With technology's capabilities increasing every day, it's hard to know exactly what the future will look like. It's more important than ever to stay up to speed, not only with what's going on in the global real estate industry but also within the wider industry so that you can keep your business at the cutting edge.1
According to a study by the University of Oxford,2 we are likely to see more of the following when it comes to technology in the real estate industry:
Hyperautomation means that more and more processes will be automated and there will be greater use of AI and machine learning.
Transparency and traceability can combat the trust problems created by data collecting and harvesting.
Wearable devices and computer sensors work together to give people a multidimensional experience that appeals to many senses, more than just
using a computer. This leads to human augmentation that can be used to expand people's physical and cognitive experience.
While there are many advances and major leaps in technology, there are still many barriers. You are the expert in your local market, so be on the lookout for how you can extend your knowledge with the assistance of technology.
"What we think we will see in the next ten to fifteen years in real estate is human judgment deepening and becoming less biased, thanks to algorithms and machine learning."3
3 Source: DelPrete, 2018: 177