Sam Lee
The real estate industry is sometimes called a ‘technological dinosaur’ because it is seen as being resistant to technological disruptions compared to more tech-savvy industries such as media and retail.
Despite this, there is no denying that the industry has gone through its own share of change due to technology. For example, centralised listing platforms such as www.zillow.com in the US or www.malimalihome.net in Macau have helped foster speed and accessibility of market information, and developments in multimedia technologies have brought a breath of creative air into the traditional world of property marketing. With this in mind, here are some exciting technological trends we can expect to further disrupt the real estate industry in the coming future:
Augmented and virtual reality
The most successful example of AR so far was the game ‘Pokemon Go’. People were absolutely fascinated by the merging of the virtual and physical worlds, and this holds massive potential for property as well.
Imagine a world where the property viewing process is gamified to make it more interactive and memorable. Or imagine that you can view as many properties as you want without leaving the comfort of your home by using advanced VR technology. These technologies will undoubtedly impact the industry in positive and unexpected ways.
Blockchain
Blockchain, the underlying technology behind cryptocurrencies like Bitcoin and Ethereum, is a decentralized digital ledger that basically cannot be compromised. Without going into the possibility of buying properties in cryptocurrencies (who knows?), blockchain has the potential to store property records more securely and reduce fraud if integrated correctly and comprehensively by regulatory industry bodies.
Big data, AI and machine learning
These powerful technologies have been the talk of the town in recent years, and are most effectively when they work together and feed into each other. Big data will allow for effective implementations of AI and machine learning, such as the creation of intelligent property ‘chat bots’ that would automate a lot of the manual work that agents are doing at the moment.
Real estate is fascinating because it is an industry that caters to an unchanging need in ways that are constantly changing. These disruptions will surely bring both opportunities and pitfalls, and I hope you are as excited as we are for them.
Sam Lee is a marketing manager and property consultant at JML Property.
JML was established in 1994 and offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.
www.JMLProperty.com
info@JMLProperty.com
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