The property market isn’t the first thing that we think of when considering the latest advances in technology. Yet, there has been important progress made here in 2020 that sets the scene nicely for some major changes that may occur in 2021.
More and Better Virtual Property Tours on Smartphones
The idea of going online to get a virtual tour of a property that you are interested in isn’t new, but it has become a lot more popular in 2020 and shows signs of continuing to grow in the future. With the latest smartphones, agents can very easily shoot a professional, high-quality 3D tour.
This can be done simply by recording a 3D tour and putting the video on the internet for interested parties to look at. A more interactive approach involves giving the viewer more control over what they look at as they go around the house, which can be done on a one-on-one live stream.
The most impressive results come from using special 3D tour software that can even use virtual home staging software to show the property in its best light. This sort of platform is still quite expensive, meaning that is has been restricted to high-end properties so far, but 2021 could see it go mainstream.
The Introduction of the Blockchain to Gather Pace
As with many different industries, the blockchain offers great possibilities for disrupting the property market. One way that this works is by allowing purchasers to deal directly with sellers, cutting out agents and other intermediaries. This approach could make for speedier, more transparent transactions.
People are already used to getting speedy mortgage decisions on platforms like Trussle. Here, it takes 15 minutes to apply and deals are usually sent out within 24 hours, so speeding up the purchase process could be a natural progression. The blockchain could also allow the purchases to take place using cryptocurrencies, with some high-profile Bitcoin property transactions already carried out.
Some of the platforms that are currently using the blockchain to provide a type of property service include PropertyClub, ManageGo and RealBlocks. By tokenising property assets, the possibility of trading them on an online exchange, like stocks, is opened up. This is how the ATLANT platform works, with investors able to buy a stake in the properties that are listed.
Artificial Intelligence to Become More Common
The arrival of artificial intelligence (AI) has taken a bit longer in the real estate sector than in some other types of business. However, there are now indications that this trend is on the rise, with AI providing benefits in a number of different areas.
One example comes with TRIRIGA, from IBM. This voice-controlled application uses a combination of AI and the internet of things to help businesses organise their space better. It can improve employee safety as well as optimise the use of all available space. In the US, Compass uses AI to help users find the properties that best match their needs. They also stated their intention to launch an AI-based tool that will let homeowners get a better idea of the impact of any home improvements that they plan to make.
If these areas grow as expected in 2021, it is sure to be an exciting year for the property market and for those people who love to see fresh innovations in it.