Ever walked into a home and wondered what it would look like with some remodels? With growing technological trends, you might not have to rely on your imagination anymore! Technology like augmented and virtual reality (AR and VR, respectively) are bringing these sorts of visualizations to screen.
Of course, this is just the tip of the iceberg with technological trends in real estate. During the 2019 Realtor® Conference & Expo, Realtors® from across the nation met to discuss the future of real estate and top trends. The verdict? Real estate is heading into 2020 in style, with blockchain, AR and VR growing in popularity.
Blockchain isn’t just for your tech friends anymore – as it grows in popularity, it’s actually become a great tool for real estate. Notably, blockchain has become a useful way to keep transactions private, which is especially valuable when the transaction in question is no small purchase. Blockchain will offer clients increased security and is only projected to become more prevalent in 2020.
Probably one of the most well known examples of AR is Pokémon Go, which overlays images of fictional creatures over actual camera views in real time. Sure, hunting for little monsters in potential homes is one way to pass the time, but the Directors of Emerging Technology for the National Association of Realtors® (NAR) – Dan Weisman and David Conroy – have other ideas.
For instance, Weisman and Conroy argue that potential buyers could use AR to scope out how a home might look with renovations, furniture configurations and/or decorations. Agents who understand how to harness AR might have a better shot at enticing buyers, especially from younger demographics.
Can’t visit a house in person? No problem. As VR grows in scope, more buyers are able to immerse themselves in digital walkthroughs of homes. This is already supported by platforms like Matterport and Immoviewer and is only projected to grow in popularity and accessibility.
Mixed reality, which combines features from AR and VR, is also becoming more and more common in the real estate industry. Along with the power of artificial intelligence (AI), Realtors® have a growing digital toolbox at their disposal.
When it comes to adapting to new trends, Bob Goldberg, CEO of the National Association of Realtors® is optimistic about the prospects: “About 25 years ago, the real estate industry was at a crossroads, and we as an industry had to decide if we were going to adopt these new technologies for ourselves or fight to maintain the status quo, but we took that potential disruption and turned it into an opportunity.”