm and accelerating the pace of business. With tech-savvy millennials representing the largest group of homebuyers, it is important to power up your career by staying on top of these swiftly evolving trends and learning how new tech can work for you.
Over 70 percent of customers look for homes online, and more than half of house tours are booked through a website. Now, more than ever, keeping up with the latest tech can help you differentiate yourself from your competition. Learn how to leverage the real estate tech revolution with these three emerging trends:
1. Artificial intelligence can be an intimidating, and even threatening, idea to some—science fiction has conditioned us to view it as something that will ultimately overpower human intelligence and bring about our demise. Today’s AI solutions do not dream of electric sheep yet, and are used to meet a growing need for convenience and efficiency. Real estate AI platforms can range from robots giving house tours to immersive virtual tours offered from the comfort of your client’s couch. Beyond its consumer-centric approach, AI can streamline processes for agents by automating repetitive tasks, like answering questions in real-time with chatbots, and use predictive analytics to sift through large amounts of data to target hot leads.
2. Virtual reality (VR) and augmented reality (AR) offer a unique try-before-you-buy model in real estate. Thanks to aerial footage obtained from drones and 3D technology, your clients can now step into a space and have an immersive virtual experience while you assist another client. Agents may soon no longer need to spend time and money staging a space, because clients are able to personalize it with virtual furniture. Many international investors already use VR before considering a real estate purchase, and this trend will increase as the VR experience becomes more immersive and sophisticated. Allowing your clients to evaluate a space will help speed up their decision-making process, and is more likely to put you in touch with an interested buyer.
3. While blockchain technology is still in its infancy, it has already demonstrated its vast potential, with the recent use of bitcoin currency in luxury real estate sales. Bitcoin, a digital cryptocurrency created by blockchain technology, is essentially a decentralized electronic money used for transactions worldwide. The appeal of this peer-to-peer currency is that it is borderless, not controlled by a monetary authority and has created a wave of new digital wealth valued at about $200 billion, all in less than a decade. Despite bitcoin’s potential tax implications and tech bubble “feel,” sellers are willing to accept the currency for large-scale projects, fueling speculations that bitcoins may be revolutionizing the financial sector next.
It is important for real estate professionals to adjust to these technological advances and diversify their strategies, as new tech will continue to accelerate the pace of business. Consumers will increasingly seek centralized experiences that integrate all facets of a real estate transaction.
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