The way we work is changing at an unprecedented rate. The real estate world is embracing the trends of the digital world, which include virtual and augmented reality and artificial intelligence (AI) data. All three of these are changing the way people buy and invest in property, making the process easier and less stressful. Today it’s crucial to be up to date on the latest and best among these technological advancements, which are designed to make you work smarter, save time, reach more satisfied conclusions and provide more accurate valuations.
Using latest technology helps to build your credibility as an investor in the industry as an optimal performer. It boosts your business brand as savvy and up-to-date as you embrace new technology trends. By learning and utilizing these advances sooner rather than later will give you at an advantage over your competitors.
AI or artificial intelligence (also known as machine learning), is being used to provide information about more accurate real estate leads for potential buyers that save time and narrow down information about their likes and dislikes. It sifts through initial inquiries that often don’t pan out and articulates the buyer’s real desires and meets needs while desire is at peak. AI thinks faster and more accurately than people do and provides better analytics that benefit the customer by tailoring listings to his or her particular desires while also giving the seller a competitive edge.
AI also uses analytics that look for specific options that appeal to individual buyers and can even predict what properties may go on the market in the future, as well as future rental trends. The approach of AI is to bring better information faster, giving an investor a head start toward being ready to act quickly on an attractive deal. Perhaps best of all, AI lends itself to more streamlined and user-friendly closings for all parties.
Virtual reality (VR) has real and immediate benefits in the real estate market by giving visual, relatable answers to questions about a listing either before or after an in-person real-time viewing. Questions like will your piano fit through the doorway, or how much glare does nighttime traffic produce through downstairs windows can be accurately answered without guesswork. Buyers can also put on 3D headsets which help assess ceiling height as well help to determine how well your furniture will fit in a particular room. The VR experience gives a panoramic experience to the virtual walkthrough of a potential new home.
A different kind of reality—augmented reality or AR—can allow a real estate agent/investor to show a prospective buyer an almost real-life replica of the house. Virtual reality, on the other hand, allows the buyer to experience the house to get a sense of what living in the house would feel like. A combination of VR and AR allows the prospective dweller to have an immersive “being inside” virtual viewing experience, which can easily involve rearranging furniture so you know what will go where before you move in. This allows buyers to quickly filter through possible homes, saving time for both parties in a real estate transaction.
Virtual reality opens up the whole world to prospective real estate investors and home buyers. Thanks to the internet, a buyer in Africa can view properties for investment or to live in on another continent without leaving the comfort of home. These are realities of technology available to us today. While investing in property will not be revolutionized overnight, it isn’t difficult to see how the technology that is here now can easily improve the buying and selling experience of tomorrow. This will only get better and better as technologies continue to evolve sooner than later.