While many industries have stayed current with technology trends and established industry standards, real estate is a notable exception. Perhaps it’s the notable exception when you consider that real estate is the largest commodity in the world, with an estimated USD $217 trillion valuation.
The industry is fragmented and antiquated in numerous ways, with technology being right at the top of that list. Many of the big players are still building and upgrading their proprietary technology solutions. Others are spending a fortune with consultants for customized applications. We’ve all seen this before in other industries — everyone wants to reinvent the wheel. History tells us, however, that wheel reinvention is almost always unnecessary because it creates further fragmentation and ultimately makes industries less competitive.
Time For An Industry-Wide Upgrade
While more technology mature industries moved away from a restricted-use model a long time ago and embraced an outsourced consumption model (for example, running applications in the cloud via AWS), the construction real estate industry, for the most part, has not. Among other important reasons, the consumption model is significantly more cost-effective and allows companies to focus on their core businesses and stay ahead of innovation.
Beyond the consumption model and leveraging the cloud, the real estate industry has also been slow to adopt applications that could transform it from slow and inefficient to fast and efficient. The technology is out there, but until now, the desire to migrate from the traditional way of doing things has been sporadic at best.
Here are three technologies that will soon become mainstream in the real estate space:
The construction real estate industry is still in the infancy stage of technology innovation. While we are beginning to see more applications for VR, the cloud and blockchain, these platforms were all just pipe dreams in the real estate world 10 years ago. As the technology continues to become more ubiquitous, you can expect home buying to never be the same again.