In most fields and industries, technology is expanding at an exponential rate. That hasn’t been the case in the real estate market until recently. The adoption of new technology in the real estate industry has lagged behind that of other industries. But that’s changing now, thanks to a surge in real estate technology in recent years, which has the potential to drastically alter the sector. So, let’s take a look at what the current tech buyers and sellers in Irvine should be aware of.
3D Virtual Tours
Especially since the advent of COVID, virtual tours have become big, and now there are 3D virtual tours. This is a real estate tech development that both buyers and sellers in Irvine (and anywhere else) can use to their advantage.
“Solutions that allow prospective purchasers to take a virtual tour of homes while making a decision are closely related with search applications. It saves the buyer time and money by eliminating the need to visit many properties, many of which can be eliminated from the buyer’s list of possible acquisitions through virtual viewing .[T] Today’s VR technologies in the real estate sector allow for almost lifelike virtual tours of homes, allowing you to check the property’s condition, interior features, and furniture.”
If you’re interested in learning more about 3D virtual tours, you can do so by contacting a Irvine agent at (714) 701-8210.
Drone photography is another advancement in real estate technology that benefits both buyers and sellers. Top-notch listing photos are now more vital than ever, and drone photography allows for the creation of one-of-a-kind, high-quality images.
Photos and movies captured by unmanned aerial systems, or drones, are an invaluable resource. It’s tough to display or see everything in normal from-the-ground images if a property is huge and/or has interesting characteristics. However, eye-in-the-sky drone images can capture these details quite well.
More and more agents today are using drone photography. To discover more, contact a Irvine agent at (714) 701-8210.
Chatbots and Voice Assistants
Now we come to some really cool tech that buyers and sellers should know about in Irvine: chatbots and voice assistants.
This technological advancement arose mostly from the necessity and demand for “24/7 assistance and rapid solutions to their enquiries” by buyers and merchants. For some agents, what is the solution? Both chatbots and voice assistants had a big year in 2017. Users are getting increasingly comfortable conversing with artificial intelligence, as evidenced by the success of Apple’s Siri, Amazon’s Alexa, Microsoft’s Cortana, and Google Assistant.”
Here’s how these things work . . .
“[A] chatbot can help customers save time by quickly responding to their specific needs. Chatbots collect data such as whether they are buying, selling, or renting; the type of property they are looking for or selling; price range; bedroom and bathroom preferences; and more. Once the chatbot understands what the customer is looking for, it may show them properties that match their criteria. A call-to-action message can quickly send potential buyers’ information to an agent once a bot displays them which properties match their search results. Chatbots also provide support 24 hours a day, seven days a week, considerably enhancing client service outside of usual business hours.”
And then there’s big data, which enables agents to better serve both buyers and sellers by allowing them “to know their properties backward and forward.”
Big data is exactly what it sounds like: “huge volumes of complicated data that defy the capabilities of typical data processing technologies.” It also provides a higher level of transparency for agents.
“In the past, information about commercial real estate properties would have been restricted to square footage, rent roll, and the previous sale price of the property,” for example. But now, cloud-based data, or [big data], allows real estate brokers to see a forecasted property worth from one to ten years, neighbourhood trends, estimated mortgage payments, cost of ownership, property history, and the current market value of a home.
Most of us think of blockchain only in the context of cryptocurrency, but it has applications far beyond that. And this means that, despite being a difficult concept to grasp, it’s definitely one of the things buyers and sellers need to be aware of.
Because technology “can be used to validate encrypted transactions and ensure that no tampering influences financial records,” blockchain is significant for the growing trend of remote closings. Important papers, such as property titles, will be safely saved using this technology.”
While mobile apps aren’t really new – buyers and sellers and agents have been using them for several years – their advancement and broadening applications are new. The main benefit of these apps is greatly enhanced efficiency.
“”Databases are updated on a regular basis, offering more up-to-date information on newly listed properties as well as those that are no longer available.” Apps customised to the needs of consumers interested in buying, selling, or renting a home are also available. They can assist you find the home you want and connect you with a real estate agent who can help you close the purchase.””
How Buyers and Sellers in Irvine Can Take Advantage of the Latest Tech
So how can you take advantage of this latest tech for buying/selling? The best step is to work closely with a tech-savvy Irvine agent, like our agents. If you’re among the many buyers and sellers who want to effectively leverage technology, contact us today at (714) 701-8210.