Technology has transformed the world and ushered in a plethora of advancements in various industries. One of them is real estate, resulting in changes in how the industry does business. 

From putting your property in the market to finding the suitable real estate investment for you, technological advancements have helped make these processes simpler. As a result, sellers have to adapt to these advancements and the shifts that come with them. Buyers are affected as well since these shifts are likely to change the dynamics of purchasing real estate.

Property Tech Trends

So many innovations pop out year after year, and improvements become available at an even faster rate. But certain tech trends seem to have made themselves comfortable in the real estate industry. These are the tech trends you should expect in modern real estate:

1. Buying and Selling Platforms

Real estate is a bit of an intimidating market—so many options, technicalities, and money are on the line. But, at this point of technological advancement, it doesn’t have to be this way. Several buying and selling platforms provide a simpler way for the real estate industry to reach a wider audience.

Prospective buyers may not need to find an agent to help them scout for properties. They can just browse through these platforms, find a home that fits their liking, and contact the seller directly. On the other hand, the seller can put their property on the market without breaking a sweat. After a few clicks on a computer, their property is already up for purchase.

Part of the convenience of these platforms is that it simplifies the process. Communication can just be between the buyer and the seller without an intermediary. Buyers can find a property with just a Google search. Lastly, sellers can find buyers from different parts of the world.

However, buyers and sellers should take extra precautions in establishing credibility. They both need to guarantee that the transaction is valid and won’t be a source of future headaches.

2. Smart Homes

Today, smart homes have become the standard—81% of homeowners reported that they are more inclined to buy a home with smart technology already installed. There are already 83 million households utilizing this technology.

For homeowners who think of real estate as an investment, a smart home is a good one. Because of the additional amenity it provides, smart technology positively affects the value of the house. A smart home also has a greater chance of selling faster and at a higher price because more homeowners prefer this feature. 

Here are the common smart home features:

• Convenient controls. Some smart homes offer controls from smartphones. Even when the owner is not home, as long as they’re connected to their system through the internet, they can control the smart features. Security features, lighting, curtains—these are just some of the functions that can be controlled.

• Smart lights. These lights have a wide range of options for homeowners: dimming, automatic switching, or convenient controls.

• Security. Due to the extent of controls in smart homes, homeowners can still monitor security when they’re away. They can check the cameras, door locks, alarms, detectors, etc., when they’re at work, on vacation, or just having lunch at their favorite restaurant.

• Artificial intelligence. Voice-operated AI assistants are so common nowadays. Aside from their voice-search features, they can also connect you to your various smart home features. For example, homeowners can ask them to turn on the lights, close the curtains, or turn on the TV after a long day at work.

3. Virtual Reality and Digital 3D Models

Due to the COVID-19 pandemic that limited outdoor activities that are not considered essential, this option offers a safer way to invest in real estate. Buyers don’t need to leave their homes to explore homes. Technology has allowed them to search for properties online without sacrificing the walkthrough. 

For buyers, seeing the property is a make-or-break moment. Thankfully, virtual reality allows prospective buyers to view the place without having to go there personally. Another advantage is that virtual reality immerses you in the home environment while letting you interact with its features.

Since virtual reality is not accessible to everyone, another alternative is digital 3D models. Real estate agencies can add this feature to their website or allow access to prospective buyers. Although it won’t feel as realistic and virtual reality, it still gives a preview of the property, and buyers still have the option to navigate the property.

4. Big Data

Numbers, numbers, numbers; perhaps, this could be the new replacement to location—although its contributions to real estate are quite different. Even then, today’s world has become data-driven, and real estate is no exception.

Gathering data has helped the industry assess the market. As a result, agencies can adapt to changes quickly. They can also predict certain trends by analyzing data and paying close attention to any shift.

They can also evaluate properties using big data since it provides information such as a property’s geography. The availability of knowledge gives them a head start with how they could determine a property’s value.

Big data has also proven to be helpful in personalization. Modern technology has allowed industries to fashion their marketing and advertising depending on consumer behavior. In real estate, the application can be with client recommendations. By collecting their preferences, agencies can narrow down the properties that they will show to prospects.

The Future of Real Estate

Real estate continues to evolve as it adapts to modern technology. There may come a time when having an AI assistant at home will become the norm.

Real estate investment could also be as easy as online shopping or selling. With the pandemic causing major changes in consumer behavior, future homebuyers may only need to explore a through virtual reality or 3D media—and it will pose no difference with real life.

Of course, like most things digital, data could play a significant role in an agent-client relationship and real estate as a whole. At the end of the day, embracing technology can be a lot more beneficial than

Author Bio: Rose is a licensed real estate broker and the co-founder of RE/MAX Gold Philippines, a real estate company in the Philippines. 

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