The real estate industry has never been static, but things have changed here more than normal on several fronts. The skyrocketing cost of housing is not the only major difference.
As technology evolves, disruptors are leveraging platforms to help people make more informed purchasing decisions. They’re also removing pain points along the journey, so buying a home doesn’t have to be a murky, slow, and excruciating process.
Let’s check out some of the technology in today’s real estate market.
Prop-Tech
Innovators like Regan McGee have made open digital marketplaces where homebuyers, especially millennials, can enjoy transparent data working for them. Compare qualified and verified local real estate agents based on their pricing, service, reputation, and experience level. Then, pick the agent who works best for you.
On a platform where agents vie with each other for your business, prospective homebuyers get further incentives like cashback or improved services, which are likely to be very appreciated given housing costs. As McGee explained to Toronto Life, “People think buying and selling real estate is complicated, but that’s a way for agents to justify their fees.”
Prop tech helps people entering the housing market for the first time learn what questions to ask so they don’t find out hard lessons after it’s too late. Homebuying doesn’t have to be a nerve-wracking, drawn-out process if you rely on today’s leading technological support.
Virtual Reality and Augmented Reality
While the development of virtual reality tech predates the COVID-19 pandemic, the need for remotely viewing property was only made more acute. Pictures and even videos of the property up for sale don’t give prospective buyers granular control over what they’re viewing.
Exploring a property using virtual reality lets you delve deeper into the home itself. Imagine looking at a picture of a home and wondering what’s around a certain corner you can’t see. Virtual reality lets you step inside the pictures and even the video and roam freely.
Facebook, now known as Meta, has people spending fortunes buying a virtual property you can’t actually live inside.
Short-Term Renting
Airbnb was originally meant to allow homeowners to rent out their space while they were away on vacation or for whatever other reason. In the years since, people have purchased property for the sole purpose of renting it out short-term on Airbnb.
Such practices have driven up the cost of living, and not every community is supportive. Local battles between long-time community members who resent living in ghost towns and short-term landlords who aren’t breaking any laws are increasingly common.
Each jurisdiction responds differently, but technology has created possibilities that didn’t exist even a few years ago, and that is definitely something to watch.
Technology has evolved so much in the past decade or so that it’s hard to think of a sector it hasn’t affected. From prop-tech platforms, developments in augmented and virtual reality, and apps that increase your property’s value, real estate is presently different than ever. In a way, the future of real estate is now.
