[POWER TECHNOLOGY]
A LOOK AT HOW TECHNOLOGY IS EVOLVING
IN THE REAL ESTATE INDUSTRY AND STREAMLINING THE WAY BUSINESS IS DONE
“Software is eating the world,” remember that famous quote by Marc Andreessen? Well, I think we are the crossroads already, the 21st century is a software century. Marc had envisioned a world and a future where those who control technology will control the future and he was right. Today’s new developments are pushed forward by technology. Simply put, technology is a catalyst for change in all the sectors and businesses, real estate is no exception. Today, we are seeing workers more connected than ever before which means, businesses are no longer limited geographically.
32
l
F
rom the onset of artificial intelligence AI platforms, digital open houses and the blockchain technology and integrations, new technologies in the industry are reshaping how things are done. It is a storm that we cannot stop, only adapt. With millennials being the biggest home purchasers, it calls the need to keep abreast with the changing technology and learn all the ways to take advantage of these opportunities.
How will technology change the industry in the future? While the real estate industry is slow in the adoption of new technologies, the pace in the last decade shows otherwise. Faxing back in the day was one of the most common ways that agents submitted their offers, but what has really changed the industry in the last 3 decades is access to information. The internet has revolutionized the industry creating more opportunities for industry players. Virtual reality will be one ma jor trend to watch out for. While it can be fun for the investors, the average joes will want to be connected with their homes in person. However, the real impact of technology in the industry will be how we utilize big data, online tools, and social media to fine-tune marketing plans for the properties. Also, improving the method that the buyers and sellers consummate a transaction. Currently and for a fact, the systems in place handling the creation, dissemination, receiving, reviewing and negotiating offers is too archaic and prone to errors. Technology has to provide a system that’s more transparent, efficient and effective for the buyers and sellers to come to terms in an exponentially shorter period of time.
THE POWER IS NOW MAGAZINE | APRIL 2020
