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Tech And The Real Estate Market: The Link

Discussion in 'General Business' started by Omote, Sep 20, 2019.

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  1. Omote

    Omote New Member

    Technology has come to stay, and for better or worse, it has changed the way and manner in which business is done and without a doubt, the real estate industry has benefited greatly from it. While many industries are current with the trends in technology, it is quite unfortunate that the real estate industry is among the few exceptions. According to Forbes; real estate is considered the largest commodity in the world, with an estimated valuation of $217million.Also Chao Cheng-Shorland, the Co-founder and CEO of Shelterzoom said that; with many of the big players in the real estate still building and upgrading their property technology solutions, and others spending a fortunes with consultants for customized applications, this means that the industry is fragmented and antiquated in many ways, hence, the need to integrate tech in the industry space. If one can remember what it was like some years ago prior to online listings, e-signing and virtual tours, you will understand how much things have changed.

    According to Ryan Tollesfen, reliance on technology for a ‘people oriented’ business, losing touch with your customer is a real fear.With these in mind, it begs the question; what can technology offer in the real estate business? To answer this we have to first understand that technology is now a way of life and how consumers manage their lives around technology is an uncharted territory.With the increasing ease and availability of Artificial Intelligence, Block chain and big data, the property industry is likely to see a significant increase in adoptions, which will knockout the fundamentals of property management that we see today (Max Giammario, 2019).

    According to PWC, 2018; the automation through AI and sophisticated machine learning algorithms are gradually moving their way into key sectors of the real estate professional jobs. This means that as technology is expanding, soon we will have little to no fundamental ways of transacting business in the real estate sphere.Although we benefit from AI helping to increase personalised property search/ recommendation, AI based Customer Relationship Management systems, however, the selling of a property still requires a face to face human contact that no AI can achieve. Another beauty with the AI is that it gives the estate agents more time to convert leads and close deals, Chidinma, 2019.For the greater part of it, block chain has also come to stay and it can be seen all around us and for what it’s worth, we are merely scratching the tip of the iceberg. According to Amy, T. 2019; one of the areas that has seen more advances in block chain is the real estate and the players in the commercial market have been able to improve significantly. There is certainly a place for cyptocurrency said Chao Cheng-Shorland, 2019; and the benefits will allow the industry to standardise and scale online transactions.

    The time is now Real estate is still in the infant stage of technological innovation, while these few listed platforms are beginning to make wave, you can make predictions on what real estate will be like in the next 10 years…By: Joshua Moore 2019

    Source; https://realtor.ng/blog/detail/5cc2e6fdd4523f002eb736ef
  2. Davinml

    Davinml New Member

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