How Technology is Reshaping The Real Estate World in 2018
At Ettro Capital we strive to stay at the forefront of emerging technology to keep our competitive advantage in this ever changing landscape. We recently subscribed to a new state of the art mapping tool that streamlines a lot of our research and due diligence needed that goes into our project selection process saving us time, and money.
The adoption of new technology in the real estate industry has become so rapid that it can often feel like we're living in the future. You can now take virtual reality home tours, buy land and real estate with cryptocurrency, get financing completely online and much much more.
The tech sector is being shaped by the shifting market conditions and consumer behaviours, every year the technology giants like facebook and google find new ways to track and analyze the majority of the population, a lot of this data is shared with 3rd party vendors and developers who can develop new software as and when it's needed to cater for the new trends both in behavior and within the real estate market itself.
As we enter this new digital real estate eco system fueled by technology and innovation, here's a list of things to look out for in 2018 and beyond:
Real Estate on the Blockchain
Earlier this year Velox RE and the Cook County Recorder of Deeds took part in a pilot project using blockchain technology to see how it could be used to store property records in the 5.2 million resident county which includes Chicago. A blockchain is basically a large, growing list of records, most notably used for recording and keeping track of cryptocurrency like Bitcoin and Ethereum. Advocates for this new technology are insistent that it can revolutionize the real estate transactional process and dramatically increase efficiency while keeping costs low.
There are already a number of digital assistants available today, like siri on the apple platform, alexa for amazon and the google assistant. When it comes to real estate we believe these digital assistants will become more integrated into the initial buying and selling process allowing for easier communication between buyers, sellers, agents and lenders. As the technology gets better - integrating the digital assistant into the transaction process of real estate will become a real viability. Think of having your own personal secretary while managing your real estate transaction.
When Facebook bought oculus back in 2014 they had plans for a much broader VR adoption, over the last 18 months we’ve seen the entry price point reduced from over $900 to $350 for a full “at home” virtual reality experience. When the barrier to entry with new technology is lowered a wider adoption is taken and now mainstream PC makers are looking toward the future with a new standard “VR Ready” certification for laptops and desktop computers. VR already exists in its infancy within the real estate industry, expect this to change exponentially as the 2nd and 3rd generation of VR and AR (augmented reality) hardware comes into production later this year.
As technology and innovation in real estate continue to evolve one thing is certain - The industry is due a shake up! While it seems like almost every other sector has adopted and changed with the times, real estate is still reliant on a lot of old time systems that need to be modernized and made more cost and time efficient. We're heading toward times where buying and selling real estate could be completed within a day and they are exciting times indeed.