0

How technology is influencing the real estate industry

The Internet-of-Things

The idea of connecting smart home technology is seeing more progress since larger corporations like Google and Amazon have gotten into the fray.  Now that they are pushing forward, 2017 should bring “The Internet-of-Things” (IoT  for short) into the homes of many Americans.  Soon, asking the air for a weather report, shipping confirmation, or to turn on the lights in another room will be commonplace. How will this impact real estate? This is another advancement in how consumers find the information they need.  Certainly, there will come a point where home search enters this realm as well.  The practice of consumers going online and pecking their way to their perfect home might be replaced with something more sophisticated.

Augmented Reality and Virtual Reality

Pokémon Go launched this year using Augmented Reality (AR) and it was a huge phenomenon.  A year ago, the New York Times and Google shipped a million disposable virtual reality headsets to their subscribers so they could view content using Virtual Reality (VR).  While there’s been some movement in 2016, next year these technologies will progress. How will this impact real estate?Soon, home tours will be conducted virtually.  While this trend has already started with sites like YouVisit, virtual reality home tours will be available without gear or special equipment.  Google has started down this path with an instant street view.  You can tour a street by simply moving your cursor. In the future, consumers will tour homes the same way.

Machine Learning

We spoke of machine learning at length a previous blog entitled Artificial Intelligence Real Estate: Today, Tomorrow and the Future.  Machine learning has already impacted consumer behavior by offering better-recommended products online to creating better search results through Google.  This type of technology will become more mainstream in 2017 and further raise consumer expectations about personal online experiences. How will this impact real estate? Real estate search will continue to try and catch up with the search experiences in other industries, mainly consumer products and media.   Today, the search experience on many real estate sites is cumbersome.  Consumers must enter and re-enter several fields to start their search, and the homes are based on a finite set of data.  Future real estate search will put the consumer in the center of the conversation, rather than the property.  Sites will understand each unique consumer and make recommendations based on preferences that go beyond beds, baths, and price range.    Similar to experiences on sites like Netflix, Spotify, and Amazon, real estate search will be more custom and consumer-friendly than ever before.

Automation

More tasks that require the human touch today will be automated in the coming year.  There have been some strides in automated content creation, including with ATTOM Data’s own AddressReport, and that trend will continue.  Automation will make individuals more productive and efficient than ever before. How will this impact real estate? 91% of realtors use social media in some form today to help promote their business.   10% have a blog and 62% have a personal website, per the National Association of REALTORS.  This all adds up to a lot of content creation.  The more this gets automated, the more efficient real estate agents will become.  Agents will be able to spend more time showing homes and less time creating marketing materials that get them noticed.

Humanizing Big Data

Big data has been a hot topic in technology the last few years.  From driving business decisions to creating better consumer experiences, big data can have a lot of influence on your business.  But because of its quantitative foundation, it can often be overwhelming, confusing, or unclear how best to use it. Technology advancement will start to overcome this challenge in 2017 by humanizing big data and making it easier to understand, digest, and react. How will this impact real estate?Residential real estate has been using big data to target likely buyers for a few years now.  Next year, big data in real estate may take an even more active role.   For those realtors using social media to target, that intelligence should get even more robust and easy to use.  This might also expand to areas outside social media.  Data is accessible today, but as big data companies make this data easier to use and digest, big data will become a real asset in making the right decisions for your real estate business.

pradeep

Leave a Reply

Your email address will not be published. Required fields are marked *