Although many industries have kept pace with trends in technology, real estate is a glaring exception. Many of the big companies are still creating and upgrading their technology solutions, while others are investing large sums of money on advice for customized applications.
The real estate industry has been reluctant to move forward and embrace applications, which could revamp the current consumption model from slow and inefficient to fast and efficient. This is presumably due to the fact that the consumption model is generally more cost-effective.
Here are 3 innovations that will soon become commonplace in the real estate industry:
Virtual Reality (VR)
Technology savvy realtors are offering their clients 3D virtual property tours on their devices, moving beyond static photos. Matterport is one of the well-known players in this category, offering users an immersive, virtual approach to maneuver through digital floor plans.
The closing procedure in real estate was considered one of the most inefficient and arduous processes. However, as a result of better data management applications and the cloud, the whole closing process can now be streamlined to even electronic signatures. One company, Private Exchange Australia (PEXA), is assisting customers, lawyers and financial institutions to exchange and transfer paperwork to complete transactions digitally.
Although bitcoin and other cryptocurrencies get the lion’s share of attention, blockchain is getting its own spotlight. There might be a place for cryptocurrencies in real estate transactions but its blockchain’s transparency, security and efficiency innovations that matter most to real estate buyers sellers and renters.
Technology innovation in the real estate market is still “new”. New applications such as VR, blockchain and the cloud are only now emerging to assist consumers and businesses tackle the constantly changing market.
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