While millions of people are investing in real estate, an increasing number of people are investing in technology that relates to the industry. The ways that technology in real estate is helping the industry grow and making the process easier are hard to track.
Here are five of the most powerful ways that tech is making the home buying process easier.
1. Virtual Try-Ons
When considering renovations, changes to your home, or the ability to add elements to a room, there's now the ability to use "virtual try-ons". These tools use digital rendering technology to give homeowners an idea of what small or even major changes could look like. Whereas once it would cost an arm and a leg to get a mere drawing, it's possible to imagine so much more.
This is a key feature offered by several paint companies. Sherwin Williams offers a ColorSnap tool that takes an image and applies colors where necessary. If you're wondering which color would best contrast the drapes, match the couch, or complement the carpet, this is the tool.
As digital technology becomes more sophisticated, so will digital try-ons. These tools could place furniture to scale, show you lighting schemes, or even calculate projection distances for home theaters.
2. 3D Rendering Is More Accessible Than Ever
During the first part of the millennium, digital rendering was available for high-end developers and luxury builders. Now it's available for the average home buyer or even a renter.
With 3D rendering and VR tours, you can get a feel for a home long before you commit to moving in. You can find out what it would be like to move into a home halfway across the world. You could tour apartments for a new job in a new city without having to make costly flights back and forth.
Much like the digital try-ons, it's also possible to adjust these to your specific needs. If you're wondering what it would look like to fit a bed of your preferred size in the home, you can get a quick sample. Whether you can edit the digital rendering or they're managed by a realtor, it's easy to make the adjustment to give you a little better of an idea on what to expect.
On top of that, there are now realtor "live streams". You can go on a virtual tour of a home with the realtor by your side, virtually. They can answer questions, investigate details, and give you real-time feedback on the home while you consider the look and feel of the home.
3. Drone Photography
While all of these ways of looking at a home are exciting, sometimes you want to see more than a camera on the ground can show you. Drone photography is a fantastic change in the world of real estate. This has been a boon for both commercial and residential realtors.
If you're buying a home, you want to know about your neighbors, the neighborhood, and all of the amenities around. A bird's eye view is one of the best ways to see just what that neighborhood looks like.
Drone photography can give a view from above but can also be flown closer to the ground. With drones, you can get the view from the street level as well. Imagine getting a view of what it's like to drive to the grocery store before you have to make the drive.
Commercial real estate companies love drones. When opening a large facility, developers and owners want to see what the land looks like. They'll be able to imagine what can be done with the facility they're buying.
4. Sell A Home Easily With Digital Staging
When you're worried about staging or furnishing a home, one of the biggest points of worry is the cost of furnishing your home. You want to move your beloved furniture into your new home rather than leave it behind. Additionally, most real estate experts would recommend that you have to stage your home.
With improvements to the selling process, sellers will have more flexibility with the process of buying.
The best way to do that is through digital renderings and AR. Augmented reality allows you to put the ideal furniture and decor in the digital version of your home. This allows potential buyers or renters to see what you're offering in a way that allows them to project living there.
Virtual home accessories also allows your potential buyers to customize the home to their needs. They can swap out furniture and elements to see what the home would look like if it were meeting their needs.
5. Digital Transaction Services
There's never been a better time to streamline home sales and transactions. With apps, innovations, and software to ease the process along, people can buy homes without ever setting foot in them. This is helpful for investors or buyers getting homes for their family members.
Digital DocuSign technology allows for the secure signing of legal documents. Offers, counteroffers, contracts, and important items can be quickly turned around. eSignature technology bears a lot of the legality of traditional signatures.
Finding a notary used to be a massive headache. With the help of notary services online like Notarize.com, buyers and sellers can get their legal documents notarized online.
Technology in Real Estate Will Continue to Grow
The number of ways that technology in real estate will change the industry is hard to imagine. While we can't predict the future, by keeping our eye on and testing out the latest developments, we can be ready for changes to come.
Check out our tips for making home buying dreams come true for a few basic considerations that persist no matter what changes happen in real estate tech.