The real estate industry is making up for a lost time.
Once bullish in its determination to stay low-tech and information-light, the industry has undergone a renaissance in the past few years. Bright, innovative thinkers are tackling age-old consumer frustrations; practitioners are more willing than ever to incorporate digital tools in their arsenal; a bevy of proptech (property technology) companies are using emerging tech to make big waves. It’s wonderful to see. Real estate looks like how the healthcare industry looked a decade ago: eager to seize the vanguard of innovation.
Of course, it’s not all innovation and roses. Some segments and professionals are slow to modernize. But by and large, real estate is making a name for itself as the new high-tech industry.
Not ready to believe it? In this post, let’s look at some disruptive innovations, bold companies, and emerging tech applications defining the real estate industry in 2022.
Immersive Technology and Virtual Tours
Some agencies dabbled in immersive technology when it first became household tech roughly a decade ago – but they were the outliers. Now, in the wake of seismic disruptions from the pandemic, most agencies are singing immersive tech’s praises.
Virtual tours have become the norm, with listing agents leveraging everything from full VR to 360-degree photography and drone footage to market properties. It’s a bit of a “chicken and egg” situation to speculate whether immersive technology spurred the “sight-unseen” sales boom or the other way around. However, it happened, and it’s fantastic to see the industry finally embrace immersive technologies.
AI and The Digital Marketplace
According to Nobul CEO Regan McGee, “Anytime you bring innovative technology to the table that can make the process easier, it will be viewed as disruptive. Incidentally, technological advancements are beginning to gain real traction in a stalwart industry that was initially skeptical.”
The founder discussed his innovative real estate digital marketplace with Superb Crew, explaining the platform’s primary value. Essentially, Nobul allows buyers and sellers to see real estate agents’ transaction histories, pricing, verified reviews, etc., so they can make informed choices for representation. Agents then compete for a consumer’s business by offering competitive terms.
And the whole disruptive operation is underpinned by a cutting-edge AI algorithm that helps match make consumers to their perfect agents. It’s one of the starker examples of how real estate’s tech embrace has put consumers in the driver’s seat.
Big Data and Real Estate Development
Elsewhere in the real estate segments, you’ll find developers and investors doubling down on big data. Traditionally developers used a lackluster mix of conventional data and gut feeling to determine where to develop.
Now, most developers run a sophisticated system of predictive analytics to locate upcoming hotspots for tenancy and commercial activity.
Blockchain Technology and Micro-Investing
What article on high-tech business would be complete without a nod to the blockchain? But even in the highly experimental context of blockchain, real estate’s application of the new technology is inspired.
Some professionals are using blockchain to push smart contracts, thereby bypassing traditional third parties like lawyers and notaries. But perhaps the coolest application for blockchain is in fractional ownership: an emerging form of micro-investing that involves several investors buying shares of a single property.
The real estate industry might’ve started its relationship with tech on rocky ground, but it’s slowly becoming a full-throated endorser of tech’s big potential. Watch this space in the coming years to see how real estate evolves.
Thanks For Reading
More Read On Tech Bable