How Artificial Intelligence and Virtual Reality Will Change the Real Estate Industry

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New technologies expected to revolutionize the real estate industry

Holograms, virtual reality, artificial intelligence and drone video are just a few of the ways that technology is changing the real estate industry.

Organizing Big Data:

Buyers and sellers have access to more information than ever – information that was once only available to full time professionals in the industry. Dealing with it can be quite overwhelming, but you must in order to be a sophisticated investor. In many cases, your agent serves as your information filter, keeping you from becoming distracted by false or misleading information.

The technologies above are just a few of the new things that are changing the real estate process for the better.

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With technology imprinting in all areas of our lives, it was inevitable that it will leave its marks on the real estate industry. Real Estate technologies are not only shaping the entire industry, but they are also changing the way real estate investors are approaching the market.

Real Estate technologies, specially the real estate applications, will make both realtors and buyers ditch the conventional and old-fashioned ways of selling or buying and adopt new and innovative ways in line with the requirements of the current era.

Here we give you a list of 5 real estate technologies that are expected to revolutionize the industry.

1- Virtual Reality

Virtual Reality will transform the real estate industry everywhere and will have a great impact on consumer’s purchasing decision.

This new technology offers potential buyers the opportunity to stand in the middle of their dream house before it even exists.

Through the incorporation of high-quality computer generated architecturally and combining these with drone photography, consumers will actually stand in their living room and get to check the view from the balcony of their 10th-floor property.

With VR technology, home buyers don’t have to travel miles away to view their property and they definitely don’t need to wait till it is constructed to visualize it.

This technology will create a boom in the real estate market and will drive sales number up to the roof.

2- 360 Video Tours

A part of the virtual reality technology, 360 video tours are a number of views that are stitched together to offer consumers an immersive view of the home that accurately depicts a real-life walkthrough.

Keeping up with the new era, this new technology will give house hunters a feeling close to being in the actual home where they can feel the house with regards to space, design and more.

Now potential homebuyers can actually picture how their house will look like and what decorations will be incorporated into every inch of the house.

According to recent numbers, 40% of potential home buyers make the purchasing decision after experiencing the 360 video tours.

3- Automated Valuation Models

Homebuyers will no longer need the services of an appraiser for the Automated valuation models technology will do that and with extreme accuracy.

Thanks to this new technology, a real estate property valuation will be done using a set of mathematical modelling combined with a database that does this entire process by calculating the value of the property at a specific time and comparing it with the value of similar properties based on the finishes, status and other factors.

Now real estate investors can seal the deal knowing for sure that the amount of money they paid is not more or less than the property’s real value.

Gone are the days when a real estate investor is obliged to resort to the assistance of an analyst of the appraiser as the Automate valuation models technology will do that role with extreme efficiency and objectivity.

4- 3D Printing

3D printing is the future of the real estate industry and it revolutionizes the construction of properties. According to experts, it will take around 10 days to build a 1000-square-foot home using just one printer machine.

In the past 3D printing technologies was used to display models to clients, however, by the time this has completely changed or evolved as 3D printing now is used by construction companies from all corners of the globe to develop and create entire apartments and buildings.

This technology won’t only speed up the building process, but will also create properties that are safe and able to withstand earthquakes and hurricanes as well as environmentally efficient.

5- Smart Technology

Smart Home Technology has definitely made the process of selling and buying houses much easier than it was before. According to study that was made in 2016, 81% of the study subject showed interest in purchasing a property equipped with smart home technology.

A smart home is a home isn’t only a safe home, but also a home that represents the future of real estate.

Thanks to this technology, our homes will be controllable from afar. Now, homebuyers can watch their security cameras from their Smartphone; remotely unlock doors and turning the shades down.

Source: Weetas Insight

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New automated system set to revolutionise property evaluation

The EU-funded ImmAzing project is giving banks, real estate brokers and professional property appraisers a faster, more accurate and transparent way of determining the objective value range of residential property.

Appraising property can be a tedious process of data collection and manipulation, but ImmAzing is changing this. “We have built an automated valuation system that can appraise any property at anytime from anywhere without the traditional need for an appraiser,” explains Dr Wolfgang Brunauer, Managing Director of DataScience Service GmbH and project coordinator.

How does it work?

ImmAzing uses machine learning models that self-improve with everyday use. Dr Brunauer notes: “Thousands of data points create a detailed view of the market, which is further enhanced with indices drawn from significant volumes of demographic, socioeconomic and local neighbourhood data.”

Application of machine learning algorithms and Big Data approaches will empower the banking and real estate communities. State-of-the-art, transparent real estate valuation tools are now instantly available, at a fraction of the cost, and provide unprecedented clarity and glass-box transparency.

Feasibility of commercialisation

ImmAzing carried out an extensive investigation into the viability of commercialisation. A partner scoping exercise helped identify the characteristics of a suitable partner for ImmAzing, and a technical roadmap outlined the technical and commercial steps necessary for its development and distribution. Business and financial roadmaps were also developed to outline expenses and potential profit.

A partner motivation matrix study helped ImmAzing gain insight into what partners would most likely find most appealing. A market analysis concluded the Czech Republic, Germany, Hungary, Poland and Slovakia offer the most attractive real estate appraisal markets for the introduction of ImmAzing. At the end of the investigation, the researchers were convinced it is commercially feasible.

Facing the challenges head on

“It was not always obvious how heterogeneous the data foundations in other countries are,” Dr Brunauer underlines. Countries differ in their stages of real estate data collection and organisation, property transaction record keeping and interest in the automated valuation model technology. ImmAzing overcame this issue and set up a roadmap to establish, formalise and standardise data sourcing channels.

Intellectual property rights (IPR) also posed a challenge to ImmAzing. Through a freedom-to-operate analysis, the project was able to check there were no breaches with any published IPR in the last 20 years. This however, will be monitored, as Dr Brunauer stresses: “Our project needs to respond to market needs as soon as possible and we cannot afford delays caused by IPR implementations that may or may not be beneficial in the long run.”

ImmAzing now and in the future

Currently, ImmAzing provides the official residential property price index for the Austrian National Bank. The year 2017 witnessed its launch into the Austrian real estate market, and it has been serving banks, real estate brokers, funds and investors, and professional appraisers ever since. They have benefited from a transparent, more accurate and operationally efficient property valuation process.

Prior to wider commercialisation, it is expected that complete data sets for each target market will be obtained along with internationally recognised certification for the system. ImmAzing will also have established partnerships in Austria, the Czech Republic, Germany, Hungary, Poland, Romania and Slovakia, giving the project a launch pad for a successful start in 2019. Dr Brunauer points out: “The commercialisation of ImmAzing will generate a revenue of EUR 5.2 million by the end of 2021. At that stage, we will have hired 10 new members of staff and reached a return in investment of 404 %.”

Source: Cordis

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