The business of buying, selling and renting real estate is an ancient one, and yet in the 21st century it is still changing and evolving thanks to the impact of a raft of new technologies.
Understanding what alterations and improvements have been made possible thanks to tech innovations is the key to unlocking the reasons behind the property market’s robust performance in recent years, so here are a handful of examples to bring you up to speed.
SetSchedule: Connecting Home Buyers and Realtors
Since its foundation in 2014, SetSchedule has shown that the power of the cloud can be brought to bear on real estate in a major way.
Its use of big data and machine learning has made platforms like SetValue, which provides free estimated valuations for properties across the country, appealing to home buyers and realtors alike.
In addition, it provides the tools these two groups need to connect and communicate efficiently, without encountering administrative obstacles. As such, it should be no surprise that it has received support from Hum Capital, enabling it to continue disrupting the established real estate tech scene.
Matterport: Making Virtual Property Viewings a Reality
From domestic premises to commercial buildings and beyond, the rise of the virtual tour has continued apace, and Matterport is a market leader in this area for a few reasons.
First, it provides realtors an easy way to capture the interiors of the properties they list using their smartphones, and without needing to splash out on expensive kit to get professional-looking results.
Second, it allows for collaboration when creating tours, so that colleagues can put their heads together and overcome issues as a team.
Lastly, it’s able to take on tasks outside of real estate, with applications in everything from retail to insurance.
Paperless Pipeline: Streamlining Transactions and Commissions
Real estate transaction management software from providers like Paperless Pipeline is helping to transform the way that the usually complex, paperwork-heavy process of transferring ownership of property is handled.
It’s not just about enabling all parties to access the necessary documents in a single place, but also about automating aspects of the transaction, and also providing alerts so that deadlines are not missed when it matters most.
Factored into this are commission tracking capabilities, which are obviously important from a realtor’s perspective, since this is where they make their money. From small teams to large agencies, such solutions really make a difference.
TRIRIGA Assistant: Automating Property Management
While TRIRIGA Assistant is an IBM service that is primarily intended as a chatbot, it does much more than just act as a virtual assistant for businesses; it also has property management and automation abilities related to the power of its artificial intelligence underpinnings.
One example of what it can do in a real estate context is to track how commercial premises are being used, and make suggestions based on the ebb and flow of individuals within them. This can help with everything from property maintenance to the arrangement of floor plans and the organization of work spaces.
There are a number of other AI-enhanced tools out there, ranging from solutions that can predict the needs of tenants so that landlords can keep them happy, to services that allow realtors to market their properties more effectively.
Ultimately the future of real estate, and lots of other industries besides, will be shaped by AI and big data, since the tools used can extract actionable insights from diverse sources, benefitting all involved. Indeed realty is a bit of a proving ground for this technology, paving the way for changes in other areas.