In the past, previewing a property meant flipping through a book of small black and white pictures. Then came the internet. With faster download speeds, we can now cycle through hundreds of photos of a home on our phones. The next phase of real estate innovation is virtual tours Bigdata and IoT.
Real estate innovation centers on a few key areas, including:
- streamlined residential purchase processes,
- faster and more automated construction, and
- data that delivers insights on commercial real estate.
Smart homes and Campus are the future of real estate innovation
In the last decade, the internet of things has changed how our homes function. Some of the biggest technology giants have invested in and acquired smart home technology. Two prime examples are Google’s development of the Nest thermostat into a line of smart home projects and Amazon’s purchase of the smart doorbell company Ring.
Recently amazon have announced to put Wi-Fi, smart locks, doorbells, thermostats, and lights, all powered through Alexa, into new homes. Don’t be surprised if you see smart refrigerators that let you know when you’re running low on your favorites or water faucets that fill a cup to a precise amount based on your voice instruction soon.
One of the biggest challenges of more prevalent technology is the transfer of a smart home to its new occupants. In the past, you simply turned over the keys. Now, with smart homes, it’s important to make sure the former occupant’s data, including passwords and search histories, is completely deleted.
Similarly, problems can arise with new owners getting access to all of the information they need to best use the smart home systems. While smart homes can make life more enjoyable, they do add a new level of complexity for both owners and renters.
We’re still in the early days of real estate innovation. The next phase of design and technology may focus on how autonomous vehicles will change our urban landscape. There’s no end in sight to how much technology will change the way we live, work, invest, and play.