Technology was first associated with communication, gaming, appliances, and more. Then, it eventually penetrated different industries, such as healthcare and accounting. Although innovation has vastly influenced and impacted these industries for better or for worse, there is no doubt it will take over real estate, an industry stuck in the traditional way of things. Emerging technology has garnered a new purpose, and it is to disrupt the flow of real estate and change if for the better—for buyers, sellers, and brokers in between.
Cryptocurrency has always been in existence since its introduction in 2009. Having a volatile nature, this asset has been widely accepted by different businesses in exchange for goods and services. In terms of industries, real estate was hesitant at first. Sellers found it hard to list properties under Bitcoin since the buying or selling in the industry takes time; the cryptocurrency can be in high value on the day the property was listed, then it can be in lower value when processed. Now, a lot are using cryptocurrency in pricing and fully rely on blockchain. Blockchain is a digital ledger that records bitcoin or any cryptocurrency used in the transaction. Blockchain is decentralised; hence removing the need for validation and promoting security for both parties involved.
Augmented Reality (AR)
Often associated with games, Augmented Reality has garnered a new purpose—real estate businesses can use AR to conduct a virtual tour of the listed home. A virtual tour is the use of a captured image into a virtual reality world wherein a user can explore, giving them an insight of the home without leaving the broker’s office. Not only does this lets brokers assist more potential buyers and sellers, this also lets buyers tour more neighbourhoods in one day since they don’t need to go to their chosen or recommended neighbourhoods.
Data insights via Artificial Intelligence (AI)
Artificial Intelligence should not be seen as a hindrance to a growth of an employee. Looking at the positive side of AI, it actually gives more time to brokers to come up with better recommendations, decisions and insights on the data they receive from automation. Today’s technology has taken up the time-consuming tasks and helps its human counterpart do the analysis.
Technology is definitely disruptive but in a good way. Focusing on the Land Down Under, real estate melbourne is definitely keeping up with the changes that have been happening; taking, for example, the embrace of technology, which is this website. With this, more sellers, buyers, brokers, are experiencing efficiently and ease in their role in the transaction process of a property.