How Technology is Changing the Real Estate Industry

  • IT Innovations
  • 10.02.2021 12:30 pm

It is very rare that an industry is one-hundred stable. There is always something that someone is doing even one-percent different which can lead to a five-percent difference, which can be seismic. It’s not even that change is pursued: it just happens. Companies within and across industries, as such, are always working with different tools, emphasising different elements of their business or practice. Arguments can be made that one industry is more exemplary case study than another. However, we won’t be making such sweeping statements. Our focus here is on the real estate industry and how technology is disrupting it.

Real estate is an essential industry to the contemporary world. The wheeling and dealing of property – commercial, residential, and historical – is quite literally brick-and-mortar. It is, though, be disrupted. Technology is changing access to, development of, and potential of the real estate market and industry. Here are a few examples.

3D Mapping, VR, and Video Conferencing Software

The world has grown increasingly global and connected in recent decades. While getting to these properties has never been easier, time is still as precious as it ever was, and is, in some cases, harder to come by. Successful business people or their representatives who are looking to invest often have busy schedules, and have a variety of interests which means they have to prioritise where they are. Equally, families looking to or having to move cross country to begin new jobs or as a result of transfer cannot always go and see a property before purchase. As such, technology has developed solutions.

For more luxurious properties, 3D mapping and VR have been used to enable prospective buyers to have a look at it in a more immersive way than simple 2D photographs can. Real estate agents will go into the property themselves, or hire professionals, and scan the entirety for it to be mapped on software before buyers can access the material via screens – like Google Earth – or via VR headsets.

For single-family houses and condos, real estate agents tend to opt for video conferencing software to show buyers around, simply because it’s the more affordable and economical option. Agents can show them around simply via their phone, which is hugely accessible for both the agent and the buyers.

AI and Smart Devices for Insurance

AI has disrupted numerous industries. It’s use within insurance companies has reduced their overhead which means they can offer more affordable policies for their customers. Additionally, the AI can process quotes and claims almost instantaneously to a high-degree of quality. Programmers feed historical data – written, numerical, and pictorial – into the AI so it can learn how things look and are, essentially internalising and learning patterns so it can apply what it understands to new data, be it quotes or claims. In some cases, employees may be brought in check over a report. However, the AI can deal with the overwhelming majority of customer’s claims successfully. It’s a new means for customers to deal with, as the whole process can be accomplished without interacting with a single human. However, more and more people are opting to make use of it.

AI chatbots are used, like they are in other industries, to respond to customer queries. They are more sophisticated then they’ve ever been, and, as with their insurance-claim counterparts, learn with every interaction.

Customers often look for ways to lower their premiums. There are things which insurers look on favourable for homeowners and landlord insurance, such as states, neighbourhoods, and types of property (learn more here). Security features are a way the customer can be proactive to lower their premiums. CCTV has been employed for a while but smart locks are new. They are installed by landlords and homeowners alike. Both landlord and homeowners insurance premiums tend to be lower as a result. They are operated wirelessly via authorized users and can be used automatically once they are within proximity.

Virtual Real Estate

There is real estate being bought and sold in virtual worlds for real money. It is a bubble market. The price is dictated by itself and within itself. It is similar to bitcoin: the virtual landscape is imbued with value. This is a little different to other slices of virtual real estate. For instance, twitter accounts were often traded and sold in previous years. These are a kind of real estate, as people can “be” on your account’s page or feed. However, in more recent instances, virtual versions of real buildings and land – like the New York Stock Exchange – are being bought and sold for tens of thousands of dollars. Now, what exactly is their use? They are understood in some instances to simply be a collectible, which within that market has clout. Equally, certain virtual spaces may become more populated and more mainstream – similar to how the market favours bitcoin, as opposed to other cryptocurrency options – so the virtual plot or building could gain value should there be the demand for it. This is a new kind of real estate.It is very rare that an industry is one-hundred stable. There is always something that someone is doing even one-percent different which can lead to a five-percent difference, which can be seismic. It’s not even that change is pursued: it just happens. Companies within and across industries, as such, are always working with different tools, emphasising different elements of their business or practice. Arguments can be made that one industry is more exemplary case study than another. However, we won’t be making such sweeping statements. Our focus here is on the real estate industry and how technology is disrupting it.

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Real estate is an essential industry to the contemporary world. The wheeling and dealing of property – commercial, residential, and historical – is quite literally brick-and-mortar. It is, though, be disrupted. Technology is changing access to, development of, and potential of the real estate market and industry. Here are a few examples.

3D Mapping, VR, and Video Conferencing Software

The world has grown increasingly global and connected in recent decades. While getting to these properties has never been easier, time is still as precious as it ever was, and is, in some cases, harder to come by. Successful business people or their representatives who are looking to invest often have busy schedules, and have a variety of interests which means they have to prioritise where they are. Equally, families looking to or having to move cross country to begin new jobs or as a result of transfer cannot always go and see a property before purchase. As such, technology has developed solutions.

For more luxurious properties, 3D mapping and VR have been used to enable prospective buyers to have a look at it in a more immersive way than simple 2D photographs can. Real estate agents will go into the property themselves, or hire professionals, and scan the entirety for it to be mapped on software before buyers can access the material via screens – like Google Earth – or via VR headsets.

For single-family houses and condos, real estate agents tend to opt for video conferencing software to show buyers around, simply because it’s the more affordable and economical option. Agents can show them around simply via their phone, which is hugely accessible for both the agent and the buyers.

AI and Smart Devices for Insurance

AI has disrupted numerous industries. It’s use within insurance companies has reduced their overhead which means they can offer more affordable policies for their customers. Additionally, the AI can process quotes and claims almost instantaneously to a high-degree of quality. Programmers feed historical data – written, numerical, and pictorial – into the AI so it can learn how things look and are, essentially internalising and learning patterns so it can apply what it understands to new data, be it quotes or claims. In some cases, employees may be brought in check over a report. However, the AI can deal with the overwhelming majority of customer’s claims successfully. It’s a new means for customers to deal with, as the whole process can be accomplished without interacting with a single human. However, more and more people are opting to make use of it.

AI chatbots are used, like they are in other industries, to respond to customer queries. They are more sophisticated then they’ve ever been, and, as with their insurance-claim counterparts, learn with every interaction.

Customers often look for ways to lower their premiums. There are things which insurers look on favourable for homeowners and landlord insurance, such as states, neighbourhoods, and types of property (learn more here). Security features are a way the customer can be proactive to lower their premiums. CCTV has been employed for a while but smart locks are new. They are installed by landlords and homeowners alike. Both landlord and homeowners insurance premiums tend to be lower as a result. They are operated wirelessly via authorized users and can be used automatically once they are within proximity.

Virtual Real Estate

There is real estate being bought and sold in virtual worlds for real money. It is a bubble market. The price is dictated by itself and within itself. It is similar to bitcoin: the virtual landscape is imbued with value. This is a little different to other slices of virtual real estate. For instance, twitter accounts were often traded and sold in previous years. These are a kind of real estate, as people can “be” on your account’s page or feed. However, in more recent instances, virtual versions of real buildings and land – like the New York Stock Exchange – are being bought and sold for tens of thousands of dollars. Now, what exactly is their use? They are understood in some instances to simply be a collectible, which within that market has clout. Equally, certain virtual spaces may become more populated and more mainstream – similar to how the market favours bitcoin, as opposed to other cryptocurrency options – so the virtual plot or building could gain value should there be the demand for it. This is a new kind of real estate.

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