The real estate industry is one of the oldest and most mature economic sectors. Despite this, it has been steady to adopt new technologies and innovations.
As a result, there is an opportunity for new companies and real estate agents to take advantage of these emerging technologies and change how homes are built, bought, and sold. This post will explore some of these changes:
Virtual reality in residential real estate.
Virtual reality is being used in residential real estate to show homes to prospective buyers who are too far away to travel there, or who can’t afford the flight. This technology has been around for a while, but it’s just now becoming more widespread.
Virtual tours allow you to enter a room and walk around it as if you were really there—you can even look up at the ceiling. It’s almost like being teleported into another world. If you were interested in buying a house, but couldn’t come to see it in person because it was too far away or expensive for you, VR could make all the difference between finding your dream home and not finding anything at all. It has made a big difference in the global real estate market.
3-D printing in commercial real estate.
One example of how new real estate technology trends are changing the way we do business is 3-D printing in the commercial real estate sector.
What is 3D Printing?
3-D printing is a process by which an object is created from a three-dimensional digital model using additive processes. The technology allows for the creation of objects using materials including plastic, metal, ceramics, and even food.
Why 3D Printing is Important
3-D printing has become a fast and affordable way for developers to create models of new developments prior to construction without having to invest time and money on expensive prototypes.
In addition to reducing costs, 3-D printing allows developers to create models that are more precise than other construction methods such as computer-aided drafting software or physical mockups made from wood or clay. This means that real estate developers can make adjustments earlier in the process so they don’t run into issues later when it comes time for construction or tenant improvements.
How this could affect commercial real estate
3-D printing could accelerate the construction process by allowing developers to make changes before they start building — saving time, money, and resources. It could also help them make better decisions about what materials they use in their buildings because they’ll be able to see how they look before they go through with them.
Big data and machine learning in commercial real estate.
Big data and machine learning are being used in a variety of ways to help commercial and residential real estate tech and companies make better decisions.
One way is by providing analytics that helps companies make predictions about the future. For example, one company uses big data to predict the number of new rental units needed each year for a given market or region.
Another way is by analyzing data about past transactions and other information about buyers or sellers (such as whether they are likely to sell their property at a loss) so that agents can target specific prospects with customized offers tailored to meet their needs.
This helps both sides because it increases competition between different buyers while also reducing risk on the seller’s end: if you know someone has expressed interest in buying your house but hasn’t agreed on terms yet, then you know there’s still time left before expiration so long as you don’t wait too long before making contact again.
Blockchain technology in real estate.
Blockchain technology is a distributed ledger, meaning that it can be used to track and verify the information. One of the most promising applications for blockchain in commercial real estate technology involves tracking and verifying property ownership. This could have big implications for the industry, as it would allow for more transparency and efficiency in managing land records.
Blockchain technology also has applications when it comes to tracking and verifying property management transactions—the transaction history is recorded as “blocks” on an unalterable ledger, which provides transparency for all parties involved.
An autonomous sharing economy in residential real estate.
An autonomous sharing economy is one in which goods are shared between private individuals, with no intermediary.
This can be accomplished through the use of a platform or infrastructure that facilitates transactions between users. The most well-known example of this is Grab Car, which allows you to order a ride from your phone and pay for it with cash or a card at the end of your trip.
In real estate terms, an autonomous sharing economy allows homeowners to rent out their properties on short-term lease agreements by using peer-to-peer platforms like Airbnb and HomeAway. These services have made it much easier for homeowners, property managers, and real estate professionals to monetize their homes when they don’t need them anymore by renting them out to travelers or vacationers looking for somewhere new and exciting to stay while they explore a new city.
Smart systems in the residential and commercial real estate industry.
Smart systems are more efficient. They can reduce the amount of energy each home or building uses, thereby cutting down on costs for owners and tenants. Smart systems also allow for more control over the environment, meaning occupants will likely feel less stressed out.
For example, if you have a smart thermostat in your home that can be controlled by an app on your phone, you don’t have to worry about forgetting to turn down the heat when you leave for work in the morning or returning from vacation at 5 pm with no idea whether your house is still at 21 degrees Celsius or 29 C.
You could even set up alerts so that if it gets too cold or warm inside—as well as when someone else enters or leaves—you’ll receive a notification on your smartphone. This would allow you to keep tabs on how much energy is being consumed while away from home without having to check constantly.
Public-private partnerships with modular construction in real estate technology
Public-private partnerships are a way to finance infrastructure projects. The government may not be able to afford to build all the infrastructure it needs, but private companies want to invest in the future of their communities.
This technology allows for these types of partnerships and helps governments share risk with private investors who have expertise and innovation in building new technologies like modular construction.
Technology is changing the ways that homes and buildings are being constructed, bought, and sold.
Modular construction, public-private partnerships (P3s), 3D printing technology, and smart systems such as blockchain have already begun to enter the real estate market. These technologies are expected to become more prevalent in real estate transactions in the coming years as developers seek new ways to save time and money on projects.
The sharing economy creates an ecosystem of users who are willing to share their assets with others through a technology platform. This has allowed for ridesharing services like Uber or Grab to thrive by connecting drivers with riders who need transportation services for a fee. Similarly, autonomous vehicles could offer opportunities for home ownership through shared car fleets where people can rent out their cars when they’re not using them.
Real Estate Trends and Property Technology
The future of the real estate business seems to be a brighter one, with more options and opportunities than ever before. But it’s important to remember that while many of these new technologies have the potential to revolutionize the real estate business industry, they are still in their infancy—and they will take time before they can become commonplace in our daily lives. One thing is for sure though. We will see some exciting developments in real estate companies over the next few years.