With technology imprinting in all areas of our lives, it was inevitable that it will leave its marks on the real estate industry. Real Estate technologies are not only shaping the entire industry, but they are also changing the way real estate investors are approaching the market.
Real Estate technologies, specially the real estate applications, will make both realtors and buyers ditch the conventional and old-fashioned ways of selling or buying and adopt new and innovative ways in line with the requirements of the current era.
Here we give you a list of 5 real estate technologies that are expected to revolutionize the industry.
1- Virtual Reality
Virtual Reality will transform the real estate industry everywhere and will have a great impact on consumer’s purchasing decision.
This new technology offers potential buyers the opportunity to stand in the middle of their dream house before it even exists.
Through the incorporation of high-quality computer generated architecturally and combining these with drone photography, consumers will actually stand in their living room and get to check the view from the balcony of their 10th-floor property.
With VR technology, home buyers don’t have to travel miles away to view their property and they definitely don’t need to wait till it is constructed to visualize it.
This technology will create a boom in the real estate market and will drive sales number up to the roof.
2- 360 Video Tours
A part of the virtual reality technology, 360 video tours are a number of views that are stitched together to offer consumers an immersive view of the home that accurately depicts a real-life walkthrough.
Keeping up with the new era, this new technology will give house hunters a feeling close to being in the actual home where they can feel the house with regards to space, design and more.
Now potential homebuyers can actually picture how their house will look like and what decorations will be incorporated into every inch of the house.
According to recent numbers, 40% of potential homebuyers make the purchasing decision after experiencing the 360 video tours.
3- Automated Valuation Models
Homebuyers will no longer need the services of an appraiser for the Automated valuation models technology will do that and with extreme accuracy.
Thanks to this new technology, a real estate property valuation will be done using a set of mathematical modelling combined with a database that does this entire process by calculating the value of the property at a specific time and comparing it with the value of similar properties based on the finishes, status and other factors.
Now real estate investors can seal the deal knowing for sure that the amount of money they paid is not more or less than the property’s real value.
Gone are the days when a real estate investor is obliged to resort to the assistance of an analyst of the appraiser as the Automate valuation models technology will do that role with extreme efficiency and objectivity.
4- 3D Printing
3D printing is the future of the real estate industry and it revolutionizes the construction of properties. According to experts, it will take around 10 days to build a 1000-square-foot home using just one printer machine.
In the past 3D printing technologies was used to display models to clients, however, by the time this has completely changed or evolved as 3D printing now is used by construction companies from all corners of the globe to develop and create entire apartments and buildings.
This technology won’t only speed up the building process, but will also create properties that are safe and able to withstand earthquakes and hurricanes as well as environmentally efficient.
5- Smart Technology
Smart Home Technology has definitely made the process of selling and buying houses much easier than it was before. According to study that was made in 2016, 81% of the study subject showed interest in purchasing a property equipped with smart home technology.
A smart home is a home isn’t only a safe home, but also a home that represents the future of real estate.
Thanks to this technology, our homes will be controllable from afar. Now, homebuyers can watch their security cameras from their Smartphone; remotely unlock doors and turning the shades down.