While the full-on digitization of the real estate market is still years away, there’s no doubt that this past year has seen the world get closer than ever before to a digital home buying experience. Technology has changed the real estate market in all sorts of major ways in 2020 and 2021. We aren’t quite in science fiction territory quite yet, but some of the latest tech hitting the real estate market certainly seems straight out of the future.
From the way homes are listed to the way potential buyers can view those homes and all sorts of other innovations in between, the 2021 real estate market looks much different — and much better — than it looked in 2020. There are so many innovative new technologies, it can be hard for you to know which ones matter most. As such, it’s worth taking a look at some of the most important technological advances that hit the real estate market this past year.
Virtual Reality and Augmented Reality
With the implementation of virtual reality (VR) and augmented reality (AR) technology, home buyers can explore homes for sale without even leaving the comfort of their own home. What’s more, VR and AR technology also allows you to see what different pieces of furniture, carpeting, wallpaper and other home renovation fixtures might look like in your own home without actually making the changes.
This technology can also come in handy when you’re looking to buy a fixer-upper and need help visualizing the potential the space holds. VR and AR have become major players in the 2021 real estate market and they’ll likely become an even more integral part of the home buying process into 2022 and beyond.
PropTech — or property technology — is the term used to describe the burgeoning field of innovative digital technology designed to help in the home buying and selling process as well as in the research and management of real estate properties. PropTech is where all the latest technological advances in the 2021 real estate market began and it’s where all of 2022’s will begin, too.
While PropTech has been a growing field for years now, 2021 was the year that PropTech was legitimized by home buyers, home sellers, and real estate agents alike. It’s disrupting the way real estate has been done for decades now and staying relevant means taking PropTech seriously and figuring out how to bring use it to your advantage.
Artificially Intelligent Chatbots
All too often, a real estate agent’s day can be completely derailed by several long-winded, strenuous tasks that take away from their ability to focus on the real task at hand: selling and showing homes. Thankfully, with the implementation of artificial intelligence (AI) into the 2021 real estate market, AI chatbots can help take care of some of those arduous tasks — thus freeing up real estate agents to do the important work. These chatbots can answer questions, respond to emails and even qualify or follow up with potential leads in real-time.
Most of us have likely experienced predictive analysis of some sort, whether it’s when a product is recommended to you when online shopping or a title is suggested to you when browsing a streaming service. As it turns out, this predictive analysis technology also comes in handy in real estate.
Predictive analytics help buyers find homes that fit their specific needs and help real estate agents find clients that make the perfect matches for the homes they’re trying to sell. This past year saw predictive analysis take hold of the market in a major way and 2022 is unlikely to be much different.
Blockchain and Cryptocurrency
Blockchain and cryptocurrency have been two of the most buzzworthy terms of 2021 and it just so happens that they’re intrinsically linked to one another. Blockchain allows for safe, secure and transparent cryptocurrency transactions to be made without the need for any sort of banking or financial institution. Instead, a web of thousands of computers does the verification work.
In the 2021 real estate market, blockchain and cryptocurrency have allowed real estate transactions to take place entirely outside of the realm of traditional financial institutions. Blockchain can even facilitate secure contract signing, as well.
Real Estate Crowdfunding
You’ve likely heard of crowdfunding platforms like GoFundMe or Kickstarter before — websites that allow for strangers to donate to other people’s campaigns to help them pay for massive bills, charitable projects and even things like books and movies that individuals couldn’t afford on their own. In 2021, real estate crowdfunding came to the forefront.
Real estate crowdfunding follows a similar train of thought, allowing for individuals to raise capital from multiple investors. These platforms are like traditional crowdfunding amplified on a much larger scale. It’s revolutionary, in a way — for the longest time, buying and selling real estate seemed like a one-on-one thing. Real estate crowdfunding puts the power to purchase in the hands of multiple individuals.
Drones and Advanced Cameras
When it comes to online real estate listings, the photos can completely make or break a sale. No matter if you’re a buyer or a seller, the look of the place can mean the difference between success and failure. With the implementation of drones and other advanced cameras into the 2021 real estate market, the chance for success has been increased exponentially.
Drones and the like allow for online listings to show off the entirety of the exterior of the home and the surrounding property, giving prospective buyers a much better idea of the place than ever before.
The Bottom Line: How Technology Has Changed the Real Estate Market in 2021
If you’re interested in hearing more about all of these technological advances that have transformed the 2021 real estate market — or even wish to see them in action — consider getting in touch with LemonBrew. When you match with a LemonBrew partner agent, you can rest easy knowing you’re speaking with an experienced and knowledgeable person who can help answer any questions you may have about the 2021 real estate market.
Contact LemonBrew to learn more about how we can help you through the real estate process. We know the real estate process can seem complicated at times, but with LemonBrew and the many technological advancements hitting the real estate market in 2021 and beyond, buying and selling are made easier than ever before.