Real estate industry has seen notable changes over the past few years. The industry is fragmented and in numerous ways, and technology has still managed to revolutionize that way many real estate operations are conducted. Technology solutions are plenty and the desire to migrate from traditional means of working has dramatically increased recently.
Recently, the tech trends have completely swept the real estate industry
VR or Virtual Reality is becoming more popular among consumers in the real estate industry. Realtors, who wish to provide their customers with great experiences while browsing properties for either purchase or rent, are taking advantage of Virtual Reality tools and 360-degree videos. These technologies offer 3D virtual tours for the properties right from their devices. These technology products incorporate videos, photos and the VR facilities allow users to navigate floor plans digitally. 3D home tours are becoming a convenient means for decision making for real estate consumers.
Cloud is another platform with a wide-ranging impact on the real estate sales process. Anyone who has ever purchased real estate, truly understands how lengthy and frustrating the process is. Thanks to the cloud and data management applications that operate on the cloud, the entire process – including the electronic signatures, the entire process can now be completed within minutes.
Blockchain gets a lot of attention and there is definitely a place for cryptocurrencies in real estate transactions. Blockchain technology’s security, transparency, and efficiency really matter when it comes to real estate buyers, sellers, and renters. These benefits will allow the industry to standardize and scale online transactions. Real estate transactions from a buyers or renters perspective are pretty mysterious. Once the offer is made, the process is not transparent to the buyer. Consumers are also not transparently track the offer too. Many times the agents are looked upon suspiciously because they cannot share any more details until the deal is final.
Technology will definitely aid the real estate industry because it helps reduce administrative costs, introduces transparency, auditability, data security, and overall efficiency.