Technology has touched every aspect of our lives, and the world of real estate is no exception. The COVID-19 pandemic was a shot in the arm to technology in real estate, changing the way people buy, look at, and sell properties. Smart technology, virtual reality, cryptocurrency, the cloud- all these things have fundamentally changed how the real estate industry operates. Let’s break down some ways technology is changing the real estate industry today.
Technology has changed real estate is the increased popularity of smart home technology, which means any technology that allows home automation. Home automation can improve anything about a property, from the comfort of living in it to security and energy efficiency. Because of this, it’s become an increasingly popular feature when buying a home, whether in a newly built house or added to an old one. The addition of smart home technology can boost the value of a place anywhere from 3 to 5 percent.
Virtual reality headsets are commonly associated with gaming, but it has many practical uses outside the hobby. In real estate, virtual reality can be used to simulate walk-throughs of a house or other property. While the technology is still limited and can’t replace a real-world walk-through yet, it can be used as a preliminary look at a property and rule out potential homes. There are also benefits to this technology, like allowing international buyers to look at a property instead of flying out. Users can customize their experience by adding virtual furniture to see what the home would look like if they lived in it.
Technology hasn’t just changed the way we buy homes but also the way we build them. One way it’s changed is people want more environmentally friendly homes. Having solar panels pre-installed for energy independence is becoming an increasingly popular selling point. There’s also the rise of smart grid appliances, from small to large, that determine what times to run based on energy efficiency, saving the users time and money. Then the construction companies themselves are using more environmentally friendly and biodegradable materials in what they build to reduce their carbon footprint.