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The Biggest Tech Innovation Trends in the Real Estate Industry

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One of the thriving industries all over the world is the real estate business. Through the years, its progression and improvement can be attributed to the development and use of innovative tech trends to introduce buyers to pieces of property that can be used to build homes or businesses.
Although older generations are still hesitant to comply with the demands of tech innovations in real estate, it is a clear path to achieving better and more convenient services. The younger generation has embraced real estate technology so much that it has become part of everyday life.

So, apart from turning almost all transactions quicker and hassle-free, here are some interesting tech trends in the real estate industry.

Easier and Faster Purchases

Buying a home used to be time-consuming, complicated, and confusing. Some interested buyers still need to consult with an attorney whose expertise is foreclosure defense when there are issues with the properties that they are interested in.

Agents and clients often need to meet every time there are papers that need signing. Fortunately, tech companies like DocuSign and Dotloop brought e-signing documents more convenient and secure especially for transactions in real estate. It is easier to access documents under one transaction hub for lenders, clients, and agents to interact and review the process. Likewise, there are now states that allow notarization of papers via webcam, so people can easily complete their real estate transactions wherever they are at the moment.

Virtual Tours

couple buying houseIn the distant past, viewing properties meant looking at small pictures printed on brochures. Now with the internet, interested buyers can browse all properties they want online. Many real estate firms are also offering virtual tours that clients can easily access through a computer or a mobile phone. Depending on the software used by the company, clients can explore three-dimensional tours, zoom in or out or use a completely virtual tour of the property. Potential buyers can now experience walking through the property as if they are in the area. Some even offer digital interior decor options for the buyers to give them a better feel of the property.

Wider Data Availability Provides Better Knowledge

The internet allows us to access a wider range of data regarding real estate — the listings, the processes, and almost all information that you will need. It provides an excellent opportunity for innovation, especially in commercial real estate. Owners and developers can better leverage their properties on the market knowing its performance in various factors such as energy efficiency, rental rates, and others.

You can find various sites that give quick and accurate appraisals or projections. In some sites, developers can use big data sites to come up with 3d rendering of buildings before breaking ground.

Technology has become a significant part of everything we do today. It has also helped the real estate industry thrive despite recent events that shook the world’s economic landscape.

As the world moves forward, expect more tech innovations and trends emerge as more companies explore the use of the internet and technology in the industry.

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