New technologies can potentially make significant changes in the traditional ways of buying, selling, and renting properties. The increasing popularity of next-generation services such as digital assistants, social media, and artificial intelligence (AI) is rapidly changing how people interact with real estate agents, landlords, and homebuyers. It’s no longer just about having a property: it’s about having an experience that matches your lifestyle through technology integration.
Changes the real estate agent’s� roles
As new technologies continue to emerge and disrupt our daily lives, they�significantly change the real estate market. As a result, the role of a real estate agent is becoming outdated, and they will have to adapt to stay relevant in this rapidly evolving industry.
Many new technologies are affecting the real estate market:
- Artificial intelligence (AI) has been used for years, but there are new developments that make it more effective than ever before;
- Blockchain technology introduces a decentralized database system where you can store information on multiple computers instead of just one centralized location;
- Internet of Things (IoT) refers to devices that connect through the internet or smartphone apps;
Augmented and virtual reality
Augmented reality integrates digital information with a user’s environment in real time. It is the live direct or indirect view of a physical, real-world environment whose elements are augmented by computer-generated sensory input such as sound, video, graphics, or GPS data. It is related to two emerging technologies: augmented virtuality and mixed reality. Virtual reality (VR), sometimes referred to as immersive multimedia, is an interactive computer technology that replicates an environment. Using VR devices, objects can be naturally interacted with using one’s hands and body.
Virtual reality also refers to remote communication environments which provide a virtual presence of users through telepresence. And the existence or the use of a robotic device as well as avatars instead of direct human interaction. These technologies do not share commonality with virtual space but are often grouped under the term ‘virtual’ due to their utilization of many similar components.
New technologies can potentially make significant changes in the traditional ways of buying, selling, and renting properties.
The real estate market is ripe for change. New technologies can potentially make significant changes in the traditional ways of buying, selling, and renting properties. Real estate agents must adapt to these changes or risk being left behind by their competitors. The industry will have no choice but to adapt as well.
The technology that has had the most impact on real estate is undoubtedly online property listings. Sites like Zillow and Redfin, allow buyers and sellers to find properties from anywhere at any time with just a couple of clicks on their computer or smartphone screens. Other technological advancements, such as virtual tours, have made it easier for buyers and sellers when searching for homes online. Now, you need an internet connection!
Since real estate transactions are people’s most significant, it’s essential to keep up with technological developments. And understand how they can change how people do business.