Technological Advancements Affecting Real Estate

Rising technology is having a massive impact on the real estate industry. To illustrate, almost $13 million was spent on investments in real estate technology in 2019 alone. New technology is making the entire home buying and selling process easier and forcing real estate agents to change up their strategies.  Let’s take a look at some of the most prominent technological advancements affecting real estate. 


Prospective home buyers already expect real estate agents to provide 360-degree virtual tours of properties. As virtual reality (VR) technology continues to gain popularity, it is becoming integrated into property listings. This would permit an interested buyer to put on a VR headset and get a realistic tour of the home or apartment. As a result, the buyer could get an idea of whether or not they like the property without organizing a trip to see it in person. Anyone planning to move a far distance could benefit from this technology. Moreover, it saves a lot of time in the otherwise lengthy home search process.


Once a buyer sees a property in person, they can use augmented reality (AR) technology to see how a space will look like with furniture. When looking at an empty room, it isn’t always easy to get an accurate idea of how one’s furniture will fit or look in it. AR allows buyers to digitally measure spaces to record dimensions of rooms and create a floor plan. Gone are the days of taking out a tape measure, jotting down dimensions on a notepad, and praying that a couch will fit.


Artificial Intelligence (AI) is becoming very advanced due to the ability of this technology to process data and recognize patterns and trends through machine learning. This has the potential to predict how the housing market will look in an area in the near future, allowing people to prepare and react appropriately.

In addition, real estate agents can set up chatbots, which can answer their potential client’s simple questions. This way, a real estate agent can get basic information about someone without having any direct communication. As a result, it is no longer necessary for agents to spend time answering common questions or finding a client they are capable of helping. Better yet, chatbots are capable of speaking to customers 24/7. Now, real estate agents can generate new leads while they sleep!


By now, everyone has heard of bitcoin. Bitcoin is a form of cryptocurrency, which operates using blockchain technology. “A blockchain is a digital, public ledger that records transactions in a verifiable manner using cryptographic security features, eliminating the need for a third-party recordkeeper.”

Real estate transactions can now be performed using blockchain technology, which is a revolution in itself. The biggest advantage, though, is the fact that it reduces the opportunities for real estate fraud. This is possible because blockchain technology grants access to additional data on properties and homeowners.

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