Technology has changed the way nearly every business in the world functions. There is no industry out there that has been untouched by technology — and that includes the real estate industry. From making it easier and more convenient to buy a home to be able to preview property before construction has even begun thanks to virtual reality, there is a multitude of ways in which technology has impacted real estate, and by extension, real estate investors.
Kyle Krch, the CEO of Krch Realty in Reno, NV, provides his expertise on the subject of technology and real estate.
One of the most exciting ways that technology has impacted real estate investing is that it is making it easier than ever before to invest in real estate. There are a multitude of companies out there dedicated to providing real estate on demand. Just as consumers have gotten used to expecting everything right away (think Amazon and Google who have already invested in same-day delivery options), it is now possible for investors to receive real estate on demand.
Kyle Krch points to fast-growing start-ups like Naked Apartments and CurbCall, which are instantaneously connecting potential buyers who wish to see a home with real estate agents in the local area. In essence, technology has made it easier and more convenient than ever before for buyers to search up properties online and then go view them in person.
According to Kyle Krch of Krch Realty Reno NV, virtual and augmented reality is another example of how technology has impacted real estate, especially the pre-construction niche. The advent of augmented and virtual reality (or AR and VR) has enabled investors to tour properties in pre-development or even fully completed units, from anywhere in the world. Real estate developers have taken advantage of this technology as a way of showing off their property to clients far and wide.
This technology is especially important for investors who do not currently live in the city or even country in which the property is located. Using this real-time technology provides a convenient way for investors to view a property as many times as they want before they make a decision. Such technology is also used for investors to view the progress that has been made on a pre-construction property.
As previously mentioned, VR is especially important in the selling of new constructions to investors, as it has the ability to create an immersive experience for the potential investor, showing them what the property will look like in full before construction has even begun.
AI has become commonplace in nearly all industries, including the real estate industry. Kyle Krch, owner of Krch Realty in Reno, NV, shares that artificial intelligence is extremely useful for real estate investors looking to control their expenses, manage risks, and gain higher returns.
That is because AI technology uses state of the art algorithms that are engineered to predict and then factor in investor concerns. Such algorithms, coupled with machine learning, are also helping to match prospective buyers with certain properties that it thinks will be appealing to them, owing to their previous behavior and preferences.
Kyle Krch of Krch Realty notes that a few other ways artificial intelligence has impacted real estate investing is through chatbots, used by many real estate companies to answer frequently asked questions from investors, as well as investor analytics tools and loan default predictors. The former can help set income and growth goals for the investor and then monitor those goals, while the latter can make predictions based on its ability to access risk and exclusively focus on profitable investments.
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