The Real estate industry is always evolving. From the Cave Men building temporary shelters to the first recorded use of the term “Real Estate” in the 1660s to the first mortgage being issued in 1781 to the first informal association of local real estate agents in 1880 and now we find technology is playing a big role in shaping the future. From virtual tours to online transactions, technology is making it easier for buyers and sellers to connect and conduct business. In this post, we’ll take a look at how technology is revolutionizing the real estate industry, and what that means for agents, buyers, and sellers. From AI-based chatbots to virtual reality, we’ll explore the latest trends and innovations that are changing the way we buy and sell homes. So, whether you’re a tech-savvy agent, a curious buyer, or a seller looking to stay ahead of the game, this post will give you a glimpse into the future of real estate technology and how it can benefit you.

AI Home Staging

  

It used to cost an arm and a leg to stage a house being prepared for sale. Not to mention the heavy lifting and moving furniture in and out. Actual staging is so expensive, most sellers found it cost-prohibitive. Now, in a couple of hours and between $25.00 - $40.00 a picture, you can show potential buyers what a master bedroom or a den could look like without all the sweat and tears, and costs associated with traditional staging.

From 3D Tours to AI Virtual Tours

We’ve pretty much all seen what a 3D tour of a home looks like (take a 3D tour here) but the buzz in the industry is the next evolution will be Virtual Reality Tours of properties. Put on your VR headset and get a feel for the place before even putting your key in the ignition. This will be a total game changer in the industry, it will never replace seeing a place in person but it would be an incredible preliminary screening. In one study reported by Forbes magazine by 2026, 25% of people will spend one hour per day or more in virtual reality, and nearly one-third of businesses will offer products or services for the metaverse. Staggering numbers! 

ChatGPT and ChatBots

Love them or hate them, these are pretty advanced technology. Although we prefer to give our customers top-notch personalized service, we can’t argue with having AI on our side.

If you have ChatGPT, ask “What are the top 5 neighborhoods in Edmonton” and see what it comes back with. Pretty impressive stuff

It works EVERYWHERE!

When we are stuck on writing a listing, ChatGPT can give us some great ideas to start with.

On the flip side, one survey reports 80% of consumers who have interacted with a chatbot said it only made them more frustrated. So, although you don’t have to worry about a Chat Bot popping up on the PaulLamba.com website anytime soon, it is a great tool to have in our arsenal. Being able to provide fast, accurate information on listings via AI’s amazing memory helps us to help our clients sell faster and our buyers to have the most accurate, up-to-date information possible.

In Conclusion

There is talk about how AI can threaten the livelihoods of Realtors and can do the home buying/home selling process in our place. I find that laughable. Although AI can process data and give predictions, nothing will ever take the place of human knowledge and human interaction. It’s definitely changing the way Realtors market properties, and create content for social media, blog posts, and YouTube videos. It can help buyers research neighborhoods. It can help Renters in the same way. If we ever do move in the direction of Virtual Reality Tours, that will be exciting! Can you imagine if Dwayne Johnson had his property listed and you can throw on your headset and tour his home? So amazing! But it will never, ever take the place of touching the countertops, breathing the air, and being there live. 

Posted by Paul Lamba on

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