Real estate is booming right now with higher home prices than we’ve seen in over a decade and advancements in technology. In this article, we discuss current trends and innovations in real estate that are leading to this boom and some of the technology we are most excited about.
1. Property Technology
Since 2015, Property Technology or Proptech has grown by over 1000%. Simply put, proptech is the usage of technology and software to assist in today’s real estate needs. And its application can be seen throughout the real estate industry, from manufacturing to paperwork and everything in between. For some, proptech’s value lies in making transactions faster and more convenient. But, for others creating value with proptech means developing and selling digital real estate utilizing blockchain technologies.
Proptech is helping homes be built faster than ever and removing barriers for investment opportunities.
2. Real Estate Investing for Everyone
Tokenization and blockchain have revolutionized real estate investing. It’sIt’s no longer just for those with deep pockets. Instead, DAOs (Decentralized Autonomous Organizations) make it possible for anyone to invest in almost any amount. Companies like Uniswap, Maker, and BitDAO are pioneering the way for “the little guy” by gathering and leading entire communities of investors into this new world. Uniswap alone has a market capitalization of $9.94B.
3. 3D Virtual Tours
Millennials are currently the largest demographic of home buyers right now. And, because they grew up with technology, they are more comfortable than previous generations at using it. So, companies are beginning to accommodate their market need with advancements in 3D home tours. Nearly 40% of millennials are comfortable purchasing a home online, and 59% are confident in making an offer on a house or property after they’ve only toured through it digitally.
This is excellent news for real estate companies and home sellers because it eliminates physical barriers and increases the market for how many people can see their homes by being virtually worldwide.
4. The Expansion of Artificial Intelligence (AI)
The role of AI in buying, selling, building, and even living in homes continues to expand. Transactions are being made simpler through optical character recognition technology. Forecasting is becoming more and more accurate. Large amounts of data help buyers and investors find their perfect properties. Because of AI, real estate agents and companies like Zillow make better connections and sell more homes.
5. The Rise of Digital Twins
This may sound like a title to a futuristic movie where robots take over our lives–but what digital twin refers to is a 3D digital model of something in the real world. For example, construction companies can use digital twin technology to help them explore weak spots, potential problems in building, and predict when repairs are necessary. Digital twins also help those looking to buy property by showing them the space and areas around the building. This isn’t just a flat picture on a screen; these are interactive guides enabling us to truly explore what a house or commercial real estate building is like inside and out.
Of course, these are just a few of the current trends and innovations in real estate. As potential buyers and sellers become more engrossed in technology, we’re excited to see just how far these innovations will go.
Image Considerations:
