Recent studies show that most of the Real estate agents job will rendered obsolete by Artificial Intelligence. This is because of the technological changes across the world. Well, in the next decade we ought to expect a lot of transformation on the real estate market. There are a lot of evolutions in the real estate industry, which we are going to have a look at them in this article. As the internet and mobile technology are evolving, what is the best we can do? Are we going to cry and wait that the sky is falling or are we going to develop the skills and mindset to help us sail through? Let’s have a look at the transformations you should expect in the real estate market for the next decade.
Rent auctions set to done algorithms. A recent South African startup came up with a rental listing and management service. This provides landlords with a list of prospective tenants to bid on the rent. Using algorithms, the less desirable rental units will receive fewer and lower bids.
Flat-fee Online Real Estate Brokerages.
We are at the internet age, and nobody needs a real estate agent anymore. Prospective buyers are looking for the best option on the online platforms. Sellers and buyers are benefiting from this because they don’t have to incur extra charges.
Long-distance Real Estate Purchase by use of Virtual Reality.
In the next decade, Virtual Reality technology is going to play an important role. Purchasing a property that you have not seen is a little bit uncomfortable. Virtual Reality technology provides high resolution, interactive 3 D virtual reality images of the property to the buyers. This results in technology leaving them feeling like they are walking through the property in person. Therefore in this decade, you ought to expect more of this.
Rise of Blockchain Technology in Real Estate.
Blockchain technology is not only in Bitcoin. But also all the ventures where money transactions are involved. Most of the Real Estate deals are sealed through websites and
online platforms. You need high-level security always to protect yourself as an investor and a buyer. The ultimate way to go with this is by use of Blockchain technology.
As a result, if you are in the real estate business, try to embrace technology. Because soon time might catch up with you. Therefore its time to enrol for short courses that will enable you to remain the market. You rather embrace change or change will engulf you. Consequently all the other careers might also follow suit.