A majority of people underestimate what technology can do for real estate. New technologies are enhancing the property market at a much higher rate than expected, with the pandemic adding to it.
Real estate remains one of the most rewarding investment classes, and Bill Sohl’s Luxury Home Team finds that new technologies can prove to be much more than catalysts- they can redefine the buying and selling experience while addressing issues like homebuyer’s remorse in an effective manner.
Let’s learn more about them:
#1 Augmented Reality/Virtual Reality (AR/VR) For Real Estate Pre Sales
It is no secret that Ikea has made quite a buzz with its AR furniture visualization feature, but when it comes to a person willing to sell their property in, say, Parkland, Florida, this can turn the tables.
Real estate agents can use immersive reality to showcase properties to customers at any place around the clock. This will help them service a huge number of potential clients from all
across the world. However, the bright side of using AR/VR in real estate also includes cost-effectiveness.
Real estate agents find that it can allow both buyers and sellers to interact better since there is no need to synchronize the timings. As a matter of fact, immersive tech solutions like AR/VR can replace the brochure images and give the potential buyers a standard immersive experience of the property.
Thus, convenience and cost-effectiveness are two factors that will help solve most of the current day problems associated with buyers coming from sightseeing. Also, people residing in some other state or country can also virtually tour the property, thus increasing your potential buyers’ base.
#2 E-Signing Services
Documentation is perhaps one of the most time-consuming and costly aspects of dealing in real estate properties. Getting your attorneys involved and going through the documents can be a stressful process.
One needs to communicate these details for legal safety and ensuring their money doesn’t get stuck, but at the same time, this slows down the deals for both parties. Having e-signing
services can rev up this slow-moving process just by virtue of accessibility, and it also fills any potential communication gap.
One also needs to realize that paperwork is an important component of the decision-making process, and the real estate industry lacks a reliable framework for even basic functions like sharing files securely. Hence, it will expedite a lot of clerical formalities and positively impact how agents like us communicate with potential buyers.
#3 AI-Enabled Real Estate Advisors
A real estate agent cannot be entirely replaced by AI-powered bots, but a significant portion of the pre-sales canvassing does need to be assisted by such AI-based advisors. For instance, if one wants to find an elegant Parkland, Florida, they might not necessarily know that there are a number of high-end communities in nearby proximity.
Finding the ideal community depending on their preferences is instrumental to kick-starting their buyer journey with the right momentum. Getting such guidance from an AI bot can be extremely fruitful for buyers, sellers, and agents alike. AI helps combine self-servicing and consultation, with convenience being one of the core features of the entire interaction.
AI can also help with other aspects such as requesting the right set of documents, verifying the data mentioned there, and looking for any grey areas in the provided information. Thus, it can help foster trust and help people from all regions and market comprehension levels to initiate their buyer journey on firm grounds.
#4 Blockchain-Based Record Sharing
Though it may sound similar to e-signing services, one needs to understand that blockchain is going to power a lot more than sharing your property-related files. It will allow you to verify ownership, track down any issues, making partial deals, and in the process of validating the documents for mortgage documentation.
These are extremely important aspects since we find that real estate buyers in Parkland, Florida, are quite aware of the legalities and have a completely different approach to finances when compared to an average American. Thus, blockchain introduces a simple yet potent layer of data sharing capabilities that enables multiple government and non-government agencies to participate with a high level of confidence, thus expediting the process.
This will also enable agents like us to better manage collaterals and other securities when making deals while also allowing us to come up with smart contracts. You can also come up with deal-specific conditions like realizing a particular amount against a timeline or an event, thereby boosting mutual convenience.
#5 Smart Utilities And Community-centric Tech
Finding a smart home in Parkland isn’t very easy or incredibly tough if you have experts like Luxury Home Team on your side. However, it is necessary that you also look at how smart utilities and community-centric tech is impacting your favorite real estate property.
This translates to building a stakeholder-driven ecosystem where everything right from data, infrastructure, utilities, and security measures are shared among the community members to increase sustainable, gauged interdependence.
It can be an incredibly innovative value addition to your property since it can boost the living standards beyond what is availed through financial means. For instance, if you have private residential property and a senior member is facing health issues and needs medical attention, the data from their Apple watch can be shared with a designated person nearby, apart from the paramedics.
It opens doors to such invaluable additions to how you can benefit and contribute to the community without necessarily participating actively. These tech-enabled improvisations will be a deciding factor, especially for buyers looking to make purchases in the lavish neighborhoods of Parkland.
We have discussed some of the best tech innovations that will help every stakeholder at different phases of the purchase, but there is one thing that we would like to highlight here:
None of these new technologies claim to boost the value of the real estate property by virtue of making it more utilizable for the owner. Instead, they all focus on solving problems that remain unaddressed. In fact, not facing any issues due to such aspects is considered as ‘being lucky’ by many individuals.
These new technologies will help you make informed decisions and create that ‘luck’ for yourself. Agents like Bill Sohl have been at the forefront of leveraging tech innovations to exclusively enhance customer experience in Parkland, Florida.
If you feel that these modern techs should be at your side when you list or buy your property in Parkland, Florida, get in touch with Bill Sohl right now and get the Luxury Home Team to do their magic for you!