Technological advances are transforming every industry. Although real estate is currently behind the curve, there’s no escaping the fact that certain technologies will become more prevalent in the near future.
There will, of course, be an adjustment period. But there is definite potential for some of these advancements to positively impact the real estate industry as we know it.
Construction and Development
When a property is being built or remodeled, it’s crucial for architects, engineers, the construction team, and various other professionals to be on the same page. Miscommunications lead to delays, which only causes frustration and wasted dollars. Collaborative virtual reality is a new initiative, but it’s showing enough promise that some professionals believe VR meetings will be the norm.
According to a survey from 2017, 77% of Americans would enjoy taking virtual tours of a property before visiting in-person. Even without stepping foot in the property, virtual reality would give potential buyers the opportunity to “walk through” the home. This would eliminate scheduling conflicts because interested parties could guide themselves through the home at their own pace.
VR tours could also be useful for homeowners or investors who are buying property across the country, or across the world. Instead of taking a flight to see properties that aren’t worth the trip, they could see units from the comfort of their regular geographic location.
In addition to virtual reality, the real estate industry could also benefit from the use of augmented reality.
Showing a Property in its Best Light
In every area, there are fixer-uppers with potential, but it’s sometimes difficult for potential buyers to picture the end result. This is where augmented reality comes into play. It tells a story about what the property can look like with a little time and TLC. Not everyone can picture new design when being told verbally, but a virtual tour would show exactly what the space could be.
Taking it a step further, augmented reality could eventually minimize the need to stage houses. By designing the space on a screen, it can be tailored for each individual buyer. A young couple with hopes of a family? They can see the spare bedroom as a nursery. A bachelor with a love of sports? He can see the space with big screen TVs, gaming systems and a comfy recliner.
Millennials and Generation Z are more tech-savvy than previous generations, and they almost expect certain technological conveniences. Even older generations are becoming accustomed to new ways of conducting business. We’ve even seen this in the use of e-signatures for paperwork and the ability for homeowners to upload important documents online instead of delivering paper versions.
Most big changes won’t happen overnight, but being on the cutting edge of technology is the best way for real estate professionals to stay relevant in the industry.