Emerging technologies like on-demand apps and artificial intelligence have dramatically changed many industries. The real estate sector is not exempt from these changes, most of which provide benefits to professionals and customers. Due to complicated compliance requirements, highly regulated industries like real estate may be slower to adopt cutting edge technology. However, with unprecedented innovations on the horizon, the real estate industry stands to realize several advantages in the not-too-distant future.
Blockchain Adds Efficiency to Real Estate Transactions
Most people are familiar with blockchain technology’s role in facilitating the rise of cryptocurrencies. However, it also has the potential to improve key processes in the real estate industry.
Blockchain is essentially a public ledger that securely records transaction data in real-time. Because the blockchain is dispersed across a network of computers, the information it stores is not kept in a single central digital location, providing an inherent guard against fraud. It’s like having thousands of people witness all transactions to ensure they are fair for everyone involved.
In real estate, blockchain is valuable because it allows for more efficient transactions and property transfers via smart contracts.
Buying property of any kind is a complicated process with many steps. Buying a home requires you to get a credit check, fill out countless forms, and so on. Ensuring all work complies with regulations takes time. With a blockchain ledger, a smart contract can automatically track when certain of these requirements have been met, allowing the transaction run much more smoothly without constant intermediation.
The Cloud Also Simplifies Major Steps in a Real Estate Deal
The cloud is another technology that reduces the time involved in transferring property from one party to another by providing an efficient, easy-to-access storage solution for major documents and data. This remote database allows all parties involved in the transaction to access forms as soon as they’re signed, review data as soon as it’s available, and more. Furthermore, cloud computing arrays allow individual users to leverage massive computational power from simple interfaces that work inside common web browers. Blockchain ledgers also rely on cloud technologies.
Virtual Reality Offers an Immersive Experience
Statistics indicate that nearly half of all home buyers search for houses online first, potentially limiting a realtor’s ability to really show off a property and give potential buyers a real sense of immersion in the space.
With virtual reality solutions, home buyers can tour a house before actually visiting it. Realtors who adopt VR solutions early on will be more likely to attract buyers to their properties. A virtual reality experience is simply more immersive and dynamic than the experience of browsing pictures of a home on a computer.
These are just a few ways the real estate sector can benefit from recent innovations. By embracing these developments, professionals in the industry will better serve their clients and streamline many key tasks. That’s good for everyone.