As the Internet becomes more and more integrated into our daily lives, new technology is adopted by industries that once might have relied solely on in-person interactions. The real estate industry has been heavily affected by technology. Find out how new technology has changed the real estate industry and each moving part involved!
New Technology and its Impact on the Real Estate Industry
Just about every aspect of the real estate industry has been affected by artificial intelligence (AI) over the past few years. Machine learning has helped with both lead generation for sellers and business decisions for buyers. Instead of sifting through every lead, AI identifies those with the most potential to become a buyer, leaving agents with only a small stack of qualified leads to review.
Through pattern recognition, machine learning can also make accurate predictions on property or neighborhood value and popularity for residential and commercial buyers. AI technologies and precise mathematical modeling also allows real estate owners to make more accurate price estimations for properties.
Virtual and Augmented Reality
Virtual and augmented reality allow sellers to showcase a property to a buyer online through an immersive 3D experience before even seeing it in person. Sellers can use virtual furniture or digital renderings to “stage” the space for clients. Virtual reality can also speed up the buying process by allowing clients to get a good overview of a property without needing to see the property. Buyers no longer have to spend time and money traveling to every property they’re considering.
Internet of Things
The Internet of Things (IoT) is revolutionizing the real estate industry through a network of non-technical objects within buildings that are embedded with software, electronics, and Internet connectivity. The IoT includes a collection of smart devices, from Google Home to smart sensors in doors, locks, and light switches, that don’t require human input to transmit data. Modern buildings serve as hosts for various IoT applications.
With the integration of IoT devices into rental properties, landlords and tenants benefit from this transformative technology. Smart locks and doorbells give tenants more security, while also allowing landlords to monitor potential security risks. Smart HVAC systems can adjust the heat and air conditioning in response to the environment and presence of tenants. These systems also gather helpful information for property managers about their building occupants’ behavior, such as gas or electricity usage. Then, building owners can find a way to maximize resources and cut down on energy costs.
Improved Communication Channels
Today’s communication channels provide more opportunities than ever for real estate owners, investors, agents, and clients to reach each other. SMS texting tools, live website chatting and social media messaging offer multiple convenient contact options. With CRM software, property owners can keep track of their emails, texts, calls, social media messages, and more in one place. They can also use that data to optimize their customer experience for the future!