Technology is rapidly optimizing essential markets like real estate. A few years ago, homeowners typically advertised their properties on traditional advertising mediums like newspaper back pages to connect with potential customers.
Nowadays, they can significantly boost their market reach by using the Internet. Similarly, rental property owners no longer have to wait for cheques to arrive in the mail due to an array of wireless, electronic payment options. Experts predict that technology will continue to drive the evolution of real estate transactions over the next decade:
Virtual Tours
Virtual tours powered by digital cameras were already gaining traction in big teeming cities where industry players like renters and investors wanted to scope properties remotely. With the coronavirus changing the landscape, this technology became even more vital. In today’s red hot real estate markets, buyers are purchasing physically unseen properties by touring them virtually during the pandemic and getting to know the quality of furniture and other interiors.
Experts in the field specifically are projecting that these advancements in technology will make virtual tours more interactive and intimate over the next decade. Real estate maverick Regan McGee for one, shared in an interview with Superb Crew that small unmanned aerial vehicles will make a big splash in the future. He explained, “We will see further use of technology like drones and virtual tours, and AI-supported bots that will help pre-qualify buyers.”
You can also expect real estate firms to leverage virtual reality (VR) and augmented reality (AR) to offer buyers mixed reality (MR) touring experiences. With a specialized headset or just a mobile device, stakeholders should gain a detailed and clear view of a potential investment.
AI-Powered Prequalification
The last thing anyone wants in a real estate transaction is to learn that a potential buyer doesn’t qualify after all. The lost time can be an expensive opportunity cost for a seller and a source of frustration for the client.
While many creditors offer prequalification by reviewing the basic creditworthiness of a buyer, the process can be inefficient. However, as mentioned above, thought leaders believe that bots utilizing artificial intelligence (AI) will enhance the prequalification process by using sophisticated algorithms to analyze applicant data.
Optimized Search Experience
Finding the ideal property can be time-consuming for homebuyers and sellers alike. While purchasers struggle to find homes that tick the right boxes, sellers spend significant time responding to monotonous queries every week. This is where AI-powered chatbots enter the picture.
Not only do such chatbots make a seller’s task less labor-intensive by simulating human-like responses to common questions, but they can help optimize a buyer’s search experience by intelligently leveraging machine learning (ML).
For example, when a buyer with a family looks for homes, AI-supported chatbots crunch big data to suggest available listings that match the buyer’s financial capabilities in neighbourhoods with highly-rated public schools, parks, the privilege to buy boats, and low crime rates.
Transparency
Transparency has become increasingly essential for homebuyers in the real estate marketplace.
Nobul, for one, is a platform that is disrupting the real estate industry by offering homebuyers more transparency, selection, and control. The platform gives buyers access to verified reviews, services, pricing, and track records, allowing them to match with the ideal professional and avoid bad real estate agents. This level of transparency is critical for prospective home buyers.
These are just four ways real estate transactions will evolve in the coming years. Expect technology to redefine the industry’s values in order to help top buyers and agents thrive.
