It’s true that of all industries, real estate – particularly residential real estate – is the one that has remained the most unaltered during the digital tsunami that has swept over the world economy.

The digital revolution has changed the corporate landscape. Every sector from retail to finance and transportation has seen a drastic transformation brought about by the advent of technology.

However, after all these years, the way we buy and sell property remains the same. The real estate industry had been slow to experience this radical advancement on the same footing as other industries. But that’s not to say, the real estate market is bereft of any evolution in this digital age.

The notably slow progress has a lot to do with the fact that real estate is a high stakes business. It’s capital-intensive and ultimately more complex than food delivery or ride-sharing.

Yet we do believe the real estate market is going to change drastically in the upcoming 5 years. Real estate corporations like OpenDoor, Zillow and Trulia have already digitized the typical broker model. Moreover, Bungalow is using technology to simplify the rental process for both home-owners and renters.

Here’s how we believe technology is changing the real estate industry in 2020 and beyond:

Buying and Selling Platforms

The main purpose of buying and selling platforms is to make selling properties easier. These platforms are easy to navigate and make it very quick and easy for home-owners to get their houses for sale on the real estate market.

Similarly, these platforms make it time-saving and less complex to look for property to buy. Buying and selling platforms contribute to better experience and more sales than typical brokerage.

Virtual Reality (VR)

Ever heard of virtual walkthroughs?

One of the most important steps in buying a property is to get a proper view of it. Virtual Reality allows tenants and home buyers to take a virtual tour of the property before buying them. It offers 3D views of properties from the inside and out and is going to get more popular in the upcoming years.

The Smart Home Technology

Smart home technology has changed real-estate through home-automation. Home automation gadgets and appliances improve comfort, increase energy efficiency and tighten security for a better living experience.

According to the National Association of Home Builders and the Customer Electronics Association, smart home technology has helped homeowners increase their property sales price by 3-5%. To add to that, statistics show that 81% of people who currently live in homes with smart devices are likely to buy a home with similar technology.

The Cloud

Every business owner’s ultimate savior Cloud is the go-to platform for real estate professionals, too. It makes the lending and closing process easier, simpler and faster.

Via the Cloud platform, the data can be securely managed to facilitate real estate deals.

Takeaway

To sum it up, perhaps the effect of technology on real estate hasn’t been as outstanding and rapid as in other sectors.

However, slowly but surely, the real estate sector is evolving to become more tech-focused to land more sales, facilitate the buying and selling process and help the industry outgrow its typical broker model.