Innovations That Would Change the Real Estate Industry  

By: Ylysa Manalo

The real estate industry is one of the largest sectors in the world, and it has been growing at a steady rate for decades. As such, in order to stay competitive, real estate agents must be able to adapt and innovate when necessary. Hence, the global real estate market has changed a lot over time, but there are some new developments that could change the way the real estate industry buy and sell condo properties and house and lot for sale forever.

With That Said, Here Are Some of the Biggest Innovations in the Real Estate Market on Their Way:

Virtual Reality

Real estate has always been a physical business, but virtual reality is changing how property owners view their homes and how they interact with houses and neighborhoods through a virtual tour. This new technology allows buyers to see a home’s interior from all angles as if they were actually there in person. Virtual reality is a computer-generated recreation of a three-dimensional image or environment that can be interacted with by a person wearing specialized electronic equipment, such as a helmet with an internal screen or gloves with sensors, to make it seem real or tactile. This means that you can have virtual tours of the house with your property managers and identify properties, ensuring that it is exactly what you want before you make any decisions about buying and/or selling it. It also allows you to see different layouts, so it is easier for buyers to pick out which room will work best for them.

The virtual tours technology trend is still in its infancy, but it could be an important tool for both local and international consumers looking for new homes now or in the future.

And it could be considered one of the best real estate innovation ideas as it gives the home seekers the ability to see the property or the pre-selling project and have a feel of the whole structure of the real estate companies before it is built.

Artificial Intelligence as a Service for Real Estate

Artificial intelligence, or AI, is the term used to describe systems or devices that mimic human intelligence in order to carry out tasks and can iteratively improve themselves based on the data they gather. The current real estate technology trends use artificial intelligence to create a virtual assistant who can help one decide which condo or house and lot for sale are worth buying or selling based on their personal criteria and not just the market value.

Utilizing this invention will automate the entire process and speed up all or most of the decisions in real estate. With this real estate innovation, real estate agents can quickly obtain all the details regarding the property. The information gathered then makes estimating home prices seamless. As a result, AI can aid human productivity by learning, making judgments, and solving issues independently.

Moreover, AI also helps real estate agents do their jobs more efficiently. This means less time spent on tasks that could be done by someone else, allowing them to spend more time working with clients or managing their day-to-day business tasks.

Use of Drones to Visualize Properties

The term “drone” is typically used to describe any unmanned aircraft. These aircraft, also known as unmanned aerial vehicles (UAVs), are essentially flying robots that can be remotely controlled or fly on their own using flight plans that are controlled by software and onboard sensors, and a global positioning system (GPS). Drones are capable of performing a diverse range of duties, from military operations to package delivery.

But in today’s real estate tech startups, drones are now utilized as a property technology that visualizes a property location from an aerial point of view, helping prospective property buyers to have a better understanding of how the house and lot for sale they wish to purchase is laid out. Drones also allow us to view images of property not just through human eyes but also from a variety of angles. 

Blockchain Technology

Blockchain technology is a way to track and manage transactions. It has been used in the financial sector for years, but it has recently been adapted for use in the real estate market as well. Blockchain technology allows users to access a digital record of all transactions made on a network. This means that there is no need for an intermediary, like a bank or broker because everything can be recorded directly onto the network without any interference from outside sources. Blockchain technology also makes it possible to track ownership of assets and real estate assets themselves through the use of smart contracts—programs that execute when certain conditions are met by the parties involved in a transaction.

The biggest benefit of introducing blockchain technology into the real estate industry is that it will allow for quicker residential and commercial real estate deals between real estate companies selling property and prospective buyers because there will be less time spent on paperwork and more time spent marketing their properties before closing on them. It also helps cut down on fraud in real estate transactions by ensuring that all agreements are properly executed before money changes hands so there is less chance for disputes later.

Smart Homes

A smart home is a practical household concept where electronics and appliances may be remotely controlled via the internet from any location using a smartphone or other networked smart devices. The internet connects the devices in a smart house, enabling users to remotely access features like temperature, lighting, security access, and home entertainment systems, among others. These homes provide the opportunity to manage your home appliances while you are away, such as when you are on a vacation wanting to check if any electric equipment is disabled helping you save your electricity bill or in cases of emergency when you have to call the police or call for medical help. 

For instance, Crown Asia introduced its first-ever smart house at the beginning of the fourth quarter of 2022, which is the Lladro Smart Home Model, an RFO house and lot for sale located in Vita Toscana. More recently though, the developer has unveiled that their smart upgrades are coming to their condominiums, with the introduction of Pinevale, a new premium pre-selling condo in Tagaytay. What sets it apart from all the other condos for sale is that it is the first-ever smart condo in the city. More than that, Crown Asia launched their new Pinevale condominium project by using 3D mapping, making them the first company in the real estate market to utilize this style of demo presentation. 

Customer satisfaction can be enhanced by using a floor plan, more so with the use of 3D mapping, to visualize the property in your home automation application. It gives you the means to examine how your house is structured and aids in preventing any errors from occurring when using your smart gadgets. Previously thought of as a luxury, smart homes are now progressively becoming more mainstream in the real estate industry as emerging technologies become more widely available.

Residential real estate is not the only one that is evolving by applying technology trends, one of the well-known innovations could be found with commercial real estate technology, one notable store that could commended is Evia Lifestyle Center‘s AllDay Supermarket where it has applied the self-service counters, smart-carts, and their service robot.

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