The innovation and technological advancements have left a huge impact on various industries. One such industry is real estate. The primary driver of change this year has been technologies that have taken over the world by storm. Thus it is imperative for a business to keep a tap on what all technologies are evolving and how to make most out of it. Most companies if not all follow the 80/20 approach in working. 80% is the time invested in undertaking the regular working while 20% time given for innovation and new techniques.

Many industries are staying put with the modern technologies except for the real estate. With an estimated valuation of $217 trillion, real estate is the world’s largest commodity. Since the real estate industry is fragmented and antiquated, with technology being right in everyone’s reach, most players or starting off with advertising their we buy houses Chesapeake services on social media while others are upgrading their IT network. So, here we have all the technological advancements that can become a boom in this sector.

 Blockchain

The fundamental technology behind cryptocurrencies like Bitcoin is blockchain. But can this new payment technology change the world of the real estate market? Since blockchain is a decentralized database, it cannot be compromised. If the use of real estate transactions, it can ensure the integrity of the data by allowing the creation of records for every property.

If this system of money transaction becomes mainstream, it can dramatically reduce the cases of fraud by enabling the access of data on individual properties. This will bring relative ease of working for real estate agents as well as the customers.

 Augmented and virtual reality

AR and VR technologies are rapidly becoming viable as customers technologies. The success of Pokémon Go is a huge example here. AR and VR technique has what it takes to shake up the realty industry. Very soon it would be possible for people to take a virtual tour of a potential house even before they see it in reality. No doubt it will make the whole process a lot smoother and hassle-free. Augment reality can come into use to help customers visualize how the house will look like once they move in.

Big data, AI and machine learning

Big data, Artificial Intelligence, and machine learning when combined make for a useful marketing tool. Taking the AI’s use in processing the data through machine learning can help marketers and real estate investors identify new customer patterns which can, in turn, be used to devise targeted ad campaigns. It will also help realtors to tap the trend effectively.

Chatbots

With AI getting better and better at processing languages, chatbots will catch up on the technology. Chatbots are becoming increasingly popular across the industries as they can take over the job of an employee and complete in reduced time. They are helping companies assist their clients by resolving inquiries regarding house prices and location. The one advantage Chat Bots have over human is that they can work non-stop without getting tired. They can help your company handle customer queries for one of your we buy houses services.