Real estate is one of those industries that seemingly constantly deals with its own ebbs and flows, never exhibiting a dull moment. This is true no matter where in the world one resides.
Whether you are looking for your dream home in the sunshine state of Australia, or looking at investment properties in Italy or Asia (or anywhere else in the world, for that matter), there are almost certainly bound to be some challenges along the way. Seemingly nothing is certain, and there is a sort of poetic chaos in that truth. Whether you are a renter looking for prospective properties for rent, a buyer or seller in current real estate, an investor excited to expand their portfolio, or an industry professional navigating the shifting dynamics of the real estate industry, one thing is certain: change is imminent, even already kicking into gear. That change is the introduction of technological advancement to real estate. Technological disruption has hit the world in practically every industry and facet there is, but it has only relatively recently had substantial impact on the real estate sector.
There is no doubt that technological advancement and subsequent digital disruption are the most influential changes to the real estate industry (arguably) to date, and they are positively changing the game from all sides. By nature, real estate is all about balancing the ebb (sale) and flow (purchase) of real estate. In this way, this is a sector that has yielded significant results time and again, proving itself to be a force in everyday life and a central pillar in modern society. Now, the industry faces what some have dubbed its biggest challenge yet, in the form of modernisation on all counts. Technology is turning this sector on its head, and the entire industry – and all those who partake in it, in any role – are realising the inherent value of such a prominent shake up. The rest of the world has gone digital, and so it was but a matter of time before real estate joined the global movement into a new era.
On the part of prospective buyers or investors, they are now able to “inspect” properties via 3D VR (virtual reality) simulations of the property. Modern individuals are busier than ever, and so this innovation gives them the chance to look at potential properties of interest without having to take lengthy drives or precious hours out of their day to initially do so. For industry professionals, technology has automated much of the time-consuming and mundane aspects of the job, freeing up more of their time to be spent on more demanding and important aspects of their jobs (i.e. clients and properties themselves). These are just a few examples of how technologies are shaking up the real estate industry from the ground up, but even these few innovations on their own and as a small portion of the entire collective tech-driven movement prove how incredible technological disruption has been for the real estate industry thus far, on a global level.
With this technological advancement comes a new era for the real estate industry. Spanning the entire globe, this is an era that is set to revitalised and improve real estate going forward, forever. This is an industry that, up until now, has been traditionally-inclined in its methods and models. Now, in the wake of the digital shake up that is taking the industry by storm, the fundamentals and the intricacies of the age-old sector are being stirred and reimagined, improvised from the ground up. From seemingly basic automation processes and programs, to the introduction of virtual reality property inspection queues (and everything in between), technologies and forms of digitalisation have profoundly impacted the real estate field on a worldwide level, allowing it to reclaim its relevance in a shifting world. This is an exciting time for real estate, and it is exhilarating to know that this is only the beginning as well. There is now a world of opportunity available in real estate, ripe for the digital picking.
Of all the industries and facets of the world to be impacted by technological advancement and prowess, perhaps none of them have felt it in a paralleled way to that of real estate. This is a traditionally-clad industry, and because of this it took some time before technological disruption was wholly embraced. Even now, it is a work in progress, but every other way there is a new development, a further enhancement, that seeks to make the wielding of real estate and technological advancement easier, faster, more efficient. In a world that is positively run by technologies these days, this is exactly the type of innovation that is being welcome with open arms – and it is about time, too. This is the dawn of a new era for the real estate industry, and it is an exciting start. Time will only tell where technology takes real estate from here, but if the innovations up until this point are anything to go by, it is nowhere but up, up, and away.