No one can say with 100 % certainty what the future holds for real estate technology, but we can talk about what is trending now as well as what has trended in the past. Data analysis has become a standard practice with the real estate industry for the main purpose of building a statistically motivated strategy. Obviously, the more data you can gather the more you can be prepared for upcoming changes.
A major trend in the industry we will continue to see grow is that of virtual real estate transactions. “Land in a virtual world, which are pixels, is real estate in the metaverse. These programmable spaces let users take part in a range of activities, such as interacting with others, playing games, going to virtual events or meetings, and more. Real estate investors can flip or lease properties in the metaverse, much like in the real world. Investors will certainly exercise care, though, as buying property in a virtual world is still a novel idea.” (LAMUDI, 2023).
Since the pandemic, we were all forced to learn how to do business in a more virtual manner. Although not a new concept, virtual home tours have become increasingly popular and will continue to grow throughout 2023. Additionally, so will the use of AI; have you heard of real estate bots yet? Virtual assistants, voice bots, and chatbots are presumed to be used more frequently to aid in communication with clients quickly and accurately. It sounds scarier than it is, the bots aren’t here to take over your jobs (like the self-checkout lanes at the grocery store) they are here to assist you in responding to your clients/potential clients more promptly.
In conjunction with more cyber security because we are seeing more online business transactions, we will more than likely see an increase in blockchain transactions. Blockchain transactions don’t just deal with crypto (in case that’s what you were thinking). “A blockchain transaction is simply data transmission across the network of computers in a blockchain system.” (Vadapalli, 2022) The good news is that they are more secure due to their structure of asset recording and allocation. All the changing trends may seem overwhelming but remember Alan Watts said “"The only way to make sense out of change is to plunge into it, move with it and join the dance."
