The real estate industry remained relatively low-tech for an impressive amount of time, relying on regional MLS databases, Yellow Page ads, and “For Sale” yard signs to facilitate transactions.
But, like many industries before it, real estate is experiencing a tech revolution, accelerated by new online platforms and emerging technologies.
If you find yourself conflicted about what that means as a consumer or practitioner, hopefully, this article puts you at ease. Here’s why you should join the techie real estate revolution.
It Puts the Consumer First
At its best, real estate tech can elevate the consumer experience and offset some of the industry’s worst tendencies: gatekeeping, impenetrability, and exclusivity.
In an interview with Superb Crew, Nobul CEO Regan McGee talks about the techie real estate revolution. “Incidentally, technological advancements are beginning to gain real traction in a stalwart industry that was initially skeptical,” he explains. He notes that his real estate technology platform “brings choice, accountability, and transparency to an industry that has – for decades – been widely regarded by homebuyers as opaque and challenging.”
By focusing on “empowerment for homebuyers,” his company, which leverages AI-powered algorithms to vet agents for consumers, “facilitates (s) homebuyers’ ability to choose the agent best suited to their needs.”
It Opens Doors to New Investors
Real estate tech has the power to make real estate more accessible for both remote buyers and small-time investors.
According to Deloitte, blockchain technology is “enabling the democratization of real estate property listings” by offering people “easy and transparent access to information such as property ownership, age, location, and address, as well as comparing prices for similar properties in the area.” This opens doors to remote buyers who want an overhead view of the real estate landscape before they purchase.
Blockchain also enables fractional ownership, allowing investors to buy a single share of a property rather than the entire thing. This opens the doors to small-time investors traditionally priced out of the real estate by large down payments and unprocurable bank loans.
It Doesn’t Replace Practitioners – It Elevates Them
In the Superb Crew interview mentioned above, McGee tackled the proverbial elephant in the room: the fear among some real estate agents that tech will someday replace them. “I see technological advancements like Nobul and in other areas as being tools for real estate agents,” he offers. “I don’t think agents will ever be replaced by technology, which is a concern for some in the industry. Buyers will continue to want big, personal decisions to be facilitated by professional, knowledgeable, and most importantly effective agents.”
It Makes the Homebuying Experience More Engaging
Beyond empowering the consumer, democratizing the process, and elevating real estate agents, technology just makes things more fun.
Case in point: the growing trend toward VR home showings. Virtual reality is an expedient way to bring properties to consumers, rather than requiring prospective buyers to do numerous physical walkthroughs. Moreover, it’s an effective engagement tool – an exciting advancement in tech that gets people invested in the buying process.
Blockchain technology, real estate digital marketplaces and VR are making real estate better for everyone. At this crucial juncture in the industry’s history, you can either fight against the techie real estate revolution or join it. Your best bet is the latter!