Technology has had a tremendous impact on real estate from the beginning of the computer age. The MLS, drone photography and the barrage of internet-based websites that threatened to take over the market have all left their marks on the industry. Here are four disruptors that have the potential to have a big impact on the real estate industry in 2019.
Block Chain Verification
The blockchain is the technology responsible for Bitcoin and other cryptocurrencies, but it’s now impacting the real estate industry. Blockchain has been lauded and feared by politicians and business stakeholders due to its ability to cut out the middleman. An intermediary isn’t needed to secure a transaction thanks to this technology, which is gaining widespread interest in banking and other industries, including real estate.
Augmented and Virtual Reality (AR, VR)
AR and VR technologies are currently making the news and will continue to do so as they become viable consumer applications. The success of Pokémon Go shows the potential of AR and VR in fields such as real estate. This tech lets buyers take virtual tours without stepping foot on the property. Of course, this makes the process more efficient, saves a lot of time and helps guarantee a good outcome once prospective buyers are ready to commit to a showing.
Big data, AI and Machine Learning
These three technologies work together since AI is used to process data via machine learning technologies. This process identifies new patterns by mining vast amounts of data. It could allow real estate professionals to gain advance notice of trends that impact home prices, like a certain demographic flooding an area.
This data and the brainpower to analyze it could move the industry forward. It might mean getting a big picture view of the current housing market so that licensees can react quickly and use data to justify their recommendations.
Chatbots
Real estate is all about relationships. Clients and agents form personal and legal bonds over the biggest decision most people make in their lives. When it comes to purchasing a home, chatbots won’t replace the client-agent relationship, but they can still be put to work to make the industry stronger. Chatbots can answer formulaic questions or queries, such as:
“I need a house with a half-acre in Seattle.”
“I’m trying to get a low down payment loan.”
“When should I start thinking about a bigger house?”
“How can I save money when I’m ready to sell my house?”
These disruptive technologies may threaten the faint of heart. However, most realtors are made of firmer stuff and will learn to adapt these technologies to help them continue connecting clients with their dream homes.