Over the past 5 weeks we have been looking at some of the ways that technology has impacted the real estate sector. We went from the more ‘menial’ mechanisms such as the ability to list and view properties online, to the more technical innovations such as building information modelling. This week as we round up the series, well just briefly look at a few more technological advancements impacting the property industry.
This is currently being used for two main uses. The first use being for security and surveillance purposes. The other use is in digital marketing of properties by using drones for aerial photography and videography. The use of drones in photography has resulted in a more holistic approach to the marketing process as properties can be viewed from all the different angles can also be viewed in relation to the properties’ surroundings.
Internet of Things (IoT)
This phenomenon actually now impacts the real estate sector quite significantly, especially in residential property sector. It has led to the introduction of “smart homes”. With most electrical appliances now being able to be linked to the internet, this allows for access to these things, even whilst away from home. Smart homes are becoming increasingly popular in the luxury property sector, technology once again influencing the real estate industry.
Electronic Notary Functionality
The use of electronic signature has made it easier for more parties to manage and close deals, with the use of electronic signatures. This eliminates the time and expenses associated with having to physically meet all parties involved in closing a deal.
Automated Valuation Models (AVMs)
These have been around for a number of years now and are also becoming increasingly popular. The use of AVMs has led to a lot of benefits in terms of uniformity and efficiency in the property valuation system. These too were made possible by the intervention of technology in real estate.
As we conclude the series, we hope that one of the many things that has stood out is the fact that the real estate sector is not an island, independent from the happenings of the rest of the world. The real estate industry is not immune to the technological shifts and changes being experienced in other sectors. Although some advancements are being implemented faster than others, it is important that all the involved parties in the real estate industry to become acquainted with what is happening technologically, before they get left behind.