Wherever you look, tech is shaking things up. That includes the real estate sector, especially in the United States where margins are tight. Below are some examples of how technology is transforming the industry.
We are all now familiar with viewing properties digitally. Innovative real estate agencies have been creating walk-through videos of properties for some time now.
Recently, the quality of those videos has improved vastly. The availability of cheap cloud storage, 4 or 5g mobile networks, and faster home broadband have all combined to remove the barriers that were stopping this form of house viewing from becoming the norm.
3D House Viewing
Consumers responded very positively to viewing properties via videos. So much so that many agents and developers have taken things a step further. They are now using 3D graphics software to create virtual video tours of buildings and homes that are yet to be built. The use of this type of technology neatly gets over the major issue that makes people hesitant about buying off-plan. They are no longer left struggling to visualize what the finished home would look like. The 3D model shows them, which enables them to easily work out whether they want to live there or not.
Even before the pandemic, the use of digital signage in real estate was already commonplace. Digital screens were used in window displays to highlight more properties. It was an especially effective way to inform house hunters about yet-to-be-built developments. Using a screen meant that a short video could be shown. One that used slides to tell people about the facilities that were available in the area and the complex. Along with moving pictures that took the viewer through the show home, room by room.
But now they are increasingly being used inside the real estate office. These screens catch the attention of people who visit the office and keep them engaged. Something that is particularly useful when all the agents are already busy with other clients. The advertorials these screens can display are a terrific way to tell would-be buyers more about the agency, the area, and the types of properties that are available. Priming them perfectly for the conversation they are about to have with the agent.
The Tech That Is Speeding Up Backroom Tasks
Big agents list hundreds of properties every month, which takes a lot of time. Increasingly, they are turning to technology to speed the process up. For example, using tags to automatically label the photos and videos they take of a property. Then, using software that automatically writes the listing using AI and pulls the relevant images from the cloud using the tags to locate the relevant images. All the agent then needs to do is to review and tweak the listing before publishing it online and making it available for display on their in-house screens and tablets.
Similar technology is being used to create smart leases and other types of contracts. The agent simply fills out a few relevant fields and allows the system to write the document. They then check it over and make any necessary changes before getting the client to sign it.
Agents still do not give mortgage advice. But they can use mortgage calculators to give would-be buyers a ballpark figure of how much they may be able to borrow. That narrows things down enough for them to be able to begin their property search. It makes sure that buyers do not waste time looking into properties they certainly cannot finance.
Tech Adoption Rates Are Not Set To Slow Down Any Time Soon.
During the CoVid pandemic the pace at which was adopted by all industries accelerated. In many cases, using the latest tech was the only thing that enabled companies to keep trading. They had no choice but to invest and adapt. But, surprisingly, the pace of change does not appear to have slowed since then.
Even though technology requires a considerable investment, the adoption rate is high and new ways of doing things smarter are being developed constantly. Something that means the future for the real estate industry and many others is set to be very interesting. The adoption of things like the blockchain is set to further transform the way homes and commercial properties are marketed, viewed, and purchased.