Is tech changing the real estate game?
Technology has been an intrinsic component of real estate since the inception of digitalization, but the terms are less often mentioned together when discussing their potential. It is also apparent that tech is one of the most underappreciated and underutilized tools in the real estate arsenal.
Automation didn’t begin with modern technology, but modern technology has led to the automation of many industries. The benefits of automation include increased efficiency and speed of work, reduced costs and less need for human intervention. In real estate, we can see the results of automation in areas such as: AI innovations: reporting and insight-provision tools used by agents and investors; Protocols: supporting governance of production and construction processes; and Machine learning: identifying and reporting discrepancies without human intervention.
The portmanteau “cybersecurity” is self-explanatory. It’s a practice in software and hardware development that emerged as a response to the proven and prospective threats posed by malicious actors attempting to gain unauthorized access to data and controls. Exponential increases in information-transfer speeds has, over time, reduced the communicational distance between geographically disparate groups and individuals.
The combination of supply chains and manufacturing has seen so much success that it has given rise to the terms “Industry 4.0” and “smart manufacturing.”
However, technical innovations within real estate may appear to be incremental so far. Nevertheless, there are several converging situational factors that could cause this to change in the near future.
Real estate is only just starting to see its potential for tech-driven innovation and disruption. Airbnb and other emerging innovators are likely to be the torchbearers when it comes to legitimizing technology’s role.