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How Is New Technology Going To Change The Real Estate Industry And Its Relevance?

Posted by Manuj Garg on August 4, 2021
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It is a fact that technology has always influenced the real estate industry, but the past few years have shown some breakthroughs. Technological advancement is irrespective of your niche and demands, whether you are a real estate agent and want to sell more homes or properties, or a potential homeowner looking for your perfect house, or a landlord looking for tenants

So finally, what are the new technologies that are going to influence or change the real estate industry?

These are some of the breakthroughs that will reshape real estate in the future.

1. Buying and selling platforms

The most important aspect of real estate is to sell properties, whether commercial or residential. Now, the basic idea is to make the selling and buying process easier. With the help of such buying and selling platforms, homeowners can get their houses to market real quick, and if you are looking for a house, then you can find the perfect house for you with these platforms like a breeze. All in all, this results in more market activity and better experiences. If you are going to sell your house in 2020 or after this year, you may eliminate the need for a real estate agent with these platforms.

2. Virtual walkthroughs with Virtual Reality.

Virtual reality has become a sensation in practically every industry since its arrival, but it can seriously take off for real estate in 2020 and beyond. Viewing the property is one of the most important steps of becoming an owner or tenant of a property. Let’s say a potential tenant or a potential buyer is moving to a new city or country, or maybe he is unavailable to view the property during regular visiting or viewing hours physically, then what? Well, to a solution to this, we have Virtual Reality (VR). With the help of virtual reality and the local real estate agent, you could easily allow potential tenants and homebuyers to view the property virtually; or rather you can provide them with a walkthrough of your properties. It is the technology that is going to trend in the coming future.

3. Blockchain technology

Blockchain has already gained a lot of traction from the public since its advent. Now it has also become a part of the real estate industry. With blockchain, possibilities are practically limitless, all thanks to the tokenization. Now landlords can hypothetically use blockchain to sell portions of ownership in their properties.

Blockchain helps buyers and sellers to make real estate contracts with complete encryption and built-in legitimacy checks. You can even store property titles more securely and conveniently, all thanks to blockchain ledgers. Check out companies like Propy and DocuSign to close your deals with blockchain.

4. Artificial intelligence and chatbots

You need to have a sense of urgency if you want to be distinct and have a competitive edge over this industry. Are you worried you can’t keep up? Fret not! With the help of chatbots and artificial intelligence, you can make it through.

Chatbots can help in enhancing marketing and sales performance. These serve as a point of interaction with potential customers. For instance, when a customer visits a website, a chatbot interacts with them and handles the question that a customer may have. The best thing about chatbots is that they are always available.

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