In today’s world, technology is everywhere. From driverless cars to virtual reality and AI-powered chatbots, it’s no surprise that tech will disrupt the real estate industry as well. But can real estate agents be replaced with technology? Let’s look at how technology is impacting the job of a real estate agent and what these changes mean for the future of this industry.
Robotic Process Automation (RPA)
RPA allows for automation of mundane yet important tasks such as paperwork processing and document management. RPA eliminates much of the manual labor involved in completing real estate transactions, allowing agents to focus more on customer service and other higher-level tasks that require more expertise. This automation would not only reduce costs but also increase efficiency while reducing errors that may occur during manual processes.
Augmented Reality (AR)
AR is another form of technology that has been gaining traction in recent years and could have an impact on real estate transactions. AR allows potential buyers to virtually tour properties without having to physically visit them, making it easier for them to decide if a property fits their needs or not without having to visit multiple locations. AR also has potential applications for renovations or remodeling projects as well, allowing potential buyers to visualize how their dream home would look before committing any funds to a project.
Artificial Intelligence (AI)
AI is an emerging technology changing many industries for the better. For real estate, it can be used to evaluate homes instantly by using data from multiple sources. A home is only worth what someone will pay for it, so the AI valuation tool will never be exact, but it will give the user a good understanding of what the approximate value of their home is. Valuing homes was a process that once took agents days, now it can be done with Artificial Intelligence in seconds, it saves agents travelling time and money, therefore can further reduce costs. It will also increase home valuation accuracy.
In a wrap, there are many ways in which technology can help streamline processes and improve efficiency for both agents and customers alike. From data analytic tools to augmented reality tours for potential buyers, technology is making its mark in the world of real estate - and we expect it will continue doing so in the future!
While technology can certainly innovate the real estate market, it cannot completely replace experienced agents anytime soon. The human element remains essential in providing the personalized touch and support needed when we need to make big decisions such as buying or selling a home. That said, tech-savvy real estate brokers who embrace new technologies will likely find themselves more successful than those who don’t keep up with the latest trends. As people working in the finance industry know well – the only constant is change.
For those looking into purchasing or selling a property soon, keep an eye out for Zown, a PropTech start-up focused on using technology to help people buy and sell homes without a realtor, while also saving them thousands in commissions.