How Technology is Disrupting Real Estate & It's In The Buyer's Favor
Thanks to digital technology, the real estate market is becoming a more comfortable place for the buyer to navigate
The real estate market is one of the oldest brick and mortar institutions, and interestingly it is currently undergoing a new technological evolution. The act of buying and selling property has been gradually migrating into the digital world. In 2019, The National Association of Realtors recorded that 78% of Generation X found their home on a mobile device. Statistics like these don't surprise real estate experts like Justin Havre. Havre currently heads Canada's top real estate team, Justin Havre & Associates RE/MAX First. According to Havre, proptech is creating a much better market for buyers; here, he shares three trends that give the buyer an advantage.
Virtual property tours
Virtual property tours are one of the biggest technological advancements in the real estate market. Havre's real estate team has been offering this service for quite some time, and in the age of social distancing, it is a service that has been flourishing. A virtual tour allows potential buyers to explore properties privately. According to Havre, the option of a virtual tour offers up many positives for the buyer, he says; "3D virtual video tours can prevent any snap decisions that can happen while physically visiting a property and allow more time to research a property privately."
The use of drones to aid in the purchase of property promises to see a growth in popularity as its technology evolves. Drones are currently restricted to operating in an open area and can not navigate inside of a property, but drone technology is being constantly updated, and it may not be long before compact drones can maneuver effortlessly inside of properties. Until then, drones offer a cost-effective way to gather as much visual data as potential buyer needs. Havre says of the advancements in drone technology, "I believe that the assistance that drones can offer a buyer will soon be limitless; their ability to give a detailed look at a property is already a priceless tool to a potential buyer."
AI is here to revolutionize every aspect of businesses, and real estate is no exception. Real estate firms are leveraging Big Data and AI to get more insights, while it translates for buyers as better options and higher transparency. "We live in a digital world of convenience, and AI has the potential to take away redundant tasks besides extending better services management."