Real estate tech is trending in 2017. The digital era is changing the landscape of real estate with the implementation of virtual reality, mobile applications, drones, and smart technology in homes. Technology has always been part of the real estate industry, historically playing a role in online real estate listings, online reviews of real estate agents, and online ads. It is clear in 2017 that real estate and technology are reaching a whole new level.
Real Estate Tech on the Rise
Common processes that used to be conducted through paperwork and in-person meetings are now being handled online. This is a result of a demand to maximize efficiency. Real estate investors, developers, and borrowers are looking for more convenience in real estate related transactions, as well as saving time and costs.
Real Estate Investors Utilizing Digital Contracts
Scheduling a mutual meeting place to sign documents is no longer a necessity. Real estate investors and borrowers love this as it expedites the document-signing process. Interested investors can digitally sign contracts to agree to the terms of a property investment such as; investment amount, projected return on investment (ROI), loan to value, loan to cost, and the loan after repaired value.
On the flip side, borrowers can sign digital contracts when signing term sheets for real estate loans. This process is a lot faster versus the loss of time that would result from various meetings to sign documents. In addition to digital contracts, home inspections and other forms are increasingly handled digitally.
Real Estate Apps to Perform Due Diligence
Real estate apps are of great benefit to investors. As real estate is becoming more digitised, access to information is too. Using homesnap, gaining property information is as simple as taking a photo of the property, and receiving information such as the owner, tax rolls, and official market value. You can also retrieve statistics on neighborhoods such as crime rate and nearby schools with dwellr. Access to all of this concentrated information is a great tool for real estate investors to perform their due diligence on a property, or a real estate underwriting team to approve a real estate loan.
Virtual Reality and 3D Tours of Real Estate
Virtual reality no longer exists only in science fiction movies, it now exists as real estate tech. The invention of virtual reality and 3D tours gives potential buyers a complete view of the home as if they were physically there. Very soon we can expect to see integration with home design, or architectural software, that allows potential buyers to make preferential alterations such as furniture or structural changes. We are hopeful in the future we’ll see virtual reality debut in the real estate marketplace lending sphere, allowing online property tours accessible to investors.
Capturing the Property with Drone Mapping Technology
Drones have been a trending gadget and it was only a matter of time it became part of real estate tech. Pix4D created an app that lets the user create 3D maps that are interactive based on drone mapping. The drone will fly around the property capturing information resulting in a 3D virtual reality recreation. The use of drones and drone mapping technology is more efficient and cost effective than hiring a tech guru for this process.
Real Estate Investing and Smart Homes
Smart homes are sparking a keen interest in homeowners. The features are energy efficient and a convenient luxury to have around the home. Features such as smart lighting, automated temperature controls, thumbprint operated security systems, and automated locks are finding their way in homes. The great thing about smart homes is that most of its features are interconnected using Wi-Fi, Bluetooth, and other similar devices. Setting up these features is becoming easier and the prices are becoming more affordable. This trend is catching on to fix-and-flippers and real estate developers who are looking to increase home value as well. Renovating a home with smart features is an affordable option while adding great value to a property.
Real estate tech is quickly trending in 2017. Technology has always played a part in real estate but the digital era is quickly changing its role. The increasing demand for saving time, efficiency, and reduced costs is pushing the bounds of technology. Real estate investors, developers, and borrowers are loving these trends as they add convenience and transparency to their transactions. This year we will see the increasing use of drones, virtual reality, mobile apps, and smart technology in homes.