How Technology Is Shaping The Future Of The Real Estate Industry

Advancements in technology have revolutionized several industries, and real estate is not an exception. Only a couple of years ago, investments in real estate technology passed the $13 billion mark. And this number is expected to grow significantly in upcoming years.

It’s expected that technology will shape the future of real estate, for the better. While it will make life easier for many, standing out in the competitive real estate market will become even more difficult as a result.

Hence, it’s more important than ever for real estate investors to familiarize themselves with the latest technology and industry trends to remain on top. Here’s a look at how technology is changing the real estate industry:

Augmented reality and virtual reality technology

The concept of augmented reality (AR) and virtual reality (VR) technology isn’t alien to real estate agencies, but it has gone from being a simple marketing tool to a complete home tour application.

In fact, the AR and VR market in real estate is expected to reach around $80 billion by 2025. Modern-day VR headsets can generate 360-degree tours of properties, completely changing the way buyers see properties.

For instance, buyers who want to buy homes in other towns can virtually tour properties and actually experience how it will look like without having to travel hours and physically visiting the property.

Automation tools and analytics

Real estate investors need the latest information to analyze and evaluate property and real estate market conditions. They can’t afford to spend hours gathering and sorting out data because they have to generate leads, talk to clients, and close the sales.

Using automation tools can help them to gather and compile data without any hassle. They are also able to get real-time data and insights that are pertinent to their relevant market. Using algorithms, they can even predict the selling prices of houses in specific areas.

Consequently, they will be able to make better, more informed decisions and also able to channel their marketing efforts to a more targeted audience. Also, they can automate their emails and messages to communicate with their clients and keep them in the loop.

Internet of Things (IoT)

The Internet of Things, or IoT, is a new entrant in the real estate industry. Also known as the physical web, it’s a network of devices which are internet-enabled and connected with one other. It can help property managers to monitor and control different aspects of a house and its surroundings.

For example, they can learn about the energy consumption pattern or, say, the behavior of tenants, among other information. This will enable them to take a more proactive approach to property repair and maintenance.

About the Author:

The author is a real estate expert at , a tech-savvy person who possesses sound knowledge of the real estate market of Massachusetts.