The real estate industry may have been slower to adopt newer tech, but it’s certainly catching up. It’s safe to say that the embracing of modern tech has been catalyzed by the 2020 pandemic (as with other industries that rely on face-to-face interactions). So if there is one good thing that the pandemic caused in the real estate industry, it’s the proliferation of modern tech use of buyers, sellers, and the people in between.
To illustrate, here are some of the best technologies that are shaping the real estate industry as we know it.
3D laser scanning
Land surveying is one of the most critical steps in developing land. In recent decades, companies have developed a way to make land surveying easier, more accurate, and more reliable–and that is by using 3D laser scanning. Through this type of technology, developers can receive detailed, accurate, and reliable results in a shorter amount of time. Compared to traditional surveying, this method saves time and money–all while improving the quality of results.
Online real estate marketplaces
There is an abundance of real estate websites available today where sellers can post their listings and increase their chances of a successful sale, while buyers can look through listings that are filtered according to their preferences. And apart from the convenience that online real estate marketplaces provide, they are also secure and trustworthy, allowing users to have peace of mind while interacting with buyers and sellers.
It’s also worthy to note that online real estate marketplaces don’t require having an actual real estate agent during the process. This provides the benefits of not having in-person meetings with brokers and avoiding high commission fees.
Drones provide the opportunity for sellers to take aerial shots of their property without spending exorbitant amounts on an aerial photographer. This type of technology is largely useful in taking multi-perspective shots, especially for large properties that are difficult to capture from the ground. They can also give potential buyers a good feel of the neighborhood even if they don’t actually tour it, which has proven to be incredibly useful amidst the pandemic.
Perhaps the most significant pandemic-related change in the real estate industry is the proliferation of virtual tours. Face-to-face tours with a limited number of people wearing appropriate face covers may be acceptable in some states. However, it is safest–both for real estate personnel and potential buyers–to view houses through virtual tours.
Virtual tours allow buyers to ‘see’ the property without leaving their own homes. Having this option makes it easier for buyers to narrow down their list of choices before settling on one or two houses that they want to see in person. Aside from decreasing the risk of catching COVID-19, virtual tours also save time and cost for all parties involved.
With modern technologies like AI, brokers can now estimate home prices more accurately than before. Price refinement technologies take multiple factors into account when estimating prices, including location, crime levels, school districts, and nearby markets, among others. As opposed to relying on their own guesstimation, brokers can provide more accurate and precise prices to their clients.
But it’s not only brokers that can use this type of technology. Buyers can also estimate prices on their own, which will help them make smarter choices as they go along.
In many real estate processes, there are a lot of repetitive tasks involved, which consume excess amounts of time, money, and effort. This is the main reason why task automation is now being introduced into the real estate industry. With task automation technology, real estate personnel can use their time in much better ways as opposed to doing something over and over again.
Chatbots are becoming smarter and smarter as technology progresses. Today, they are used by real estate websites to answer client questions without talking to an actual person, increasing client satisfaction as well as website efficiency. Chatbots can also be used to conduct virtual showings to a client, but this tech is still in the works.
Smart devices for property management
Smart devices make it easier for property owners to manage their rentals remotely. For instance, smart doorbells allow landlords to watch for potential security risks without actually visiting the property. There are also smart thermostats that change the temperature in rental units, reducing heating and cooling costs while making rentals more comfortable for tenants.
As with any other sector, the real estate industry is not immune to technological development. With these improvements, we hope to see a better future for brokers, buyers, sellers, and tenants alike.