BIM News

The housing market has been through some rough patches, but new gloomy clouds amass on the horizon. According to experts, we are poised to see another bubble relatively soon, a bubble that will shake the 200-trillion global behemoth. But, there is still room for optimism.

Technology drives innovation and paves the way for dynamic evolutions of the real estate sector. While some trends come and go fast, others hold staying, transformative power. They are a kind of a rising tide that can lift many boats. They streamline the property hunt, facilitate communication, refine the workflow, and improve efficiency across the board.  

Of course, it is vital to separate the fads from practices and tools that really add value. So, here are five tech-powered developments that must be on everyone’s radar.

Virtual reality breaks new ground

Virtual reality (VR) is nothing short of a game-changer. Already, the bulk of buyers search for properties online, but now they have a chance to immerse in realistic virtual showcases. These can be guided or interactive visits, both with unique features. Real-life visits are not rendered obsolete, but they are far from the only viable option. In fact, compared to VR, they are quite time-consuming.  

Apart from this exciting new opportunity, VR also enables virtual staging, whereas users digitally insert furniture and furnishings, usually in an empty property. Similarly, architectural visualization helps real estate pros apply 3D models to the exterior and interior projects. We expect these VR-propelled trends to gain traction in the following years.

New business communication

Business communication has undergone dramatic changes and real estate sector is no exception. The days when SMS and phone calls ruled supreme are numbered. In their place, we have apps and instant messaging platforms. Agents and clients can easily stay in touch with the latest changes in property prices and other key goings-on. But, there is one catch.

No amount of technological progress can replace the value of having direct contact with trusted experts. They know local real estate markets like the palm of their hand. A recent survey by LocalAgentFinder has found that Australians trust real estate agents on advice around property advertising more than property listing websites and for good reasons. Namely, working closely with a trusted buyer’s advocate in Sydney and other major cities can help prospective buyers mitigate the risk of purchasing the wrong investment property or paying too much for it.

Internet of Things engulfs the planet

The Internet of Things (IoT) is spreading around the households and offices across the globe. We can now monitor the premise in real-time to check key systems and Wi-Fi enabled appliances. It is even possible to manipulate the environment remotely, via dedicated apps, or with the help of voice commands, gestures, etc. Among other things, this breeds predictive maintenance and early warning systems.

Furthermore, we have witnessed interconnectivity, machine learning, and artificial intelligence (AI) systems leading to greater energy efficiency. A smart water heater, for example, learns daily patterns and optimizes them for minimum waste. Apart from sustainability, IoT also boosts comfort, safety, security, and sheer enjoyment of the living space.

Online investing and financing

Thanks to advancements like those in the IoT field, a vast ocean of data lies at our fingertips. We can make educated decisions from the comfort of our homes. So, it comes as no surprise that crowdsourcing and online platforms are on the rise. Companies like Wealth Stake are heralds ushering a new era in real estate investing.

Not only that, but the financing options for clients and aspiring homeowners are changing. Some real estate companies already offer complete online mortgages. Online calculators provide accurate estimates of how much money and down payment has to be prepared. There is no need to waste time on paperwork or risk with back-of-the-envelope calculations.

Blockchain revolution in the making

The distributed ledger technology, although still in infancy, is making big waves across industries. Its inception was closely linked to cryptocurrencies, but its decentralized framework can be applied to real estate as well. The potential is just immense. If it was to become an industry standard, blockchain would dramatically reduce fraud and supply all players with much more actionable data.

What is more, this revolutionary technology can take transparency and cybersecurity to the next level. Data distributed via blockchain cannot be tampered with because a bunch of different nodes is involved in the process of verifying it. Finally, smart contracts can be used to enforce agreements and impartially govern transaction processes. And rest assured, that is just the beginning.

Technology improves the real estate industry, but our everyday life as well. It lessens the burden of homeownership, to whatever ends we pursue. From virtually touring properties to letting robots do your bidding around the household, there is no shortage of amazing tech applications to explore. We all stand to benefit, albeit some (tech-savvy and forward-thinking) more than others. So, it is high time to embrace the future, which is already upon us.