The real estate industry is estimated to be valued at nearly 217 trillion dollars. When considering this, one might find it surprising that the industry has actually been slow to incorporate the latest technologies. However, this is rapidly changing. Real estate companies are now constantly working on building and improving their business applications, allowing for the seamless integration of modern technology. Of course, this is all done in an effort to become the top player in the industry. Here are a few of the biggest technologies shaping the real estate industry:
VR, or virtual reality, is already a vastly popular technology in the video game industry. This technology is also branching out into other industries because of the additional functionalities it provides. To illustrate, in the real estate industry, consumers can use VR goggles to get virtual tours of properties they are interested in. Consumers would be able to see a full 360-degree video of the property, making them feel as though they were actually standing there.
This would result in a revolutionary change for how real estate agents conduct business. No longer would it be necessary for a prospective buyer to schedule an initial visit to a property. Rather, they could simply put on their VR goggles and see the apartment almost instantly. This would save the time of both the realtor and the buyer, since the buyer could quickly tell the realtor whether or not they would like to pursue a property further.
Let’s be honest, the average consumer probably doesn’t totally understand the cloud, and that’s fine. While the cloud might be a little confusing, it undoubtedly has made sharing, managing, and transferring important documents easier. This is a game-changer for an industry like real estate, which notoriously has a bothersome closing process. This process can potentially be streamlined using the cloud, allowing the signing and transferring of necessary documents to be completed digitally.
Odds are that you have heard of blockchain, the backbone technology for recording transactions of the cryptocurrency bitcoin. However, how would this technology affect real estate transactions? Well, to put it simply, it could heighten security, transparency, and the efficiency of such transactions. These three benefits just so happen to also encompass what buyers and sellers usually care about most. For these reasons, blockchain could be the smart and more efficient way to conduct real estate transactions.
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