Real estate is infamous for being expensive, time-consuming, and tedious. However, recent advances in technology are helping to reduce the amount of work required to buy, sell, insure, borrow, and maintain properties.
Ranging from blockchain technology being used to store deeds and titles to cryptocurrency payments and peer-to-peer lending, these emerging technologies are revolutionizing the way business is carried out.
Beyond business, breakthroughs in sustainability are driving costs of living down and lowering reliance on traditional energy production technologies.
VR is changing real estate from the planning and building stage to the buying stage.
Rather than spend countless hours driving around viewing properties, prospective buyers can now do preliminary checks in VR, saving time and resources.
But virtual reality goes a step further, taking customers into the creations of architects before a single brick is laid.
Those who wish to build their own home or building can view structures in virtual reality first, allowing designers to re-assess and tweak until clients are completely satisfied without a need to waste resources on building anything less than perfect.
Bitcoin isn’t just for small purchases like coffee or even plane tickets. The scalability of this cryptocurrency allows for both large and small purchases with relative ease, making home buying feasible without ever touching a bank.
Blockchain, the distributed ledger technology that is used for cryptocurrency, is, itself, making an impact on real estate.
Blockchain works by storing records and any changes to those records across everyone on the network such that any attempt at tampering with data becomes immediately apparent and subsequently thrown out.
This technology is highly relevant to real estate because it can be used to keep track of titles. While this is mostly prospective and in the realm of smart cities at the moment, we can expect to see this form of record-keeping to continue to gain momentum.
Peer-to-peer lending and insurance
Cryptocurrency isn’t the only financial technology that is making bank involvement questionable.
Now, users can lend among themselves for real estate, bypassing bank fees altogether.
The same is true for insurance–users can pay to support those within their network rather than policy fees through tradition homeowners insurance.
Smart and efficient building practices
The internet of things and new energy technologies are letting architects and engineers design homes that are smarter and more efficient than their predecessors.
Many architects are incorporating these relevant technologies into the planning stage rather than just aftermarket additions.
Things like smart cooling systems that can monitor temperatures and close and open vents depending on the energy needs of the home can be implemented in smart homes and often even controllers from afar.
Other options, like Tesla’s roofing tiles that serve as individual solar panels, can be incorporated into building plans to create a home that uses sustainable energy sources.
These trends guide the market forward at an increased pace over traditional methods, allowing for business transaction and electricity alike to flow more freely throughout the economy. Peer-to-peer services assist with market liquidity and ensuring that reasonable risks are evaluated.