As technology becomes an ever-increasing part of our daily lives, more consumers expect businesses to provide a convenient online experience. The real estate industry is no exception – homebuyers are increasingly expecting real estate agents to provide convenient online experiences such as home walkthroughs, virtual reality tours, and more.
The real estate industry has long been stagnant, relying on paper documents and in-person meetings to conduct business. With advances in technology, homes are now being purchased sight unseen via web listings – some modern home sales are even being conducted using blockchain technology.
Real estate investing
Technology has enabled real estate investors to purchase fractional shares in commercial real estate funds through the introduction of REITs or Real Estate Investment Trusts. Similar in concept to a mutual fund, REITs use their pool of funds to purchase income-generating commercial real estate properties instead of stocks and bonds.
Blockchain for real estate
Blockchain technology has brought new innovations to a wide variety of industries over the last several years, and real estate is no exception. Companies like Propy, a global real estate broker, have already begun working towards meeting consumer demand for blockchain tech in the real estate industry.
Early this year, Propy helped facilitate the sale of a home in Tampa, Florida, that was auctioned to buyers as a non-fungible token, or NFT. Going down in history as the first NFT sale of a home, the auction netted the seller a total of 210 ETH or approximately $653,000 at the time the transaction took place.
Go paperless
Modern technology has made it easier than ever to ditch the stash of physical paperwork. In fact, the entire home buying process can take place completely digitally these days. Not only do paperless transactions make things easier to organize and find, but they can also help reduce your business’s carbon footprint.
Companies like Dotloop are creating technology solutions that allow real estate agents to sign documents electronically and manage their properties. As of today, Dotloop has helped process $30 billion of transactions digitally.
Slowly but surely, technology is beginning to make waves in the real estate industry. It’s important to adapt to these changes quickly before your competition leaves your business behind.