With digital transformation sweeping through almost every sector, housing and real estate are not left behind. We have witnessed technological innovations cutting across every industry. Although it was a while before it took off, the property market and real estate in general now seem to be heading towards a future dictated by technology.
Among others, there are certain tech trends that have stood out in the last few years. From the emergence of smart homes to the major change in the way real estate transactions are now carried out, this article looks at some of these trends.
Homes are getting smarter
First, we had smartphones and smartwatches, then we moved to smart TVs and smart refrigerators. We are in an age where anything can become smart. Home automation has slowly gained traction with home appliances and devices getting upgrades unimaginable a few decades back. It is now possible for your thermostat to automatically adjust itself based on your behavior. IoT has changed the way we interact with home devices and appliances as they can now be remotely controlled.
As technology advances, so do homes become smarter and devices become more intelligent. Smart light bulbs, smart home hubs, smart refrigerators, and the likes are novelties that are making lives easier. Although only a small percentage of homes enjoy this new and exciting technology, the future looks brighter as adoption is on the rise.
Virtual tours are now a thing
With 3D modeling and virtual reality, potential homebuyers can now take virtual tours around properties without necessarily being physically present. All that is needed is a capable VR goggle and a working internet connection. So far, this has been one of the most brilliant uses of virtual reality. This is especially useful when trying to buy a property across a long distance. With drones, taking an aerial tour of the neighborhood gives a customer a clear view of what to expect. Home appraisal going virtual has helped both estate agents and potential buyers speed up the whole process while reducing time wastage.
Augmented reality, on the other hand, is helping homeowners visualize how their next home appliance purchase might fit into their home. For instance, the Amazon shopping app now lets you virtually see how a sofa you intend to purchase might look in your living room.
AI, machine learning, and big data can find you a home
Although they were more of buzzwords at the beginning, artificial intelligence and machine learning now have practical applications in almost every field. The workload of real estate agents has become simplified with these new technologies. They are now able to find the right houses and mortgage plans for clients.
Big data now influence decision-making as accurate predictions can be made. Prices or buying and renting houses in different locations can now be accurately predicted. If you’re wondering how expensive a mortgage might be, there are tools available on the internet designed to help you calculate everything with the tap of a button.
Transactions have gone digital
Fintech has changed the way we spend and save money. Instant cross-border transactions now make it possible for anyone in any part of the world to buy and pay for a property with ease. All these can be done without physically exchanging cash.
What the future holds
Technology keeps evolving, and there are still many more advancements to come. Although Blockchain technology seems to be the new rave, we are yet to see it penetrate the housing and real estate market. There are theoretical applications like real estate transactions and contracts registration and tracking on the blockchain network, but we might have to wait a bit longer as this is a relatively new technology.