Technological advancements are making their way into the real estate industry, and these new innovative tools and widgets are changing the scale and scope of real estate transactions forever--especially in a thriving market like San Francisco.
Adopting new real estate technologies is beneficial for agents and clients alike since they play a huge role in synthesizing processes and streamlining general workflow. Let’s learn a bit more about three hot tech tools that are actively evolving in this dynamic industry.
Augmented and Virtual Realities
Being one of the most attention-grabbing technologies on the market, augmented and virtual realities are turning heads across the board. AR and VR are getting closer and closer to becoming available for nearly all real estate transactions, as their growing popularity is supported by massive efforts to hone in on this science. For real estate, AR and VR hold huge potential.
One of the most coveted applications of VR in the business is digital touring. Digital tours allow potential buyers to see the property from nearly anywhere in the world through the use of virtual reality tools. This means high-profile buyers and international shoppers won’t have to make travel arrangements to explore an appealing home. With the longstanding issue of distance solved, sellers will be able to advertise to a far broader audience.
AR comes into play by helping potential buyers envision what empty homes could look like when their furniture is moved in. A step like this encourages buyers to plan out their interior setup, which can be a strong motivator for them to make an offer.
AR and VR are helping to remove the uncertainty and potential confusion that come into play during real estate deals.
Although it may sound new to you, you’re probably already familiar with Blockchain, the fundamental technology that supports cryptocurrencies such as Bitcoin. However, it isn’t the digital money that is attracting real estate professionals--it’s the security.
Blockchain functions off of a decentralized database that’s fully protected from any sort of leaks or corruption. Within that database, it’s possible to create user profiles for buyers and sellers, as well as a concise set of records for every home in the United States.
This information system could completely reshape real estate. In order to incorporate this technology, agents and clients would need to alter the way traditional business transactions are governed.
However, the potential benefits are incalculable. Blockchain would provide a new stream of information for properties and homeowners, which--like VR and AR--would be helping to clarify the entire process.
Artificial intelligence is quickly developing into the most proficient processor for language and spoken voice. Chatbots are growing in popularity, as they cut down the workload for agents while ensuring clients never get stuck with their questions. Chatbots on websites can work around the clock while answering any simple inquiry about listing prices, available homes, and more.