Digitization affects all aspects of most people’s lives, including the real estate industry’s relevant innovations. Real estate trends like robotics and smart homes will have a massive impact on the sector in the upcoming years—and only those real estate experts who’ll integrate these innovations into their business procedures will see long-term success.
That said, here are the top seven innovation trends in the real estate industry.
The Rise of Synthetic Biology
Although it’s still early to stay to what extent synthetic biology will be used in the real estate industry, one thing is for sure—and that’s as soon it affects the production of building materials, the lifespan of buildings will rise significantly. Like how swimming pool acid regularly undergoes improvements to eliminate toxic particles in pools safely, synthetic biology for real estate moves forward. In fact, experts predict that building materials can restructure themselves through mitosis in the future.
3D Printed Buildings
One of the most promising real estate innovation trends of them all is the 3D printing of buildings, whether it’s for residential or commercial use. This innovation trend makes it possible for real estate developers to build an entire house without cranes or excavators and other expensive materials alongside steep labor costs—saving sellers a lot of money. For instance, in China, developers have already printed 3D buildings for homebuyers, with one entire office building printed in 3D in Dubai.
However, although 3D printing of buildings may seem a big trend, these current 3D printed structures are still far from having traditional buildings’ quality. That’s why it’ll take some time before this innovation trend will significantly impact the real estate industry.
An innovation in the real estate industry that you should keep an eye on is the virtual reality method. This trend enables future homeowners to view their new property’s ambiance and design in detail using 3D virtual reality glasses. As VR technology improves, this innovation can become a decisive advantage for real estate agents, especially in their marketing campaigns. Additionally, this technology can help prospective homebuyers who can’t be physically around to view the property.
Nowadays, you can find artificial intelligence anywhere, and it can solve logical and mathematical issues faster and better than any human. Thus, expect many computers to take over many jobs in the next couple of years that people in the real estate industry are still handling. Either physical robots or AI software will be taking over, with its mental capabilities and capacities to learn gradually improve as technology becomes better—and better.
AI can represent ample opportunities for real estate professionals, using computer-controlled structural analysis and design software to determine building statics more accurately.
Although robots aren’t a ‘new’ innovation in the real estate industry, robotics developments added with enhanced sensor technology, artificial intelligence, and networked computing infrastructures mean more significant improvements for the sector. All these could revolutionize real estate technology, allowing real estate developers to perform construction faster and more accurately via robots.
Thanks to the digital age, more people are now going online to conduct their tasks, enabling more individuals to get a hold of more data than any other time in history, presenting a tremendous opportunity for innovation. Real estate developers often need details on how their properties perform on different levels, ranging from rental rates to energy efficiency—and thanks to big data, they can quickly gather, tabulate, and turn information into actionable insights.
Big data can help real estate property managers make better decisions based on data rather than estimates, leading to quicker and more precise appraisals. Additionally, structures can use data gathered through real estate innovations to automatically adjust the occupants’ number in a building and other factors, maximizing tenant comfort while reducing energy costs.
Finally, big data allows real estate developers and agents to make 3D models and virtual reality simulations, giving consumers a tour whenever and wherever—preventing costly mistakes and allowing tenants or home buyers to visualize the living space.
In the last couple of years, the internet of things (IoT) has changed how homes function, with some of the most prominent tech giants investing in smart home technology. However, though modern smart homes offer more features that’ll undoubtedly benefit homeowners, one of the biggest challenges of this innovation trend is transferring to new occupants. That’s because, in the past, you only need to give the new owners the keys. However, with smart homes, real estate agents need to ensure that the former occupants’ information, such as passwords and search histories, is deleted.
Because of technology evolving, real estate innovation has drastically changed the ‘face’ of the industry over the last couple of years, paving the path for better and smarter homes—and the trends mentioned indicate innovations aren’t slowing down and only will improve as time passes.