We’re living in a transformational age of historic proportions. Similar to the invention of agriculture, the advent of the printing press, and the Copernican Revolution, the Digital Age is via a process of “technological determinism” is touching every sector of society.
That includes the real estate sector. It doesn’t matter if you are on the buyer’s side or the seller’s side. The all-new ball game that started almost three decades ago when real estate listing started going online to reach millions of people effortlessly has accelerated at an even faster rate in just the past five years.
Consider the following innovations:
Not only does every real estate professional maintain a robust online platform, but these web-based assets are also functionally integrated with mobile apps. Among other things, mobile apps keep people informed without the requirement of personal effort. Apps feed seekers info about new listings tailored to their predetermined search criteria. Apps perform numerous other functions, such as providing fast access to agents, budgeting help, and staying connected with property managers.
Even before the pandemic, the new ability of a client to take a virtual 3D tour of a property from a remote location was a groundbreaking development. The number of showings an agent can now leverage via setting up automated VR tours is far beyond the number of showings done in-person, with one agent showing one client at a time. That’s just for starters in terms of benefits provided by VR touring.
The profound transformational effect AI is having on the real estate industry probably cannot be overstated. Not only has it improved the buying and selling process for agents and clients, but it can also offer functions never before available. The latter includes predicting the prices of properties via machine learning and powerful AI computation functions.
Fintech-Enabled Influx of Capital to Increase Fluidity
Just as the invention of stock trading brought astronomical amounts of capital into trading commodities and making the process more fluid, online investment platforms for real estate are bringing in more investment money by allowing innovative ways for people to pool money. Call it crowdfunding for real estate. With online investment strategies, even people with little money to invest can get involved in real estate speculation by joining larger investment groups.
The importance and the impact of this new fintech-leveraged source of liquidity in the real estate market is a phenomenon of deeply significant consequence.