As we all know, technology has become a significant part of our everyday lives, giving us capabilities that we would never have thought possible before. In short, technology has provided us with a new approach to both our personal and professional lives. Because of the heavy influence that technology has, industries around the world use a variety of technologies to help improve their overall company success. One industry that is beginning to implement more technology in their services is real estate.
While we have seen significant advances and innovation in technology in recent years, it has only recently begun influencing and shaping the future of real estate and has the potential to have an impact on a notoriously large market. According to Forbes, real estate is considered to be the largest commodity around the world, at $217 trillion valuations, making it a vital area for technology to enter. Knowing the expansive worth of real estate, how can professionals begin to incorporate some of today’s biggest technology advances?
An aspect of technology that is taking on a large role in real estate is virtual reality, and it sees rapid growth across the nation. Those who are looking to purchase a home are now able to use virtual reality to take virtual property tours in a new way. Unlike photos, which only show still shots, virtual reality gives the viewer a more realistic, 3D tour. Not only does virtual reality increase the number of people who can see a house on sale, but it can also help streamline the process of purchasing a home. Virtual reality is expanding the way that homebuyers can view a home, without having to visit the home each time.
By now, most people have likely heard about the cloud, and have a general understanding of what it is. What they may not know, is that the cloud is quickly expanding to new industries, including real estate. With purchasing or selling a home is a long and often difficult process, the cloud can store all of the information and paperwork that is needed, keeping everything in one spot. This not only keeps both the seller and buyer organized, but it can also make the process much quicker.
Like most industries and companies, real estate has started creating mobile apps that users can download. Through the apps, homebuyers can explore all of the listings in their area on their cell phone. Additionally, users can make adjustments to their search criteria, to help them find a home that is tailored to their needs.
While we quickly see more innovative uses of technology within real estate, the industry as a whole is still catching up a bit. With that being said, it will not be too long before we begin to see significant advances in real estate technology.
About The Author
Jack Nourafshan is a distinguished real estate development professional and entrepreneur in Los Angeles, California. He is the President of Reliable Properties, a real estate acquisition, development and management company in the Los Angeles area. Jack has over 30 years of professional experience that has made him known as a leader in the industry. Jack Nourafshan started a blog on entrepreneurship to share his insight and experiences for aspiring entrepreneurs.