The real estate industry has been slow to change and adopt new technology, but that is starting to shift. Experts like Alexander Meskouris in New York, NY, explain that new startups are changing the landscape of how people buy and sell homes, and established players are beginning to take notice and invest in new tech. Read on to learn about some of the most exciting changes coming to the world of real estate.
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Blockchain Could Upend The Way We Buy And Sell Homes
Alexander Meskouris says one of the most exciting applications of blockchain technology is in the realm of real estate. Blockchain could upend how we buy and sell homes by creating a secure, decentralized registry for property ownership. This would make buying and selling homes faster, easier, and more secure. Not to mention, it could save buyers and sellers a ton of money in fees and commissions.
Blockchain works by creating a digital ledger of transactions that is secure and transparent. This could be used to track real estate ownership, eliminating the need for title companies and other third parties. The result would be a more efficient, streamlined process that is cheaper and less prone to fraud.
Some startups are already working on this. Ubitquity, for example, is using blockchain to create a secure digital ledger of property records. The company is working with the government of Brazil to pilot the technology.
These are just a few examples of how blockchain is starting to change the real estate industry. It’s still early days, but it’s clear that this technology has the potential to upend the way we buy and sell homes.
Virtual Reality Is Changing The Way We Shop For Homes
Another way that technology is changing the real estate industry is by making it easier for buyers to shop for homes virtually. With virtual reality headsets becoming more affordable and widespread, interested buyers can now take virtual tours of properties from the comfort of their own homes. This is especially helpful for buyers who live in different states or countries from the properties they’re interested in.
Alexander Meskouris says to use virtual reality to shop for a home, you only need a VR headset and an internet connection. Several platforms now offer home virtual reality tours, including matterport.com and zillow.com.
This technology is still in its early days, but it’s clear that it has the potential to change the way we shop for homes. In the future, more and more buyers will likely take advantage of virtual reality to get a better sense of properties before making a purchase.
3D Printing Could Change The Way We Build Homes
3D printing is another technology starting to impact the real estate industry. This technology could change the way we build homes by making it possible to print entire homes from scratch.
There are already a few companies working on this. Icon, for example, is a startup that has developed a 3D printer that can print an entire house in under 24 hours. The company has already used technology to build homes in Mexico and the United States.
Other companies are using 3D printing to create prefabricated homes that can be assembled quickly and easily. These homes are made from modular parts printed in a factory and then shipped to the building site. This approach could make it possible to build homes much faster and more cheaply than traditional methods.
It’s still early days for 3D printing in the real estate industry, but it’s clear that this technology has the potential to change the way we build homes. In the future, we may see more houses printed from scratch or assembled from prefabricated parts.
Augmented Reality Is Helping People visualize Changes To Their Homes
Alexander Meskouris says augmented reality is also beginning to be used by interior designers and home improvement stores to help people visualize changes to their homes. Imagine seeing what new paint color would look like in your living room before you even buy the paint!
Or it is trying out different furniture arrangements in your home without having to move any existing furniture around. This technology is still in its early stages, but it has enormous potential to change how we shop for homewares and design decisions about our homes.
Big Data Is Helping Buyers And Sellers Make Smarter Decisions
Last, big data is changing the real estate industry by giving buyers and sellers access to more information than ever before. Thanks to data analytics, people can now track trends in pricing, search activity, and much more. This data can be used to help buyers understand when they should start looking for a home, as well as assist sellers in knowing when might be a good time to list their property.
AI-Powered Chatbots Are Making The Homebuying Process Easier
In addition to all of the above, artificial intelligence is also beginning to change the homebuying process for the better. AI-powered chatbots can now help buyers with everything from finding properties that match their search criteria to getting pre-approved for a mortgage. This technology is making the homebuying process more accessible and more streamlined, and it will only become more prevalent in the coming years.
Conclusion
These are just a few ways technology is changing the real estate industry. Exciting times are ahead for buying, selling, or building homes.
IMAGE: PEXELS
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