How Are New Technologies Affecting Real Estate?

The Internet has become a crucial part of our lives. It touches everything we do, and its importance in our lives has never been more significant. But, especially since COVID, most of the industries that relied on in-person communication had to integrate newer, faster, and more efficient ways to operate. The real estate industry is beginning to take advantage of technological advancements to transform how they communicate with their clients.

Everyone wants a smart home these days! Technology in real estate has the power to make our lives more convenient than it has ever been.

Smart home with Internet of Things (IoT)

The contemporary world is all about technology, and people are enthusiastic about buying internet-ready homes. Builders can now incorporate innovative technology, including automating many aspects of the household like automated curtains or operating hand-held devices with just a voice command.

Innovative technology is beginning to change how homeowners view property. Instead of just buying a house, people are now looking for internet-ready homes to make their lives convenient and hassle-free from day 1. In addition, IoT is slowly changing how buyers even search for property online; slowly shifting from the traditional searching methods to voice-driven applications embedded on their phones.

Virtual Reality (VR)

VR has been widely predominant in the gaming industry. It wasn't prevalent in the real estate industry as there was no large-scale use of it. Buyers preferred to see the property for themselves because they could, hence this technology wasn’t worth integrating. However, since the pandemic, things changed, and buyers could no longer inspect properties in person. This is when VR really took off in the real estate industry, providing potential buyers a way to safely view and inspect properties online.

Potential clients can now tour the property virtually from anywhere, at any time. VR offers a comprehensive and realistic experience to prospective buyers sometimes even before construction begins. Also, buyers can view multiple properties on the same day without physically visiting them, thus, saving a lot of time!

Building Information Modelling (BIM)

BIM is a highly resourceful technology offering property developers an opportunity to display pre-constructed properties as a 3D design. Buyers get to see the property and picture their new home before it's even constructed!

Another modern alternative to traditional staging is digital 3D furniture, which can be customized to match the clients' preferences. They can move the furniture around and see how it looks and feels as if it were ready. BIM allows clients to envision their new home and gives builders, agents, and property managers a way to keep homeowners connected to the progress.

Online Listing and Mobile Apps

Some clients still prefer a traditional touch when hunting for their new home and request in-person viewings. However, they like the ease of short-listing their choices from the comfort of their home. Mobile apps do just that for you. You can spend an hour and browse through multiple apps, check out various neighbourhoods and send enquiries to the listed agent. Finding a new home has become incredibly convenient, with new listings being instantly updated and available at your fingertips.

If you're currently looking for a new home, contact a member of the Suzy Goldstein Team today. Our experienced and friendly team will be happy to guide you in finding the right fit.