Technology has conquered almost every industry field and now it is time for the real estate industry to rise and shine. Technology has made it easy for both real estate agents and potential homebuyers to buy and sell properties without exerting so much effort like the old conventional ways. Below we give you the 7 technological innovations that are expected to conquer the real estate world in 2018 and will help move things along and set new trends in the business.
1- Drone land surveying
These aerial vehicles are expected to revolutionize the entire real estate industry. Drones are considered the perfect tool to conduct a proper and accurate land survey. Drones with high-resolution sensors are capable of capturing a variety of angels and measure the entire area to match that of the real world, hence, producing more detailed 3D maps and models.
Drones can be easily used to survey hard-to-reach areas and measure specific parts of an area that haven’t been captured by the old-fashioned methods. This technology won’t only save time, but also money as it will help keep the costs down as it will be less dependent on humans and all without compromising on service or quality.
Using the conventional ways could put the surveyor in dangerous situations, but when using drones, jeopardizing staff safety is never an issue as drones will now fly over important lands and capture everything without risking anyone’s life.
2- Virtual reality real estate
Virtual reality technology is another tool that will help greatly in selling properties especially off-plan ones. The VR technology creates a truly realistic virtual experience through the incorporation of high-quality computer generated architecturally and combining these with drone photography allowing potential buyers to sit in their apartment and see the actual view from the 8th and 11th floors, as well as the rooftop.
It will allow buyers to actually feel the true dimensions of an unfinished apartment and enjoy the views it offers as if they actually live in it.
It is a technology that gets buyers anywhere they desire whether a finished property overseas or unfinished one. When buying an off-plan property, it is extremely crucial for potential buyers to have an idea about what the property would feel like before investing in it and that is what VR technology offers by getting a realistic view of what they are purchasing.
3- 360 Video real estate tour
A new and favored technology by homebuyers, 360 video real estate tours helps around 40% of potential homebuyers make a purchasing decision. The 360 video real estate tours are a huge invention that transforms the regular 2D highly edited video tours into a more personal experience for the potential homebuyer.
It is the perfect tool to use by agents to offer buyers panoramic experiences that better reflect a home’s living space. And since seeing is believing, 360 videos are actually a superior selling tool than the regular high-quality photographs.
According to recent numbers, real estate listings with a video tour received four times the number of inquiries than those without a video. Virtual video tours helped about 40% of potential homebuyers make a purchasing decision.
4- Smart homes technology
Smart houses are always appealing to potential homebuyers. In a 2016 survey by the National Association of Realtors (NAR), 42 percent of agents said their clients were interested in smart home devices. Smarter houses sell faster than other houses.
Some of the appealing smart home features include smart security, smart lighting, smart appliances, smart thermostats and smart smoke detectors.
Blockchain technology has made the real estate transaction a much safer and faster process than it used to be. The blockchain is a public, digital ledger or database that records all transactions of virtual coins, without the need for a central authority such as a bank.
Every time a homebuyer make a purchase, a new block of encrypted data is created and added to the existing blockchain or ledger, which automatically lessen the need for banks as the block is permanent and cannot be altered.
6- Beacon Technology
Beacon technology helped make the purchase process easy and painless for both the buyer and seller. Beacons are placed in the house and instantly becomes active whenever a potential buyer passes by and sends the potential buyer information about the property, making the decision-making process much more efficient.
Using this technology, buyers can actually know all that is they need to know about the property just by walking past it and without having to schedule an appointment with a realtor.
7- Artificial intelligence
Artificial intelligence technology has reached real estate industry where it mainly works on matching buyers within minutes of agents accepting a new listing. Hence, a buyer in need – through AI – will be automatically matched with all the relevant listings.
Artificial intelligence technology has made it easy for buyers to be directed to the property that matches their search criteria and also helped sellers access and analyzes documentation with speed and efficiency while extracting essential data and information from tons of paperwork.
Guest blog by: Jamie Moulton
Jamie is a senior content curator at JustProperty.com, a leading real estate portal in the MENA region, headquartered in Dubai, UAE.
DLU January 30th, 2018