What tech is reshaping real estate?

September 18, 2018

Real estate professionals would be wise to keep a close eye on emerging trends in the industry's use of tech, because it could unlock key opportunities for landing more clients. While that might require plenty of independent research, a quick overview of what technology is becoming more important - and why - can help set agents on the right course for success.

Maybe the single biggest aspect of tech that is putting real estate on a new course is reliance on the cloud, according to the Forbes Technology Council. Thanks to the number of tech options that now live largely online, agents may have a lot more in the way of flexibility to reshape the ways in which agents do their jobs.

For instance, there are many aspects of the real estate sales process that had to be conducted in person for decades, but which can now be handled electronically through various platforms. That added innovation gives agents, buyers and sellers alike the chance to more quickly and easily navigate a sale and come out the other side with fewer issues overall.

What about the blockchain?
Meanwhile, many agents have likely seen news about the emergence of the blockchain, which is a relatively new concept that can have strong applications in real estate specifically. Using blockchain to handle all sorts of information typically tapped in the sales process can be more secure, transparent and efficient than other types of computing.

And while some wonder whether the real estate sector as a whole is fully prepared for adopting this technology, agents can do a bit of research themselves to determine the best way to hit the ground running if - or perhaps when - it becomes an industry norm.

Mastering AI
Artificial intelligence is a little more established than the blockchain and quickly moving toward having nearly the same kind of ubiquity as the cloud, but many agents may not realize its full potential, according to RISmedia. AI has a number of practical applications that can make agents' lives easier, but perhaps the easiest to understand is the ways in which it can more quickly interpret data.

For instance, some AI platforms can be used to take huge spreadsheets with lots of jumbled contact information and quickly and easy collate everything so that it's easier for agents to use. Others can be installed on agency websites to quickly "chat" with visitors and determine how their interest in real estate services can be best directed, such as collecting contact information and forwarding it to an agent in real time.

Certainly there are many more tech options now emerging within the real estate industry that agents will have to keep an eye on, but generally speaking they might want to focus on the things that can most directly make their jobs - or their clients' home searches - a little easier. Having a working understanding of what is now emerging can help inform better future investment decisions.