Real Estate has long held the reputation of resisting technological trends. But not anymore! With the booming proptech sector, innovations in software and hardware are shifting the way we buy and sell property.
1. Drones
Once the realm of big budget movies, aerial photography and video has become commonplace. Drone camera technology has enabled even the most modest marketing campaign to incorporate impressive visuals from the air. From neighbourhood flyovers, to highly accurate property photography, content from drones will be expected from buyers and sellers alike.
2. 5G
Mobile data anywhere is now expected. As 4G has become commonplace, the rollout of 5G mobile networks will raise consumer expectations and deliver new opportunities. With the work-anywhere nature of post-pandemic life, people will be less reliant on fixed line internet from ADSL or Cable providers, if there are 5G networks located near their location. This will change property demand to move away from big cities into well covered regional areas.
3. Big Data
With the rise of internet connectivity and the proliferation of smartphones, virtually everyone on the planet is interacting with databases on a daily basis, through social media, consuming content or browsing online. All of this data is being collected and as the saying goes, if the product is free, then you are the product. In fact, 90% of the data that we have was collected in the last two years. The remainder of human history is only 10% of the data that exists. This is BIG data.
But there is good news, as a Realtor you can use this data for your benefit. Advertising listings on social media and google gives you the ability to leverage big data and target audiences that are prime to sell or buy, in your area.
4. AI and Machine Learning
AI and Machine Learning is slowly moving from the realm of science fiction into our daily lives. One example is predictive text found in Gmail. As you type, Gmail gives you hints about what it thinks you’re going to say next, greatly improving your speed and accuracy.
So how do they do it? In 2003 the Federal Energy Regulatory Commission (FERC) released 1.6 million Enron emails into the public domain. Software engineers used this database to teach machines how humans communicate. Each time you agree to a suggestion from Gmail, or ignore it, this helps the machine learn and improve future predictions.
As a Realtor you won’t be replaced by a machine any time soon, so AI and Machine Learning will find its way into your professional lives in helpful ways like auto-suggestive text and task management.
5. Augmented reality
Virtual tours provide a fantastic way to experience a property without leaving your home. Augmented reality will take open home inspections to the next level, where buyers can experience the property with different furnishings or even finishes like tiles or carpet. Expect to see augmented reality feature in real estate listings to drive interest and demand for properties.
6. The Internet of Things
The future is connected. As a Realtor, the Internet of Things (IoT) will bring automation and efficiency to your professional life. No longer will you have to remember to find the keys to a property, an internet connected doorbell will automatically unlock the door when you arrive. HVAC systems, lighting and even robotic vacuum cleaners can be controlled remotely to prepare a property ahead of an open home, reducing the amount of time required to prepare.