Real estate professionals have witnessed several astounding innovations in the field throughout the last decade. and several emergent technologies are changing the way that real estate professionals conduct business. Online resources are empowering buyers and sellers with more choices and information. The surge in technological development in the real estate profession mirrors innovations taking place across a range of industries. In the real estate field, developments such as legal e-documents and mobile applications have optimized workflows, consumers can now view properties in virtual reality and powerful programs make use of blockchain technology.

Researchers are looking into a wide range of possibilities for applying the new technologies for use in the real estate industry, and the innovations have generated a great deal of excitement among professionals in the field. The following 5 passages highlight a few of the technologies that promise to revolutionize the buying and selling of real property in the United States.

Technology 1: Automated Market Intelligence

Market intelligence (MI) provides insights into the characteristics of an industry, allowing enterprises to develop advertising strategies, attract new clients and identify products and services that are in demand. The technology has allowed some firms to successfully develop a competitive advantage.

In an information driven world, there’s no shortage of data to analyze. Enterprises use big data analysis to extract valuable information from these massive stores of consumer and market data. In the real estate field, professionals use this information to identify and evaluate consumer groups, market composition and other important details.

Technology 2: Blockchain

While those that know of blockchain typically think of the technology as the powerful algorithm behind bitcoin currency, real estate professionals see the innovation a resource that may transform the field. A basic explanation of Blockchain is that it’s a massive database program that’s stored on participating peer computers around the world, creating a redundant data network that’s nearly impossible to compromise. Forward-thinking real estate professionals envision a future where Blockchain technology will make payment fraud nearly impossible. The technology can also facilitate more detailed gathering of validated information about properties and property owners. This implementation would result in a more efficient market that benefits all legitimate stakeholders.

Technology 3: Augmented and Virtual Reality

Augmented and virtual reality technologies are making fast inroads into the client facing marketplace. The combined technologies could allow buyers to take a tour of a structure from the comfort of their homes or offices, while they engage in an experience that’s comparable to a real-world property tour. This ability would prove exceedingly convenient for buyers and sellers and increase the likelihood of a sale.

With augmented reality, potential buyers can add elements to a virtual property and visualize how it will look after making modifications or installing fixtures and furniture. This innovation could serve as an awesome tool for creating a feeling of ownership, mentally investing buyers into a sale and, ultimately, closing more deals.

Technology 4: Digital Deal Management

Deal management platforms allow real estate professionals to track and record information throughout the entire transaction process, creating a greatly detailed repository for later analyses. This valuable information allows firms to assess risk and identify opportunities for improvement. Using the technology, real estate professionals can measure productivity and make many improvements, such as reducing underwriting mistakes and due diligence omissions. This kind of technology can also increase transaction transparency, which is a boon for buyers and sellers. With more information immediately available, transactions can take place faster, smoother and more efficiently.

Technology 5: Big Data Systems

Real estate professionals currently use big data systems to analyze which spaces offer the most value for potential tenants. Knowing the how to maximize rental space is an invaluable asset for renters and owners. A related process, automated valuation models, can aid investors and investment firms in quickly analyzing whether a deal is worth pursuing. Potential buyers can use the technology to quickly evaluate projected revenue and expense data. Real estate experts hope that the technology will aid property evaluators in increasing their efficiency and delivering valuations based on validated, empirical evidence.

Real estate insiders look forward to advancements that may arise in the field due to technologies that have yet to emerge. The industry leaders cite this as a palpable reason to keep a close watch on technological developments in the field over the coming years. Real estate professionals and firms that are the first to take advantage of the latest developments in technology will be the first to reap handsome rewards.