Housely
With technology advancing at such a rapid pace, it is touching every industry including real estate. Websites, apps and other forms of technology could one-day replace realtors as all of the information is available on the Internet, you simply need to know how to access it. Many believe that replacing real estate agents in the next 20 years is simply a myth. Although there will likely always be a need for agents, technology is rapidly creeping in that could significantly disrupt the job of a real estate agent in the next decade.
The following is a list of 10 things real estate agents should fear within the next 20 years. Some of these technologies are currently in-place while others may currently be a pipe dream but in two decades could be a reality.
Augmented Reality
Augmented reality is currently being perfected and has many applications within the real estate industry. Clients can simply access the home via virtual reality headset and walk around as if they were present. The headset would provide all of the information they need about the home and could be linked to a drone that move through the house to show all features. This functionality could be built into wearable’s like Google Glass and smart contacts with the client never even needs to leave their living room to view the house.
This idea is not far off and could be majorly disruptive to real estate agents. This is a different, less hands-on approach to the automated showing agent idea that could appeal to many Millennials who utilize technology for information. Since many Millennials will soon be purchasing their own homes, the old ways of working are not appealing to them.
ALGO’s
ALGO’s, also known as algorithms, are a set of computer coding instructions that were created to execute a set of commands. They are widely used today in automated electronic components and even on the stock exchange. They can evaluate a person’s likes, dislikes, emails, travels, activities and even scour all databases for any data related to that person. ALGO’s can be used in the real estate industry (or any industry really) to their requirements for homes and instantly provide the potential buyer with all the information they need based on their personality traits. This would completely remove real estate agents and provide the buyer with the exact house in which they are looking for.
Automated Showing Agents
Although this seems like a far-fetched concept, with companies, such as Google and Mercedes, attempting to perfect the self-driving car, life-like robots may be next on the list. Many futurists predict that society will no longer need to own cars in the future. Instead, you would call up a self-driving car to take you to a location. This means that the entire showing of a home could be automated.
The client selects the house on a website and is then picked up by a self-driving automobile to take them to the home. At this point, they are greeted by a drone or even robot that can take the clients through the home and provide instant access to all information. The automated showing agent can answer questions about the home as they walk through each room.
Beacon Technology
Beacon Technology is an app that already exists in the real estate marketplace. The technology allows buyers to virtually hang out in the neighborhood or town and receive messages about recent real estate listings in the area. The buyer will then enter the home where a virtual real estate agent, through the app, will provide all of the information and history of the residence. This eliminates the need for one-on-one meetings with the showing agent and is extremely popular amongst Millennials.
Business of Real Estate
Experts predict that the business of real estate will change within the next decade or two. Higher frequency activities such as human-powered services (stock brokerage, used car sales, taxes, accountancy and real estate) will soon be replaced by more efficient alternatives. The conventional wisdom has always been, “people will never buy a home online, it is too complicated and the risks are too high.” This idea is rapidly changing and people wish to use more technology to make purchases than ever before.
Financial Websites
After utilizing augmented reality or automated showing agents to view the house, there could be financial websites that process the paperwork for you without the assistance of an agent. The buying papers could automatically be sent to your lawyer and, if agreed upon, could be signed, dated and made official electronically without an agent in between. Eliminating a real estate agent would save the buyer money on commissions and other types of closing costs.
Online Bidding Websites
At the moment, there are too many moving pieces to a real estate purchase to launch this software. Nevertheless, the idea is for multiple buyers to bid on several homes in a similar fashion as eBay. As the bid against other potential buyers, there is never any obligation to move forward with the transaction if a better home appears for purchase, even if the seller accepts the bid.
Self-Healing Homes
Using the latest in nanotechnology, objects can shift shapes. Actually, scientists are currently working on creating self-healing concrete which allows homes with cracks to heal themselves. This will help automated showing agents show the entire home without any foundation damage or issues in the concrete. Once perfected, this technology will certainly be used with other materials which could further improve the selling of a home.
Trulia
Trulia is an existing website that has been around for several years. The website features all of the information needed about a sale or rental including photographs, contact information, price, square footage and many other important types of data. This allows potential buyers to look up the information without asking a real estate agent.
Zillow
Similar to Trulia, Zillow offers a wealth of information to potential buyers including the price of related homes in the neighborhood, school district data, local grocery stores, malls, gyms, etc. Both of these websites offer all-inclusive information to allow you to make an informed decision about the home in which you wish to purchase. Also, both competing companies have launched applications which are location-based to information you of available properties in the area.
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