Technology is impacting more and more aspects of home buying, selling, and remodeling for consumers and Realtors alike. Even Amazon is getting into this by inviting its customers to sign up for free in-home WiFi assessments and demonstrations of smart home products.
Here are the technology trends shaping the business of real estate right now. No doubt, there will be more tech breakthroughs and trends in real estate as the year progresses.
The Smart Home
The National Association of Realtors (NAR) says that the most important smart home devices relate to smart locks (no more lock boxes?), lighting, and thermostats. We are seeing that most of these tools are being driven by millennials. These are some examples of smart home systems out there today:
Both Realtors and homebuyers are pushing for 3D content creation to be made available so buyers can easily tour homes, 3D models and 360 degree videos without having to see the home “in person.” I currently use Matterport 3D technology for all homes I sell, however, VR is the newest and next wave coming to the industry. Several VR headsets already in use in other industries include:
Chris Polyctiron, President of the NAR, says that drones “...bring a new level of sophistication and accessibility to image information...and...allows real estate professionals to present detailed portfolios of properties to potential buyers. All the drones listed here come ready to fly with a flying camera, 4K camera, 3 axis gimbal, flight controller and software.
Instagram Story and Snapchat
Instagram and Snapchat are encouraging both sellers and Realtors to post stories about their properties. A photo speaks 1,000 words but a photo or short video of your home/kitchen/landscaping/etc. and a short narrative about your home/kitchen/landscaping, etc. makes the property come alive! Used together, stories make the home stand out and, in some cases, sell itself.
Taking a tip from automakers who have been collaborating with Apple and Google to sell their products, Deepak Chopra is now collaborating with Delos Consultancy, Muse Residences, and Carlos Ott to design and offer biological and environmental healthy/green condominiums in the luxury real estate market. Agents and consumers can also benefit by collaboration: