Like all industries, the real estate industry is evolving due to the prevalence of new technologies and the changing ways that people communicate, do business and live their everyday life. Although there are traditional aspects of real estate that will likely never be fully replaced (viewing properties in person, meeting your real estate agent face-to-face, physically moving home), technology is helpingpeople streamline processes, conduct research and interact with properties. Here are some of the biggest ways technology is impacting the real estate industry in 2017.
Virtual reality is a trending topic right now, and although the technology is still emerging, we are seeing the application of it in the real estate industry already. By using 3D modeling cameras, entire 360 views of properties can be captured and people can now virtually walk-thru a property without actually being present. This experiential way of remotely viewing properties can help buyers narrow down their short-list of properties without actually physically being present, and can help investors scope properties from afar. Drone photography, interactive signage and VR goggles are all recent technological advances in virtual reality.
Artificial intelligence (AI) impacts real estate from the minute someone does a search on a particular property or market online. Essentially AI is when a computer can do things that humans require intelligence to do. Machine learning tools use algorithms to sift through the internet to populate information and results specific to the user behind the search. Chatbots are used on real estate websites via live chat to answer questions automatically, and voice recognition tools like Alexa and Amazon echo can interpret human voice and deliver on requests. Your fridge will be automatically ordering and restocking food in the not so distant future us AI technologies!
As of 2016, a quarter of all homes in the United States had at least one smart home product. Products such as smart lighting, smart thermostats, home theater systems, home security and safety systems and voice activated devices are becoming more common in households. Homes with smart technologies are in demand with greater resale values and fewer days on market. Although these type of technologies are more popular with millennial buyers and homeowners, 81 percent of buyers indicated they would be more likely to buy a home if smart products were already installed.
Green Building Technologies
Green technologies in households from building materials to energy efficient appliances are becoming the norm in new building construction. Everything from drywall, to windows, to flooring and paint can be selected to furnish homes in an environmentally friendly and energy efficient way. Green homes utilizing the latest in green technologies are becoming in demand, and there is an increase of new construction using low emissions, energy efficient buildings and design in response to a demand in the marketplace for homes with green technologies.
This is something that has been trending for awhile but the ease and absorption of electronic correspondence during the real estate process is increasing. Essentially an entire real estate transaction from initial contact to closing can be done electronically through the use of software such as Docusign which allows electronic signatures to be placed on contracts. Information can be requested, sent and stored online making the entire process easy and seamless from anywhere in the world.
Dave Burch is a top performing real estate agent based in Whistler, BC. If you are looking to sell a Whistler property or buy or invest in Whistler, contact Dave today.