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How Tech Is Transforming the Real Estate Industry

What’s the next step in proptech, or property technology? Artificial intelligence (AI), used in marketing campaigns via virtual home tours and other vital tasks. 

WASHINGTON – In the last two decades, the real estate industry has changed significantly. Online services make finding, buying and renting properties so much easier. Buyers and renters are no longer forced to search paper ads or drive around neighborhoods looking for "For Rent" or “For Sale” signs. Instead, they get services at the click of a button.  

Property technology, or proptech, has evolved into virtual property tours, which allow potential buyers to see homes from their phones and computers. The technology has made the home search process more efficient and reduced the time real estate professionals used to spend on marketing properties and following up with potential buyers

Instead, marketing and following-up can be done instantly, and real estate professionals can also gather analytics, store leases, renewals and deeds in the cloud, and documents can be signed electronically.

Access to big data also enables agents and buyers/renters to make better informed decisions or recommendations.

The next step in proptech may be the increased use of artificial intelligence (AI) in marketing campaigns, as virtual real-estate professionals taking potential clients on virtual home tours and automating other tasks. Blockchain technology also may be employed to provide real estate transactions with greater security and transparency to reduce fraud, the number of intermediaries needed in the closing process and to streamline it all.

Source: Forbes (03/06/24) Delgado, Rodolpho

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