These Are the Technologies Transforming the Real Estate Industry

In just a few decades, technology has transformed the real estate industry, empowering all types of people interacting with the sector. Homebuyers, investors, and even builders utilize technology in exciting ways to improve efficiency and make educated choices. 

Let's look at some of the technologies impacting the housing market:

#1 Nobul

If you've explored the housing market in the last few years, you know that "for sale" signs and printed listings in newspapers and newsletters are passé. Digital technology has made it easier for homebuyers to link up with real estate agents and homebuyers instantly. They've also made the house-hunting process simpler by offering users quick access to essential information about properties:

• Square footage

• Rooms

• Location

• Crime rates

• Amenities

• Local facilities

However, ambiguity still plagues the real estate sector. Many real estate agents who don't have their clients' best interests at heart thrive on this murkiness by misleading buyers and sellers to quickly secure their sizable cuts. 

Although homebuyers have access to more data nowadays, they still want to connect with a trustworthy and reliable professional who can guide them through the process. This is where the advanced online real estate platform Nobul comes in. The brainchild of real estate innovator Regan McGee, Nobul disrupts the status quo by putting clients in charge of their homebuying or home selling journey.

This advanced marketplace allows users to check an agent's reviews, experience, purchases, closure rates, and cash back incentives. It is a sophisticated system that analyzes millions of transactions and reviews and verifies the data.

Nobul is also the only marketplace that allows clients to select from a list of verified agents with no strings attached. Clients don't have to share sensitive information until they're ready, and agents compete for this business. 

Using Nobul has become one of the best ways to avoid real estate agents that engage in anti-competitive behavior. 

#2 Deep Learning

Deep Learning is an advanced subset of machine learning that leverages artificial neural networks to extract actionable knowledge from Big Data. This knowledge, such as trends and patterns in complex unsupervised real estate data, is helping real estate investors be more proactive, like locating potentially lucrative investment properties or zeroing in on rental properties where tenants are likely to end contracts. 

Leaders in the real estate industry like Regan McGee are excited about the sector finally using data science to its advantage. 

"The real estate industry is awash in data, yet we as a sector have not really embraced the tools available to leverage that flood of information," he shared in an interview with Digital Connect Mag. "But, when the real estate market really started to heat up last year, we as an industry finally started to see the light and embrace the benefits that data analytics have to offer."

#3 AI-Powered Chatbots

Chatbots are programs that simulate human speech to engage with users on the Internet, such as homebuyers. Although AI-powered chatbots are certainly not sentient, they can be convincing, putting people who would rather chat with an AI than a human being at ease. Additionally, these chatbots can help users find their dream homes by analyzing their preferences and cross-referencing them with a list of available properties.

AI-powered chatbots can ease some financial anxiety amongst shoppers too. They can crunch a user's data to help them prequalify for homes - a critical initial step in the homebuying journey.

#4 Blockchain-based Contracts

You probably know blockchain as the technology that helps maintain the integrity of cryptocurrency. But blockchain can be similarly applied to other assets, like real estate. 

In layman's terms, blockchain works by maintaining copies of data across a chain of peer-to-peer networks. Any modifications are relayed throughout the entire network. It's almost impossible for threat actors to hack a mature blockchain because they would have to control at least 51% before opening a fork of corruption.

The real estate sector has taken advantage of blockchain's almost immutable nature to offer industry players access to smart contracts based on blockchain networks. In an industry where contracts can be corrupted or misplaced, smart contracts provide more security and transparency. 

#5 Smartphones

You probably don't picture smartphones when you think of advancements in real estate technology, but these powerful little devices have quietly played an essential supporting role by empowering billions of people. 

According to Pew Research Center - 85% of Americans own a smartphone. Here is how many of them are using these multifunctional pocket computers to interact with the real estate industry:

• Virtual Reality (VR): People view real estate properties from the comfort of their homes and offices to buy properties unseen with VR technology. Not all VR users have special VR headsets. Instead, they convert their smartphones into VR devices.

• Augmented Reality (AR): Real estate companies use AR technology on smartphones for virtual showings, design staging, mockups, and customer service. Homebuyers and realtors virtually try out furniture in new properties with mobile AR technology too. 

• QR codes: A subsidiary of Toyota Motors invented QR technology to help track parts over 25 years ago. But the technology really took off in the last decade with rising smartphone market penetration. Users can quickly scan QR codes with their modern smartphones from websites, online marketplaces, billboards, magazines, and emails to visit property pages online. 

• Apps: Millennials looking for properties don't have to dust off their laptops or desktops when they can look for properties while on the go through apps on their mobile phones. 

#6 3D Printing

Not every property investor enjoys using VR or its cousin AR. Some businesspeople are traditional and avoid gadgets, while others suffer headaches and nausea when using such tools. However, builders have still found a way to leverage technology to inform investors. 

Highly detailed 3D models can help investors visualize upcoming properties. Investors don't even have to drive to a builder's office to examine the models. With 3D printing technology, they can print the models at their own offices. 

3D printing also helps builders print sophisticated parts in their offices that assist with construction and design. They only need the materials, blueprints, and industry-level 3D printers. 

Technology is optimizing the real estate industry in fascinating ways. Looking for homes, buying them, and engaging in secure transactions is much easier because of powerful hardware, software, and the innovators working behind the scenes.