Let’s figure out what and when will change in the real estate market with the introduction of the latest IT-developments, like blockchain, VR, AI, and Big Data.

Artificial Intelligence

A lot of complex multi-stage planning, operational management, and production activities now can not do without human intelligence, even in simple solutions. But as soon as an opportunity arises, artificial intelligence will organize the construction process. Quality control of the work will also be performed by artificial intelligence — if one robot can do the work, therefore, the other can control it. The person will be left with a statement of the problem and a choice of priority. Artificial intelligence will be a servant, a performer of work for a person, he can serve as a secretary, but the setting of tasks and decision-making will remain with the person. In addition, it is possible that, on the basis of artificial intelligence, a consultant will be developed to select the optimal living space or controllers for compliance with temporary and tariff obligations.

Progressive companies, not waiting for the onset of the fourth revolution, are already actively introducing the latest IT-developments in real estate management. Two main directions of introducing new technologies in the field of commercial real estate can be distinguished: maintaining a unified register of transaction data that ensures transparency of the market, and the development of various kinds of software that helps, for example, effectively manage real estate, as well as predict market development based on high-quality statistical information.

Blockchain

One of the main problems that cryptocurrencies solve, such as bitcoin, is the question of trust and the purity of the transaction. If the blocks recorded in the blockchain system act as a guarantor of the reliability of the seller and the buyer or lessee and the lessor (that is, all documents, money transactions and data of both parties will be transmitted and confirmed through such encryption systems), then the need for comprehensive transaction verification. Perhaps in the future, it will even allow sellers and buyers not to resort to the services of realtors, but to immediately come to quality sites on the Internet and conclude transactions without fear for their nerve cells and wallet.

Another point that is changing the blockchain is the transaction currency itself. Already today, many sellers and buyers in Western markets sell and purchase or lease and rent real estate for bitcoins.

Augmented Reality and Virtual Reality

One of the IT-developments that are being implemented in the real estate market is the Augmented Reality (AR) and Virtual Reality (VR) are actively used in the retail segment. Augmented reality combines virtual elements with real ones, this allows stores to personalize the experience for customers using intelligent analytics. Moreover, when AR is associated with integrated big data, this allows retailers to see much more clearly what their customers want and how each of them interacts with the brand individually.

Another example is an interactive tour — one of the most effective ways to demonstrate real estate, both commercial or residential, and industrial. This gives potential buyers and tenants the opportunity to view each room and space. These tools include Building Information Modeling.

3D printing

In 2014, the Chinese company WinSun erected 10 houses with just four 3D printers in one day. The cost of each such house was less than five thousand dollars due to the fact that the construction of the buildings used recycled materials and did not involve manual labor.

Of course, such an example is still single, but already in the coming years in the densely populated areas of our planet, 3D printing may be a real panacea for the expensive real estate market construction scheme. It will be possible to build houses quickly and relatively cheaply, which means that square meters in them can become cheaper.

“Smart House”

Another already familiar technology — “smart home” — is developing and will further change the real estate market in the next decade. There will be more robots, and they will clean, wash clothes and repair broken things, reducing our expenses on utility bills, taxes, and property maintenance.

According to the forecasts of visionary and technology world guru Ray Kurzweil, personal robots that will be capable of independent complex actions and decision-making will become as familiar objects in our homes as a refrigerator, washing machine or coffee maker by 2027.