How Technology Is Benefiting the Real Estate Industry

The real estate industry has a lot to gain from new developments in technology. Advances in blockchain technology, new digital marketplaces, drone technology, and Virtual Reality are all having an impact on the way homes are bought and sold.

Whether you’re a first-time home buyer, getting ready to sell your home, or a real estate agent, these are some of the new developments in technology that you can’t miss.

Digital Marketplaces for Real Estate Agents

How home buyers and sellers connect with real estate agents is in the midst of radical disruption. Digital marketplace Nobul is quickly becoming the new industry standard for working with a real estate agent.

The platform delivers complete transparency, giving consumers the opportunity to compare commissions, transaction history, and verified reviews of agents. They get personalized offers from agents without having to share their contact information.

Nobul has transformed an important relationship in the real estate industry. It’s making agents more competitive, and as it scales, don’t be surprised if you hear more about it. The company has already reached some important milestones, and Founder and CEO Regan McGee believes usage of the platform will only expand:

“We are seeing a huge increase in the use of our platform as we are witnessing industry-wide acceptance of new technologies. Prospective home buyers are also looking for a competitive advantage in finding their dream homes – finding the right agent is an essential part of that.”

Blockchain Contract Management

Real estate transactions are rife with contracts. There are listing agreements, buyer representation agreements, contracts with lenders and insurers, and agreements with title companies, appraisers, and lawyers.

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Increasingly, contracts like these can be managed using smart contracts. Smart contracts are a blockchain technology that automate the execution of agreements, allowing all parties to be certain of the outcome as soon as the conditions are completed.

This automated workflow cuts down on the need for third-party involvement or time-consuming verification. Smart contracts automate actions such as the release of funds or issuing a registration once certain conditions are met.

Drones

As drone technology has become more affordable, realtors are starting to use them to market their listings. Drones allow realtors to show off prime locations and provide an overhead view of a property. It’s a great technology for showing off large lots or the layout of a new development.

Not only do drones help you create an aerial video of the property, but they can also give you a bird’s eye view of the entire neighborhood. Realtors are using drones to show off the proximity of local amenities, views, and neighborhood character. 

Virtual Reality Tours

The explosion of Virtual Reality is reaching real estate. Realtors are having Virtual Reality tours made of their listings to cut down on the need for in-person showings, saving everyone time while giving interested parties a more detailed experience of a property.

Virtual Reality tours have also made it easier for buyers to experience a prebuild without needing to invest in a model.

Technology is bringing change to the real estate industry, and the future is bright.

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