As technology continues to progress, so does its impact on the real estate market. In just a few short years, digital services will be more readily available for potential buyers and homeowners alike. This article explores some of the expected changes in the real estate industry by 2023.
Technology has been making a significant impact on markets all around the world today, especially in real estate. Digital payment platforms and automated systems are providing both landlords and tenants with more efficient ways to conduct business. Big data analytics are helping people make smarter decisions when it comes to buying or selling a property. Augmented reality apps now give consumers a better idea of what renovations might look like prior to committing to them. Wearable tech is allowing homeowners to control their smart homes from any distance, while robotics have started aiding with security and maintenance tasks. While these new technologies may revolutionize transactions by 2023, they also pose challenges such as cybersecurity risks, compatibility issues between different systems, and job loss due to automation.
Types of Current Technologies Affecting the Market
The following are some emerging technologies that could potentially have an effect on future real estate markets:
- Automated systems for landlords and tenants: These systems provide more efficient ways to conduct business by offering easier online rent collections and applications for properties.
- Digital payment platforms for mortgage loans and other housing-related payments: Providing tenants and buyers with an easy way to pay their bills, these digital platforms offer convenience when it comes to the real estate market.
- Artificial intelligence tools for analyzing trends, needs, and preferences: AI tools can help people narrow down the search process by providing detailed advice on trends, needs, and preferences regarding a particular property or neighborhood.
- Big data analytics for home selling: Customizable analytics allow users to better understand their target consumer’s needs, giving homeowners a leg up when it comes to whether or not they will be able to sell their home quickly.
- Augmented reality apps for visualization before renovations or customizations: AR allows consumers to virtually preview their renovations prior to committing, giving them greater control over how their property looks without having to make expensive (and sometimes irreversible) changes.
- Wearable and mobile device compatibility with smart homes, appliances and accessories: Smart devices are now capable of being connected via wearable tech or mobile devices, allowing homeowners increased control over the way they operate their smart homes from any distance.
- Cryptocurrency (such as Bitcoin) as a viable payment option within the housing market: Cryptocurrency is becoming increasingly popular within real estate markets today due its benefits of security, reliability, cost savings, and speed of transactions.
- Robotics aiding with maintenance, cleaning and security tasks: Robotics can help ease the burden of managing multiple aspects of property maintenance such as cleaning, upkeep and even security monitoring in some cases.
It is clear that technology has and will continue to have a huge impact on the real estate market of 2023. Automated systems, digital platforms, AI-assisted analytics and more are all transforming the way we buy and sell property. As such, anyone looking to make the most of these new technologies should contact an experienced company to help them navigate the ever-evolving real estate landscape. For more information on how technology is changing the real estate industry and to learn how you can use it to your advantage, please contact us at 602-448-7377.