Technological innovation has led to the rapid advancement of the real estate sector. More specifically, digitization has become an essential market component. Offering better user experiences, the evolution of the real estate industry continues to be a driving force in change. Nate Armstrong – The Investor Relations Chair for Home Invest, states that technology has created a new industry standard. This is because investors now have constant access to all of the information they need to make educated purchasing decisions. Although the technology – real estate industry remains in its infancy, significant advancements over the last few years, continue to shape the market. Nate Armstrong discusses some potential real estate innovations that have or may hit the market in years to come:
Virtual Reality is of consumer technology has the potential to completely the alter the real estate landscape. VR is an innovative digital tool which would allow prospective buyers to take an immersive virtual tour of a property. Additionally, this forward-thinking technology is capable of 360-degree video tours which would showcase the benefits of the property in a three-dimensional walkthrough. Being able to navigate a property from the comfort of a mobile device would completely transform the buying process and allow individuals to avoid various scheduling conflicts.
When closing a sale, there is a multitude of various documents requiring signatures, and the process is often both slow and inefficient. However, utilizing data management programs such as the cloud, allows individuals to organize both residential and commercial properties online. The programs also offer the option of digital signatures, so the total amount of paperwork is significantly reduced.
According to Nate Armstrong, predictive analytics are expected to dominate the real estate market in the years to come. Furthermore, predictive analytics consider current trends and apply big data to educate buyers and sellers on the future value of their property. Similarly, by evaluating a multitude of variables including an individual’s personal investment objectives, predictive analytics can locate an ideal property based on one’s preferences and financial goals.
Blockchain technology has many applications and has the potential to change real estate transactions. In addition, the technology eliminates the need for paper money exchanges and instead utilizes instant trading. The system records and manages transactions an protects against fraud. Ultimately, blockchain technology offers individuals transparency and a sense of security in their financial investments. Businesses will inevitably need to alter the way they manage transactions to make room for innovation.
The Future of Real Estate according to Nate Armstrong HomeInvest
Nate Armstrong of Home Invest states that technology is revolutionizing real estate, and new developments are constantly transforming the market. With extensive real estate experience, Nate takes interest in the industry advancements and is always searching for ways to adapt and improve his professional services.