Advances in technology have touched every aspect of life, from revolutionizing business performances to opening new ways to drive innovation. Today, the transformative role of technology can be seen everywhere and across diverse industries. And Real Estate is no exception or not any longer to sit behind the technological advancements. Disruptive technologies such as AI, robotics, 5G, big data and blockchain can potentially reshape the real estate market based on how much value it provides.

These transformational technologies unlock value along every step of the real estate value chain and provide massive opportunities for new real estate companies. Today, buyers can see a birds-eye view of a neighbourhood 2,000 miles away through drone technology. They can even buy a home online without using a pen to sign a contract. Even, technology is now made simpler to search for new listings than downloading an app, choosing a location as per the requirement, and awaiting notifications with options.

So, here we have accumulated the top technologies disrupting the real estate industry.

Big Data

The availability of big data and the possibilities of gleaning, assessing and extracting conclusions from it have a significant impact on almost every industry in the digital age. And the real estate sector is uniquely positioned to reap advantages from big data. It assists to provide accurate appraisals as any property, in the real estate market, has its value. By leveraging big data, developers can better scale potential projects; agents more efficiently serve clients; and home buyers and sellers can receive a real estate experience without clutter and redundancy.

Companies like Zillow, Trulia, and Redfin, have leveraged the power of big data by compiling and amassing data on buying and selling trends in a specific area, traffic, demographic information, consumer survey results, and more. They then evaluate and collate that data to offer information on pricing, home-value trends, and potential value in certain neighborhoods.

Drones

The use of drone technology is something new in real estate. As it is currently used for delivering foods, supplying medical and in sports events, drones are able to take an aerial view and scan entire building without any hassle. With drones, digital, multi-perspective site visits are now possible as they provide relatively easy and cost-efficient aerial photography that would have expensive before. Drones are even capable of autonomously flying straight lines between waypoints through drone mapping software to automate picture taking.

Some real estate companies use drone video tours, offering great marketing for full-time resort-style living communities or part-time rentals. Industry experts have already found that 83 percent of clients prefer to work with agents using drones.

5G

As we are all aware that the fifth-generation of network connectivity will revolutionize the world and will provide a faster pace of bandwidth. This higher bandwidth will create certainly wireless workplaces and potentially enable more workers to telecommute. 5G will unlock the value of augmented and virtual reality by enabling faster connectivity which will make the online search and home buying experience even more exciting and accessible in real estate. Compared to 4G and previous generation of network bandwidth that relied on large cell towers, 5G can transmit from any smaller cell towers which can place on rooftops, inside buildings and on building exteriors. It will enhance the creation of wireless work, affecting from elevators to printers.

With the advent of 5G, everything in a building will now connect to the internet. And by deriving and collecting data, property managers and real estate owners will have unprecedented access to use analytics. Meanwhile, real estate agents will also be able to provide more captivating VR tours than ever before.