There are some people who would argue that technological developments are responsible for pushing the world forward into what it is today, as well as what it will be turning into in the future.
It all started with fire. Then the wheel. Agriculture. Society’s necessities such as clothing and housing and cooking. And so on.
Today, technology continues to evolve, making our lives easier and more convenient. Smartphones get smaller and have more features. Driverless cars are zooming onto our streets. And in the same way, technological trends are coming in to help the real estate industry.
Here are two exciting real estate tech developments to look forward to.
Virtual and Augmented Reality
The first tech development we’ll be taking a closer look at is virtual reality (VR) and augmented reality (AR). VR transports you to another world or setting while AR does the same but allows you to change and manipulate objects or your surroundings.
When people hear these terms, they usually think in the same vein as video games for instance.
Quite recently, some good virtual reality games have hit the market. These are great milestones and turning points for video games in general. It adds a new element where it feels like you are truly in the game.
These pieces of technology can be developed for real estate as well.
When prospective buyers are looking for a home, they usually look at the listings first and find a place and price they think is reasonable. Afterwards though, a whole lot of questions about the place pop in.
Does it have a garden? How big is kitchen? What does the bathroom look like? And so many more.
When VR and AR are fully and more easily developed, it can be made so that agents can show a simulated environment of the property to buyers. Through this, they can get a better look at the property that will allow them to visualize and make up their minds.
At the same time, AR will allow agents and buyers to place objects around the house. They can put pieces of furniture, curtains, appliances, and manipulate it to their liking. In this way, they can see how the house will look if they were to fix it up.
Real Estate Blockchains
Next up, let’s look at real estate blockchains. First, let us define what blockchain is.
Blockchain is actually a technology that was used for cryptocurrencies. This piece of technology is much like a digital ledger that records all the transactions that happen for certain things.
The good thing about this? First of all, the digital ledger is public. It is not hidden behind certain rules.
Next, this set up allows us to eliminate the need for someone from the bank to step in and record the transactions. It is essentially cutting out the middle man. In this way, certain legal fees are taken out altogether. It also means that things will move at a faster rate.
While these are only a couple of technological trends for real estate, we hope that this has excited you for the coming technologies that will change the way things work.