There isn’t an industry in the world today that hasn’t changed because of technology, and real estate is no exception. Even the ability to search listings online has improved the efficiency and experience of looking for a new home and made it easier for sellers to match with buyers, but new innovations in recent years are beginning to truly transform the way the industry works.
New technology in the real estate industry is empowering consumers, giving them more choice, saving them money, and improving the experience of buying or selling a home. Real estate is often the biggest single transaction someone will make in their lifetime, and the age of consumer empowerment is about to shake things up across the business.
A New Way to Compare Real Estate Agents
Finding a real estate agent is the first real obstacle consumers face when they begin the process of buying or selling a home. It can be particularly frustrating for first-time buyers who don’t know what they’re looking for, how the process works, or even where the commissions come from.
Nobul is a digital marketplace changing the whole process and saving consumers fees along the way. What the platform does is change the power dynamic. Consumers can input some basic information about themselves, and agents compete for their business with proposals that outline all of their services and fees. It gives consumers an opportunity to see where their money is going and what services they can expect.
Industry innovator and disruptor Regan McGee compares Nobul’s impact to the technological innovations that up-ended other industries like travel and taxis. According to McGee, “If you’re a homebuyer or seller, you can pay lower fees, get better service, and it’s all done with the accountability of a tech company that’s designed to be consumer-centric right from the beginning.”
The FinTech industry is also responding to consumers’ desire to do everything online and save money by doing so. The digital mortgage industry is making mortgage approval easier and more equitable, often helping underserved communities access a crucial financial tool that puts them on the homeownership ladder.
Automated mortgage approval led by AI even has the potential to remove discriminatory factors from the process. Studies have shown that face-to-face lenders charge higher rates to borrowers from marginalized communities. The automation process has the potential to take human discrimination out of loan approvals.
Virtual Reality Tours
The 3D virtual tour was a big step in real estate and one that’s helped prospective buyers whittle down their options before going to an open house or booking a showing.
The next stage of these remote tours is going to be Virtual Reality (VR) as hardware becomes more accessible. VR provides the opportunity for a more accurate remote experience of a home. It will help viewers inspect more minute details, as well as expand their tour to the exterior of the home.
VR tours are even opening the possibility of touring homes that have yet to be finished. It’s the future of home viewing for pre-construction buyers.
New technology in real estate is giving consumers more power than ever before, and the industry players who buy into these innovations will quickly see their market share increase.