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Buying A House • Food for thought • Locations • Real Estate Market • Sacramento Real Estate • Selling A House • July 30, 2022

Real Estate & Technology: What Does The Future Hold?

by Next Real Estate Group ERA Powered

Today, technology plays a vital role in the real estate market because a lot of business is now done online. Everybody is upgrading their process according to the latest technology trends, whether it’s your real estate agent, broker, or bank.

In fact, with technology growing at a rapid speed, more and more real estate agents are moving their businesses online. It is no surprise since new technologies allow them to do more and reach out to more clients in a virtual space. 

You might be wondering what the future holds for first-time buyers and the real estate business. In addition to discussing the role technology now plays in the real estate market, we will also talk about how it will impact the housing market in the future. 

Here are some topics covered in this article:

  • How Technology Is Changing the Way Real Estate Agents Work?
  • What Is the Role of Virtual Reality in Real Estate?
  • How Is Technology Changing the Way Home Buyers Shop?
  • What Are Smart Property Contracts?
  • How Is Robotic Process Automation Utilized?
  • How Do AI Tools and Apps Affect Decision Making?

Say Goodbye to Traditional Contracts, and Hello to Smart Property Contracts!

Standard real estate contracts are expected to be obsolete in a few years. Unlike traditional exchange programs that transfer property ownership, buyers and sellers turn to smart contracts because they don’t overburden them with unnecessary paperwork.

The transactions are executed through a simple electronic procedure, providing that preset code-embedded conditions are satisfied. The computer codes replace long sentences, which are often hard to understand, in classic contracts.

Of course, it is necessary to agree to a contract first. When the buyer and seller enter a smart contract, they will meet the agreed conditions. While a third party can be involved during the process, the chance of misunderstanding the contract terms and conditions are minimized. 

Introducing Mobile Apps for Real Estate

A growing number of people are using mobile apps and online tools to search for houses. That makes it easy to find their dream home and improves the customer experience. 

With that in mind, real estate agencies need to ensure their websites are mobile-friendly and have an app to reach potential customers.

Mobile high-creativity apps don’t only simplify purchase processes or browsing tasks, but they also play a significant role in propelling productivity nowadays. 

These applications come with a wide range of features and tools that calculate tax savings, rent, buying expenses, etc. 

What can we anticipate? 

As advanced features emerge and technology continues to evolve, we can expect that all the transactions and major activities regarding real estate will be executed via modern technology, including mobile apps. 

So, whether you are a home buyer or seller, be ready to embrace these innovative technologies if you haven’t already.

Modern Meets Future: AI Tools with Huge Datasets

Technology has tremendously impacted the real estate market in the last ten years. As tech startups grow worldwide, the real estate industry has changed in ways we can’t imagine.

Big data can help streamline decisions for a better user experience regardless of the type of business. This is one of the most significant changes in the real estate market these days, and it is increasingly used for planning and making home-buying decisions. 

AI tools equipped with enormous datasets make it easier for real estate companies to make decisions. They have tons of information at their fingertips within minutes.  

For instance, these tools can help decide the property price and methods to reach the housing market. They can also assist in determining the type of building or house constructed in an upcoming new community.

Virtual & Augmented Reality – AR and VR Take Property Display to the Next Level

Virtual Reality (VR) is a computer technology that makes it possible to create a three-dimensional, life-sized virtual world. It is also known as immersive multimedia or computer-simulated reality. 

The user wears a head-mounted display and can explore the virtual world through the display.

Augmented Reality (AR) is an interactive experience of an environment where the objects that reside in the real world are supplemented or “augmented” by GPS data, graphics, as well as sound, and video effects.

While virtual and augmented reality has been around since 2012, this technology will explode in popularity in the real estate industry. It is leveraged for property display, and a digital environment lets potential buyers take virtual tours from the comfort of their couch. 

You don’t have to physically visit a property anymore, thanks to 360 cameras installed in strategic positions allowing for a smooth 3D experience. In addition to saving time, this also eliminates travel-related expenses. 

Likewise, Augmented Reality (AR) technology enables homeowners to develop an emotional attachment to the property. It can also help them make critical decisions. 

For example, the “View in My Room” feature helps homeowners decide on the color of paint for every room, allowing them to get a sense of how the rooms would look after applying a specific color.

Robotic Process Automation – RPA Are Increasingly Used for Task Automation

Robotic process automation (RPA) has been around since the 90s but has grown in popularity recently as enterprises have come to realize its benefits. This is a technology that automates the use of software to control an application or system. 

RPA can be applied to automate any task, such as data entry, data validation, and other repetitive processes. It can be used for several purposes, from cost savings to increased productivity. 

The most common use for robotic process automation is in customer service and back-office activities. As for the real estate sector, many companies employ it to make their back-office operations more effective while reducing turnaround time and spending less money. 

RPA can be used for a variety of activities, including:

  • Invoice Processing
  • Document Management
  • Data Extraction
  • Property Management

These time-consuming processes involve many repetitive tasks that can be automated using robotic process automation. As a result, the workload is reduced, whereas the activities flow is more efficient. Best of all, this technology is very accurate, which minimizes the room for error.

Final Thoughts

Real estate is one of the most influential industries in the world. Technology and real estate have a symbiotic relationship, so it is essential to know what role technology plays in the real estate market. 

Whether you are a homeowner or purchaser, explore the different tools and apps available to keep track of real estate trends. 

Are you interested in buying a house in Sacramento? Contact us today to schedule a free consultation. We are here to help!

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