The real estate industry faced numerous challenges over the last few years due to the COVID-19 pandemic. However, technology helped the industry survive by connecting buyers and sellers with industry professionals remotely, allowing investors and lenders to make more educated decisions and property managers to manage assets more efficiently.
So, what can we expect from real estate technology in 2023? Experts predict that we’ll see more old trends as well as some interesting new ones.
Here’s what to look out for:
VR and AR
The use of virtual reality (VR) and augmented reality (AR) accelerated during the pandemic as more homebuyers relied on devices to tour properties virtually. In fact, the National Association of Realtors noted that 50% of their customers found virtual tours to be an important part of their decision-making process.
While the pandemic may be on its last legs, expect homebuyers, investors, and even renters to continue using technology for virtual tours for their convenience.
AI-Powered Mortgage Chatbots
With mortgage rates rising — homebuyers will have some anxious questions for lenders in 2023.
First-time homebuyers interested in quick answers about their creditworthiness in the real estate market may turn to AI-powered mortgage chatbots. Regular chatbots simulate human speech and can answer basic questions. But an AI-powered mortgage bot is more advanced:
Artificial intelligence (AI), and its subset machine learning (ML), is already helping investors find and analyze real estate deals. In 2023, expect this trend to continue as AI-powered analytics tools become more powerful and efficient, capable of using algorithms to crunch bigger data faster.
For one, the digital real estate marketplace Nobul uses complex proprietary AI-driven algorithms to connect homebuyers and sellers with verified real estate agents who compete for their business.
According to Nobul chairman and CEO Regan McGee, Nobul’s goal is to empower consumers in the real estate market through technology.
In his interview with TG Daily, he shared,
The more educated people are about their options and what they want, the happier they will be. I see technology as continuing to facilitate home sales and purchases in positive ways.
Real estate in the metaverse is currently valued at nearly $100 million. Experts project the number to hit almost $6 billion by 2028. The expansion of the metaverse is fueled by the rising popularity of affordable VR headsets, investments from companies like Facebook, and the introduction of blockchain technology to real estate in the virtual world.
Expect investment in real estate to rise from companies and private investors in 2023. But whether virtual real estate gains long-term value like cryptocurrency or implodes like NFTs remains to be seen.
2023 promises to be an exciting year in real estate, thanks to technology. Innovations will offer convenience, security, and key insights to participants in the real estate market.