Real estate tech disruption is happening — and it’s helping to both speed up the sales process and provide relief to listing agents through automation and innovation.
The Internet of Things (IoT) uses a connected network of sensors and smart devices to revolutionize the real estate experience. Recently, this tech-focused approach to buying and selling has come in handy due to the contactless nature of 3D tours and online transactions.
This may be why, in spite of an international pandemic, markets across the U.S. have seen an uptick in property demand. Here are some of the ways IoT is advancing real estate today.
1. Smart contracts
One of the biggest challenges of the selling process is the paperwork required. Transferring ownership is a very lengthy process, but it can be sped up by using blockchain technology to make payments and sign contracts.
2. Aerial drone footage
A bird’s eye view is becoming an especially popular way to view property online. Drone footage allows us to take 3D tours of properties to examine every inch of a potential purchase. You can even take a tour of the surrounding neighborhood on virtual foot thanks to this drone technology.
3. Advanced apps
Real estate apps are getting smarter and more user friendly. Now, buyers can browse available properties through the palm of their hands. Also, rather than tracking down a real estate agent and reaching out to see if they’re available, potential buyers or sellers can be assigned an agent on the app in seconds.
4. Artificial intelligence
AI is helping take some of the busy work off agents plate while improving search for the user. Trulia uses an algorithm to identify a user’s preference and show them relevant properties each time they sign on. Computer vision comes in handy here to look at the types of floors and construction materials used and show users properties with similar features.
5. Virtual home staging
Virtual home staging allows graphic designers to expertly dress up a room using computer software. Features such as lighting, furniture, art and rugs can be added with just a few clicks of a button.
This lets sellers display highly realistic photographs of their homes showcased at their best, accessible from any smart phone or Internet connected device. It’s also up to 90% cheaper than traditional home staging methods.
To learn more about virtual home staging and other IoT tech trends in real estate, check out this visual from The Zebra below!