Summary: Tech developments have a major impact on every industry. From streamlining processes to eliminating certain tasks entirely, tech can be a great addition to any field. This is especially true for real estate.
Original author and publication date: Forbes Real Estate Council – November 27, 2019
Futurizonte Editor’s Note: AI can help us to buy a house, buy, can AI help us to have a home?
From the article:
To better understand how technology might influence real estate transaction processes, we asked a panel of Forbes Real Estate Council members to share their predictions for the future.
1. Reimagine The Title Transfer Process
I see blockchain technology reshaping the titling side of the real estate space. The way we currently do everything with in-person filing at the auditor’s office is incredibly antiquated. Blockchain will be a more reliable, secure and protected method of title transfer. I also think that the iBuyer-type platform will bring real estate wholesaling into a new light across all states and divisions of real estate. – Matt Motil, The Marie Paul Companies
2. Enhance Transaction Velocity
I believe technology will enhance the transaction velocity and simplify the acquisition and disposition processes. At the same time, it will also create a stronger demand for educated practitioners and intermediaries who are able to quickly and efficiently process the information to better advise their clients. – Alex Zylberglait, Marcus & Millichap
3. Speed Up Closings
There are already virtual reality programs that allow users to experience their next home before construction even begins, so I believe the focus of technology in the next few years will be looking to speed up the closing process. We will also see many more mobile apps and tools that facilitate the day-to-day activities of real estate agents such as marketing, advertising, CRM systems, etc. – Rodolfo Delgado, Replay Listings – Apartments for Rent in NYC
4. Streamline Contracts
5. More transparency
6. Decisions Made Via Smartphone
7. Make Real Estate On-Demand
8. Increase automation
9. Human element
Technology is a great tool. What I see is constant improvement in efficiency, but I also see too much reliance on technology giving people in the industry a false thought process thinking that technology can replace relationships. Real estate is a relational business and people deal with people they know and trust. I don’t see this changing. – Mike Mcmullen, Prominence Homes, LLC