Technological developments in recent years have changed nearly every industry, and real estate is no exception. The process of listing, viewing, buying and selling properties has become much more streamlined with listing websites, e-signed documents and mobile apps.
As newer technologies like virtual reality and blockchain continue to break into the mainstream market, real estate professionals see a wide range of potential applications for the industry. We asked 10 members of Forbes Real Estate Council about the programs and tools they’re most excited about, and how they’ll impact property buying, selling and investing.
Tokeet is a great application that can help you manage multiple vacation rental properties on various sites from one platform. It takes away the hassle of having to update multiple calendars with booking confirmations. – Ali Jamal, Stablegold Hospitality
2. Artificial Intelligence
Artificial intelligence is the next generation tool that will take care of ongoing prospecting, lead generating and old fashion customer service. AI is so sophisticated that clients can get information instantly and agents can have a personal assistant working 24/7 at the weekly price of daily Starbucks latte. – Rita Santamaria, Champions School of Real Estate
3. Technology Increasing Transparency
The most exciting development I see is technology enabling transparency. Borrowers and brokers alike benefit from more information throughout the transaction process, and fintech-driven lenders are building better businesses for all parties around technology that offers greater information as well as speed and efficiency. Evan Gentry, Money360
4. Data-Driven Insights
I’m excited to see more and more tools that yield insights on which spaces truly bring value to tenants. Whether it be commercial, residential or retail space, understanding — and measuring — how space gets used is critical for optimizing the tenant experience. This will help investors, developers and end-users to maximize value. – Benjamin Pleat, Doorbell Inc.
5. Deal Management Platforms
These specialized platforms are data troves for investment firms to build and leverage a database of every deal they’ve ever processed. It not only adds tangible value but also delivers critical enterprise risk management that firms need. With structured deal data, firms can measurably increase productivity and reduce errors in underwriting and due diligence all from a UI that teams want to use. – Michael Sroka, Dealpath, Inc.
6. Virtual Reality
Despite making major strides, virtual reality has still barely touched real estate. I’m excited to see simpler, more robust solutions come to market that allow clients to truly experience a property without setting foot into a physical space. This will lead to less time wasted touring properties and faster closes. – Anthemos Georgiades, Zumper
7. Automated Valuation Models
As the real estate cycle matures, investment companies will need a quicker way to decide if a deal is worth pursuing. Automated valuation models (AVM), like what Enodo provides for multifamily, allow users to quickly produce revenue and expense information needed to analyze a deal. I think AVM will forever change the analyst role by increasing both efficiency and objectivity. – Susan Tjarksen, KIG CRE LLC
8. Rogue Platform
The Rogue platform will enable agents and investors to do their job successfully from the comfort of their home or a coffee shop. Some of the tools include a library of hundreds of videos, webinars and live streams. An online contract signing tool, performance tracking dashboard and property marketing blast feature will also be available. This will be a revolution to real estate as we know it. – Engelo Rumora, List’n Sell Realty
9. Geo And Social Media Advertising
I’m incredibly excited about the geo and social advertising opportunities growing in real estate in 2018. Snapchat, Instagram, Google and Facebook are offering much more targeted geofencing ad opportunities so I can target the offices of my competition or properties being shown with my ads to hit buyers or investors on their mobile devices with my messaging as they are touring another property. – Kent Clothier, Real Estate Worldwide
10. Electronic Notary Functionality
One tool I am a big fan of is Notarize, offering electronic notary services. We do virtually everything by electronic signature, however certain financing documents require the presence of a notary. With Notarize, this can all be done virtually and securely through your laptop, eliminating the expense and inconvenience associated with coordinating wet signatures. – Gary Beasley, Roofstock