Modern technology reshapes every industry it comes in contact with, even the most traditional ones, such as real estate. When talking about the real estate industry, the first things that come to mind are newspaper ads, billboards and real estate agents who go door to door showing their clients all sorts of properties. Although the real estate industry has retained most of its traditional ways of doing business, the industry itself is very much affected by modern technology.
After all, technology is the logical step further and the industry would have a lot to lose by avoiding to embrace technological innovations. However, adopting new technologies is always a challenge at first because such innovations tend to be disruptive. Nevertheless, the real estate industry seems to be getting along just fine now that technology is front and center within the business. With that in mind, here are a few ways how modern technology is impacting the real estate industry.
Virtual reality
A technological innovation that’s been around for some time but only recently became available for commercial use, virtual reality (VR) has made a lot of headlines. Even though primarily designed for the gaming industry, VR has found its place within the real estate industry as well. As a matter of fact, VR has revolutionized property viewing. Nowadays, consumers can opt for virtual tours of the property from their real estate agent’s office or without ever leaving the comfort of their home.
For real estate agents, virtual tours are the new way to showcase properties to multiple clients at once. They no longer have to schedule individual viewings and they certainly don’t have to hope for good weather conditions while doing so. Aside from that, VR technology is advanced enough to portray the property indoors in great detail. In addition, it can also accurately portray the outside view from the windows.
Augmented reality
AR (augmented reality) is another technological innovation that’s having a major impact on the real estate industry. As mentioned before, VR enables virtual tours and simulations, whereas AR provides clients with a mix of reality and digital. In other words, real estate agents can provide clients with an amazing new experience. In fact, clients can leverage AR to equip the property with furniture and decor of their choosing.
The way it works is that AR simulates how a furniture piece would fit in the desired spot so that the client can visualize how the furniture they had in mind would actually look once placed within the property. This improves the decision-making process, since clients don’t have to think about whether they want to buy or not for too long. In essence, they can see everything they need with a bit of help from technology.
New software solutions
Traditional ways of doing business within the real estate industry are slowly being replaced by modern technological approaches. Marketing has taken a turn towards digital, communications have gone online and software solutions are being developed to help manage business operations. This is especially beneficial for property managers and landlords.
As an example, property managers can now automate and streamline their daily tasks with the help of reliable body corporate management software. In addition, they can promote properties online and even make data-driven decisions to create new strategies. Property management software and digital solutions are now an integral part of every real estate business, as well as an essential tool in their arsenal.
Internet of Thing (IoT)
IoT devices have quickly become a popular trend worldwide. What’s more, they’ve also become quite popular within the real estate industry. The main reason is that these smart and connected devices can provide consumers with exceptional experience and real estate businesses decided to capitalize on this opportunity. Smart locks, thermostats, lighting and even appliances can provide tenants with a wholesome environment.
Furthermore, smart devices can also vastly improve security around the property. However, the most interesting thing IoT devices have to offer is that they gather information about the property in real-time. This allows landowners or property managers to gain information about a property without relying on personal inspections. Moreover, data is stored in the cloud, which means no more heaps of paperwork.
Although disruptive at first, technology can provide significant benefits and advantages to any industry it affects. The real estate industry has certainly transformed with the help of technology and is making the best use of its innovations.
