It’s no secret that I am a real estate enthusiast – not just in my work with Eighteen Capital Group (18CG) here in Kansas City, but also as a hobbyist.
I love learning about the latest trends and seeing where the market is going at any given time, and you can learn a lot by observing industry changes on a macro scale. Like all fields of business, real estate is constantly shifting with the times and the last place you want to end up is behind the curve.
Plus, it’s just incredibly interesting to see how the latest tech is being used for the benefit of the owner and seeker. Every year it seems like there is something new that comes out to potentially revolutionize the industry.
Today, I thought I’d share some of the most exciting things to keep an eye on in the next year.
1.) Virtual and Augment Reality
Virtual reality (or VR) used to be a fantasy of the not-so-distant past. I remember several various attempts at producing a viable concept throughout the 80’s and 90’s, but it seems is if the tech has finally arrived.
Maybe you’ve seen the demos at your local mall, or maybe you’re living an alternate life in the comfort of your home – at either rate, VR is an emerging technology that could revolutionize real estate as we know it.
From experiencing a virtual tour of your place prior to move-in, or seeing your dream home before building – there are several attractive possibilities for this tool. Sure, there are some digital programs out there that let you play around with various design concepts, but imagine a fully realized creative platform that lets you see the end product before your very eyes.
Property owners and builders can host instant and always-available walk-throughs for prospective buyers. And buyers will be able to plan for their future by knowing how their home will look and feel once they move in. This also opens the door to interior/exterior design.
2.) Drone Photography
Drones came onto the scene just a few short years ago and multiple industries quickly found use for flying tech. In real estate, the drone has been adapted primarily to be used for photography and video recording that would have been impossible in the past.
There are some amazing feats being accomplished with drone photography, from a bird’s eye view of the property or neighborhood, to gliding through open rooms. Check out this amazing video, shot with a drone equipped with slow-motion capture: https://www.youtube.com/watch?v=YrlusuwPvcs
These little machines are controlled by manual or digital remotes and can go upwards of 400 feet – getting amazing footage of land properties or homes for sale. Some drones can be outfitted with expensive, HD cameras that capture hyper-detailed images/video. A professional level drone can cost anywhere between a couple hundred dollars and several thousand – depending on what specs or quality is needed.
This new tech is certainly a game changer for owners trying to showcase their properties, but it will also open up a whole area for business. Costing a couple hundred dollars per flight – drone pilots can make good money, while also offering a fair price for stellar photos.
3.) Improved Data and Platforms
Since the arrival of platforms like Zillow or Realtor.com, buying and selling platforms have completely changed the real estate business. Having properties listed on these platforms has never been more important and can mean the difference between success and failure.
For buyers and sellers alike, it’s important to tap into the massive market looking for specific requirements. One of the great features of these various platforms is the ability to nail down the exact specifications that home buyers are looking for – allowing them to sort through thousands of listings to compare the most suitable matches.
Gone are the days of “searching and hoping” to find a home that you can tolerate. Now, you can get the home of your dreams curated to your profile and neatly organized by filter options. This dramatically cuts down on the need for a third-party, and will continue to do so as personalized algorithms become more advanced.
These are just a few of the latest technological developments in real estate. It will be interesting to see how these develop and what other advancements come into the fold, but I would choose these as the big winners in innovation.
~ Scott Asner Kansas City, Missouri