Technology is shaping the future of real estate

In 2017, investments in real estate technology reached an all-time high of nearly US$13 billion. Real estate technology can include everything from hardware to software tools used by real estate-focused managers, brokers, owners, or consumers to collect, evaluate, and distribute valuable data about the industry. Technology make everything from buying to selling properties easier, but it’s also making these activities more profitable than ever before. On the other hand, the rise in technology also means there are more services available, and it’s becoming more difficult to stand out in the crowded real estate space. Real estate agencies are responsible for gathering and analysing property data, which can be a time-consuming task. Spending too much time on data collection means there is little time to analyse the data in order to advise sellers, generate leads, and ultimately, close deals. Automation tools can free up a significant amount of time for agents in a number of ways. For one, agents can gather data more quickly with less manual work, and combine it with their own insights in order to provide better recommendations to clients. The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the Internet and collecting and sharing data. In the real estate industry, property managers and owners are using IoT devices to monitor and control certain aspects of a property and its surroundings, such as temperature, air quality, lighting levels, security systems, fire systems, and much more. Augmented reality (AR) and virtual reality (VR) technology are not new to the real estate industry. However, from real estate advertising to home tours, the applications of AR and VR are continuously improving and gaining traction. By 2025, the VR and AR market in real estate is expected to reach at least US$80 billion. A blockchain is a digital, public ledger that records transactions in a verifiable manner using cryptographic security features, eliminating the need for a third-party recordkeeper. As the industry moves into the digital age, innovative resources and platforms are emerging all of the time to help property buyers and sellers alike.