We’ve seen a massive amount of technological change, beginning with the computer revolution. Just about every industry in the economy is being affected greatly. Real estate is no exception. Here are some of the ways proptech is changing the industry.
Virtual property tours
Some real estate agents are now displaying virtual property tours on their listings. This practice has become more popular in the age of social distancing. They allow viewers to get a more accurate sense of the property versus regular photos. A 3d view is much better at giving a feel of the floor plan and general flow of the property. In turn, this means the people who ask for showings are more interested and better informed. This means less wasted time for both buyers and agents.
Zillow allows you to make one for free with their app and mobile phone.
Drones have many uses and some savvy individuals are deploying them for use in real estate. Prospective buyers will usually be moving to a new town. A couple of flybys by a drone can help give a good feel of the neighborhood. Also, some potential risks or maintenance problems might be spotted. Right now, drones can only be used in open areas. Research is being done to develop more compact ones that can move indoors.
Researchers are rapidly making advances in artificial intelligence and machine learning. The number of applications is astounding. Real estate has some big ones.
Right now, property search is very time-consuming. The buyer and agent must visit each property until a satisfactory one is found. But with AI, there is the potential for some sort of recommendation service. Properties could be recommended based on the personality and values of the buyer.
Real estate prices can be volatile. Buyers always struggle with the decision of whether it’s a good time to buy. Artificial intelligence could also be used to predict prices. This could be based on macroeconomic statistics, but also local things like schools and crime.
Real estate was once thought of as a sleepy business. That’s no longer true with the rapid improvements in technology we’ve been seeing. Some of them are quite exciting and there are always fresh ones on the horizon.