Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Real Estate Technology – What Lies Ahead?

real estate technology

Photo via Max Pixel

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

 

Amazon-Like Closings

Using real estate technology on smartphoneReal 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

 

Streamlined Processes

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

Real Estate red tape

Photo by Max Pixel

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

Illinois home with tax lien“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

Home lending days“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. 

 


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The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090