In this post, we review eight real estate technologies that have the potential for changing the industry in 2019 and the upcoming years.
There is no doubt that the real estate industry looks much different than it did ten years ago.
Ten years ago the industry was already different than it was ten years before that.
The real estate market keeps evolving. Tastes change, the economy fluctuates, laws change, and most of all, new real estate technologies are continuing to change it further.
Forbes magazine recently ran a story about developing real estate technologies and what is ahead for the industry.
We will examine what Forbes considers to be the biggest changes that technology will make on the market so that you can understand and begin to prepare and adapt.
Biggest Real Estate Technology Trends
- Amazon-Like Closings
- Streamlined Processes
- Transactions Without Middle Men
- Realtors As Consultants
- Growing Digital Endorsements For Residential Loans
- DocuSign, Google Maps And VR Technology
- Improving Access To Facts
- More Efficient Investment Cycles
Real estate buyers now have access to most of the same tools that realtors have. This is creating more and more transparency in the buying process.
New technologies will continue to minimize the paperwork, maybe eventually to the point where closings take place online in an “Amazon-like” vehicle for real estate.
Landlords will be able to use many tools including unlocking doors to even conducting the entire rental process online.
People will still want to visit a property in person though, so realtors will play a role similar to car dealers do today.
Prediction by Holly Williams, MQ Ventures, LLC
The buying and selling process has changed for the better because of tech advancements over the past ten years.
Today buyers and sellers can use search engines, comparison databases, virtual home tours, and 3D floor plans for information gathering and education.
We can assume that the purchasing process can benefit from new technologies as well.
“I envision the process of purchasing to benefit greatly — tech advancements can streamline the process and memorialize it in a more efficient manner than currently occurs municipality to municipality, state to state, to a more formal and standardized system.” Prediction by Stephen Kliegerman, Halstead Property Development Marketing
Transactions Without Middle Men
Blockchain looks to be the biggest technological disruption to real estate processes.
This could allow for real estate transaction without all of the middlemen that are typically involved in a property closing. This major change still could be decades away. – Prediction by Meg Aubale Epstein, Ca South Development.com
Realtors As Consultants
The industry has begun to change faster than many real estate agents have come to realize.
It is more important than ever for real estate professionals to provide real value.
“Technology will likely thin the overcrowded market of part-time real estate agents while those who are experienced, knowledgeable and dedicated will maintain a space from transactions built from solid relationships. I believe at some point real estate agents will offer more of a consultative approach to the transaction.” – Sheryl Houck, eXp Realty, LLC
Growing Digital Endorsements For Residential Loans
“I expect that more and more residential loan closings and their associated security instruments will be endorsed digitally. However, I don’t think it’s as likely to see commercial transactions follow suit as quickly.” – Brad Moree, Moree Law, PLLC
DocuSign, Google Maps And VR Technology
We are already seeing wide adoption of DocuSign within the real estate industry, which has helped speed up the signing process.
Newer technologies such as Google Maps, drone videos and Virtual Reality are already helping with properties that are geographically too far to visit, which has cut down on time and expenses.
We will continue to see wider and regular usage, as well as other emerging technologies to help with property buying, selling and management without having to physically travel to a location. – Prediction by Robin Bhalla, The Festival Companies
Improving Access To Facts
“The main goal of technology should be to help agents and consumers make more informed decisions more efficiently. Interpreting this information and the soft skills required to make deals happen in a shifting market will still be the value-add that agents bring. Technology will help us with the facts and stats, but can’t account for the emotional side of deal-making and marketing in a shifting market.” – Kofi Nartey, The Nartey Group – Compass
More Efficient Investment Cycles
“I believe that technology will insert efficiencies into the entire investing lifecycle. From deal sourcing to underwriting, managing assets and even disposition, big data and machine learning can transform the speed and accuracy of real estate transactions and have a significant impact on investors’ bottom line.” – Guy Zipori, Skyline AI
The predictions in this blog post are based upon an article that appeared on Forbes.comfi in November 2018.
* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.
Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.
The Law Offices of Lora Fausett P.C. provides real estate law services including loan modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.