We are captives to technological innovations. How we live our lives are immensely modified by the latest in technology, some greater than others. But regardless of the impact, we know that these technological trends are there to connect people, shape our communities, make our lives better, and revolutionize the world one innovation at a time.
Among the industries impacted by technology is real estate. We don’t just build houses anymore, we build smart homes. Potential buyers are toured virtually and realtors stay ahead of the competition with the use of big data. These innovations are revolutionizing the real estate industry and both buyers and sellers are realizing just how these technologies will future-proof the industry as we know it.
Here are some current and emerging trends in real estate that you have to look out for:
Real Experience with Virtual Tours
Technology has allowed realtors and developers to reach out to prospective buyers wherever they are. If it is physically impossible to tour clients, they can produce virtual tours and still show every corner of the property. Virtual reality offers some of the most exciting real estate trends as developers and architectural firms explore its many wonders. Through augmented reality, clients can actually walk around their prospective home with just a headset.
Rise of Smart Homes
Smart homes are fast becoming mainstream as more and more home buyers are acknowledging the benefits of living in one. A survey by Coldwell Banker Real Estate showed that 45% of American homeowners own smart home technology or plan to invest in it. Further, 70% of people currently enjoying the benefits of smart home technology said they are more likely to invest in more smart home products.
Home automation, the technology that allows you to control your home security and energy consumption remotely, is a popular trend. Smart homes also feature different things around the house that can communicate to one another such as a coffee machine that automatically makes coffee once the alarm clock rings. This is often called the Internet of Things, which simply means a giant network of connected things. In the future, anything that can be connected will be connected—people to devices and devices to other devices.
There is also Lumiventt Design Technology that was made for high-rise structures. Vertical developments such as condominiums use this technology to allow natural light and air to flow through a building. The structure features openings at the back and front of every five floor levels to allow cross-ventilation as well as improve the aesthetics of the building.
Beacons as Next-Generation Realtors
The traditional process normally starts with a buyer going through ads on the Internet or on newspapers, contacting the realtor, scheduling a trip, and then the actual tour of the property for sale. Not everyone has time for that.
With beacon technology, the “for sale” sign is revolutionized. The signage now comes with microchips and transmitters that can detect buyers using an app. It allows potential buyers to see the particulars of the property even without setting an appointment and in return, realtors are fed with personal information of the prospective buyer. In short, these beacons are the next-generation realtors that can give unmanned open houses and tours. If realtors don’t level-up and use beacons to their advantage, they are preparing themselves to lose.
View from the Top
Among the main concerns when buying a house is the neighborhood or community. Is it safe? Is it in a great location? Now, developers can provide all these information with breathtaking aerial images to go with them.
Drones or unmanned aerial vehicles are now being used to market home listings. Drone shots provide customers with an overview of the property and its surrounding areas and amenities. Is it near public transportation? Is it near offices?
For the developers, drone images and videos can be used to provide risk analysis and costs associated with buildings. They can also be great marketing materials.
Power of Data
In a highly-competitive industry, data is everything. After clients view listings, realtors can get information from them and can therefore tailor-fit their advertising. If the client is an on-the-go type of professional, the realtor can harp about the location and the property’s proximity to areas of interest in the metropolis.
Big data is also revolutionizing the real estate industry by anticipating the buyer’s next move and enabling realtors to directly cater to the client’s requirements. Big data makes predictive analytics to evaluate previous transaction patterns and demographics. If the prospective buyer has growing kids, the realtor can capitalize on a property’s expansion capacities, future-proof qualities, multiple rooms, and other child-friendly features.
Building Smart Cities
Even cities and communities are now smarter. People see the value in living in a smart city because that truly is the way to go and smart homes in smart cities sell faster at a higher value. This is why developers are making subdivisions and complexes smarter. Street lights use sensors that only turn on when someone passes by. Trash is recycled. There are walkways and bike paths to encourage people to leave their cars, reduce emission, and be healthier. Smart cities are efficient and use engineering concepts that balance development with environmental impact.
Existing and emerging technological trends in real estate are bound to make the industry more efficient and more competitive. There is no escaping these innovations. Clients are expecting and demanding developers to ride the technological wave as we strive to make homes and cities smarter, more connected, and future-ready.