Last week, I read Michael’s blog post on real estate, which was a great article that covered topics about the overall housing market performance. It got me thinking about the various technologies that are used or could be used in the real estate industry, considering it is one of the most significant aspects of our economy. In the U.S., over 97% of home buyers use the Internet to search for their future homes. Additionally, technologies like Matterport, which offers 3D virtual tours of homes, are gaining popularity. These emerging technologies have the potential to change how real estate is perceived and challenge the antiquated nature of the entire system. Considering that the housing market is worth nearly 40 trillion dollars, it should be more technologically advanced than it is currently perceived.
I got to understand through research how people would look for homes before the internet and it was exactly like you would think. You either went to a real estate agent, saw property listings in the newspaper, or drove around neighborhoods looking for ‘for-sale’ signs. This was obviously extremely time-consuming and the property listing section of newspapers took up a large portion of it. But also, you wouldn’t know whether or not to turn down a home based on neighborhood or other factors.
Real Estate Agents and Their “Competition“
Real Estate agents also had a tough time navigating the market to make money and we’ll delve a little deeper into what they had to do before the Internet. That way was something we previously talked about which is the newspaper, they had no brokers, and their only other resource was word of mouth. This is something that needed change. The platforms like RealMLS have given them the opportunity to get new properties and leads. But Zillow, Redfin, and Realtor.com are all competing with Real Estate agents as we’ve seen an influx in FSBO (For Sales By Owner) because of these platforms.
Personal Experience
As I will be graduating this semester I’ve started to look for apartments to live in and has been made fairly simple with the website Apartments.com. You’re able to look for apartments for rent quite easily with customization options like price, bedrooms, bathrooms, and even specific amenities. The most useful tool I’ve noticed so far is the addition of Matterport technology and the ability to allow renters to take a look at the property without even having to travel to it.
Matterport Tech
Matterport’s technology is a cutting-edge solution that captures physical spaces in 3D and creates virtual models for immersive exploration. Using specialized cameras and software, Matterport allows users to virtually navigate and interact with real-world spaces, such as homes, offices, and museums as if they were there in person. This technology has wide-ranging applications in industries like real estate, architecture, and interior design, enabling virtual tours, measurements, and visualizations. It also has the potential for use in virtual tourism, virtual training, and other areas.
This section was written by ChatGPT because it explained Matterport and its suite of technologies far better than I can. I think the ability to get virtual tours, as well as the ability to zoom out and get a blueprint view of the property is incredible.
Smart Contracts
This topic could be its own blog post but I think it’s definitely important to talk about the importance of Smart contracts when talking about the digital innovation of the sector. Realtors have always had somewhat of a hard time keeping track of the properties they may have under contract, or what current process the property has gone through. This makes it much easier to track where it’s at and projections on when it can get done.
We’ve also seen the use of eSignatures like DocuSign that allow for signing paperwork over the Internet and this has shown the ability to decrease the time it takes to close a deal. This is an important aspect of the field as this is why I feel the field is antiquated, both realtors and home buyers now can have a much more seamless process of getting documents together and creating a less time-consuming experience.
This gives realtors an advantage over those who do not adopt the new technology, leading to increased customer satisfaction and brand recognition. I have personally witnessed this process in action, as the place I currently rent from is being sold by an owner who does not reside in Athens. My roommate and I were tasked with selecting a realtor with whom we could work effectively, and the owner was able to sign documents electronically, avoiding the need to drive to Athens to close the property and receive payment.
Blockchain
Since we discussed this topic in class a few weeks ago, there is no need to delve into the details of what the future holds for blockchain in real estate. However, it is important to understand that this technology is likely to become a reality in the near future. According to Sloboda Studio, their ideas on the blockchain are accurate and highlight the potential of this technology. Blockchain has the potential to significantly reduce the risk of fraud, eliminate the need for intermediaries, ensure safe data transmission, and enable faster property transactions. Additionally, it can provide transparency in property status and history to all parties involved. When combined with other technologies we have discussed, blockchain has the potential to transform the real estate industry and bring about positive changes overall.
Connor – awesome inclusion of ChatGPT in your article. This is also super relevant especially for a lot of seniors, for example I was at a fraternity philanthropy football game yesterday and had to strike while the iron was hot in applying for an apartment for next year. I used docusign and I am so thankful that I could do that all the way from GA and found my (figures crossed) potential apartment using StreetEasy. Matterport is an interesting company and I am curious if they have any are at all affiliated with real estate companies to develop the best angles for funk shui – to showcase best.
Hey Connor! This is a really cool blog post. I am glad that you included “DocuSign” in your article, because the ability to be able to e-sign documents is really a blessing. Similarly to what Maddy said, DocuSign has relieved so much stress from me, just because whether I am signing something for real estate, a doctor’s documents, etc, I am able to sign anything over the internet without having to go out my way and sign documents in person.
I also really enjoyed your inclusion of ChatGPT. I wonder how the role of a retailer will continue to evolve with emerging technology. I had included in my post last week how smart contracts are being used in Accounting, so I found it interesting how it is also being used in Real Estate.
Hi Connor, I really liked this post! I was not familiar with Matterport Tech and how effective it can be for real estate. I am glad you talked about DocuSign as many people have experience with this technology and helps people see how new tech can aid in the process of finding an apartment/home. Like Maddy mentioned, I love how you used ChatGPT in your blog post (I didn’t even notice until you mentioned that you used it). Overall, I enjoyed reading and learned some great examples of tech innovations that can transform real estate in the future!
Real estate is definitely an industry that is ripe for disruption, and I’m actually surprised that it hasn’t been disrupted more before now. Having just bought and sold two houses, though, I can’t really imagine navigating the process without someone to hold my hand through it. Im fairly sophisticated tech-wise, and it’s just an overwhelming process.
Hi Connor, great post! I also wanted to learn more about how digital innovations can shape the real estate world after reading Michael’s blog post. I feel as though the housing market is a bit crazy, so technology could definitely help with that. Like you stated, before the internet and real estate became popular, I remember being super young and having to go around with a real estate agent when my parents were looking for a house. It took multiple days, all day long, so I’m glad that internet applications like Zillow and Apartments.com came out.
Matterport Tech and 3D viewings are definitely changing the real estate world. I know that some of the apartments here in Athens have this feature, and it makes everyone’s life so much easier: both the real estate agent and buyer/renter don’t have to waste their time on an apartment or home they don’t like. They can just look online and virtually walk around. Smart contracts are also amazing, I can’t even imagine all of the paperwork real estate agents have to keep up with. It’ll be fun to see how innovations continue to change the real estate space.
Hey Connor, I really enjoyed reading this. It’s crazy to think that just a few years ago, people were still searching for homes in newspapers and driving around neighborhoods to find “for sale” signs. But now, with websites like Apartments.com and the use of Matterport technology, searching for a new place to call home has become so much easier and more convenient for everyone. I’m excited to see how this develops!