Real estate is one of the few industries in the world that has remained virtually undisrupted by technology but that is about to change with innovations that will surely change the business landscape in the near future.
According to Inman, the application of technology in real estate has so far been limited to mobile devices and social media. While the Internet raised the bar for the industry as far as new innovations go, there is still a lot of room for some shiny new tech that can prove to be game changers for everyone in the business.
RealSure, Inc. CEO Stefan Swanepoel recently gave the lowdown on emerging technologies in the Triple Play Conference and how they will impact the way the real estate game is played in the coming years.
Project Ara of and FI from Google are aiming to disrupt how people buy and use smartphones. For Ara, people can custom build a smartphone according to the components they need and the features they want to use. FI, on the other hand, aims to provide cell phone and data coverage anywhere in the world for a fraction of what it would normally cost.
Virtual reality has been making giant strides as of late thanks to Oculus Rift which now offers a 4D sensory experience. Property viewing will never be the same again as remote capabilities begin to catch up in terms of giving buyers a very realistic viewing experience.
In a report by Commercial Observer, real estate technology has been getting a lot of interest from venture capitalists as it managed to get $1.42 billion in investments in 2015. Of that amount, about 13 percent were placed on New York City in about 27 transactions amounting to $190 million. Compared to the previous year, the Big Apple enjoyed a 21 percent increase which says a lot about the value of technology to the industry.
