Whenever we think of buying a property, a house or an office space, it always seems like a complicated and long process. But the scenario of the real estate industry has changed massively since technology intervened to make things easier and smoother. Isn’t it better if you get to sit at home and compare the various aspects of a property to shortlist a few, without having to go there physically? The advent of technology in the real estate world has only made things better for the customers, less troublesome and hectic. Now it is possible to develop the business anywhere at any time of the day, more so in the urbanized sections of the world.
Most of the time these days, there is no middle-man who becomes the medium to communicate with the owners or builders. There is more transparency involved because there are a ton of options available for you in case you do not like the one you are seeing. The buyers can opt for a bird-eye view from a drone to search for houses in any neighborhood they like. It is all in the tap of your fingers, installing an application on your phone and checking out new listings, buying or renting a house without even moving an inch. If you want to add your own place to the listings, you can do it hassle-free. Choose from the list of people who are interested in buying or subletting your apartment.
Let us take a look at some technologies that have been shaping the face of the real estate industry.
Virtual Reality
This is one of the best technological innovations in the real estate industry and has become exceedingly popular among possible clients across the globe. Many people feel that the photos and videos provided by the realtors or owners can be a bit biased, showing only the good aspects of the house. Providing a 3D view of the whole house or property, allows the clients to scan through the place without having to visit it physically. These virtual tours give the feeling that you are stepping inside the house yourself and enables the potential clients to shortlist houses easily.
From the point of view of realtors, brokerage companies and agents, virtual reality has sped up sales exceptionally. It gives the clients a real feel of the house, which high-quality pictures do not. The 3D technology and aerial drone technology have been a boon to the real estate industry, making it easier for the realtors to sell houses and clients to buy them.
Blockchain
We are all aware of the fact that real estate is synonymous with large and hefty transactions. The need for intermediaries, like government agents, banks or credit card companies to meddle in purchases is eliminated due to blockchain technology. It reduces the processing fee and makes it easier for investors to buy commercial real estate. There are more transparency and efficiency in transactions coupled with increased security in purchases. This also obliterates the usage of paper deeds and licenses since the title deeds are available online due to blockchain technology. It is not widely used yet but is sure to make a lasting impact in the future.
Blockchain is supposed to reduce the backsplash in both tokenization and smart contracts. Tokenization helps in splitting assets in token forms that are stored in this technology. It is going to help landowners to sell off only a part of their property as well as for the investors to resell their stocks and shares. The individuals for whom investment opportunities have been out of reach in the past are now made accessible through blockchain.
Smart contracts help in successfully completing transactions between the buyer or renter and the seller or the landlord. The need for middlemen does not arise because the buyers can submit their information directly to the sellers in an encrypted form. The elimination of these middlemen like banks speeds up the process of the transaction and the chances of fraud lessen considerably.
Chatbots
Chatbots help in increasing sales of properties and marketing tactics. This online presence, devoid of any human meddling, helps the companies to attract potential customers. The standard information that is available through these chatbots helps the investors and buyers navigate through properties that meet their preferences. Here are a few reasons that explain why chatbots are invaluable for the real estate industry:
Technological advancements have seeped into every industry to make it easier, better and more efficient. Rapid involvement of technology in real estate has benefited the industry considerably. Through virtual tours using 3D technology, real-time data available through chatbots and various mobile applications for possible clients, technology has proven to be an advantage for the real estate industry.
