Are you a buyer considering being a homeowner 20 years from now? Obviously, you are curious as to what is going to happen to the real estate market. According to the new Oxford study on Artificial intelligence, there is a 97-99 percent risk that AI will make the work of real estate agents obsolete. It's no secret that in the next decade, real estate will be an industry dominated by technology. We can either moan about the tremendous transformation, or we can adapt to new technology. No one complained about why smartphones took over landline telephones because it has made communication much easier around the globe. We have seen how uber has revolutionized the personal transportation industry, how Airbnb has impacted the hospitality industry, what Delivery Hero did to the food industry. Similarly, Real Estate is no longer plodding on its 20th-century working model. Technology and innovation have started to disrupt this industry and in 20 years you will be able to see the change. Here are a few things you need to be ready for.
Trends continued to move to e-commerce. A few years back who thought we could buy groceries online and get them delivered to our homes. In the next 20 years, we would be making lifelong investment decisions; buying a home with a click of a button. Technology has already minimized the role of agents and their work is mainly centered on paperwork and consultation. For all sorts of the auction, whether it’s a rent auction or a house auction, a platform will be created where the landlords and homeowners will upload their property details and tenants will bid on the price or rent. The resulting rent will be the final market rent rather than the landlord’s demand. The collection of rentals will also be fully automated. Gaming experiences have been totally changed by virtual reality. A similar concept would be applied to Real Estate Industry. It would be much easier to see homes than it is now, with the opportunity to see the whole house, every corner, without having to see it physically. VR can go much further than "walk through" a home, open closets, and cupboards, etc. interactively. It will let customers see what the light looks like at various times of day and year, and by superimposing furniture, sculpture, or even home repairs. Blockchain is a relatively new database type that has become the trendy solution for more secure storage of digital information. Simply defined as a technology that records the provenance of the digital asset. Blockchain would be a dominant tool for monitoring and tracking real estate transactions including payments and title history in the next 20 years.
Technology is halfway there to transform the real estate industry. Be prepared to adapt to the change. Your work today may not be there in 10 years and your work now might not be available in 10 years.