June 30, 2019
Written By Sam Mire for DisruptorDaily.com
Real estate is one of the few industries that impacts virtually all of us. Whether you own, rent, or flip, or even if you don't currently have shelter, the cost of real estate matters. Don't you want to be aware of how your rent or mortgage payments will be affected by greater trends in the real estate markets?
These industry insiders make it their mission to monitor real estate trends, and they shared their finds about tech's role in the future of real estate with us. Here's what they have to say:
1. Grant Cardone, Real Estate Investor and CEO of Cardone Capital
"The combination of crowdfunding and social media are Goliath Slayers for the real estateoperator who can build a social media audience. Rather than seeking traditional banks, wealthy family funds and Wall Street for equity, operators like myself are able to go direct to investors because of the Jobs Act of 2013 and the advent and critical mass acceptance of social media.”
2. Chris Smith, Co-Founder of Curaytor
"The phone is by far the most important piece of technology in real estate. Deals get done on it. Contracts get created and sent on it. Homes get found on it. Marketing gets consumed on it. The old school phone with its new school capabilities will have a bigger impact ion an agents bottom line for the next 5 years than all of the buzzwords (Blockchain, A.I., machine learning) combined.”
3. Brandon Green, Co-Founder and Principal Broker at Keller Williams Capital Properties
"Remine. Full transparency for all the housing and consumer data by house will now be available at anyone’s finger tips. Searching for a home online will be much more efficient and instead of having to see 6-15 homes, you’ll only need to see 3 because the details of what’s behind the front door will be so comprehensive.”
4. Adena Hefets, co-founder and CEO of Divvy Homes
"Companies have already successfully digitized the real estate industry, resulting in faster purchasing processes, the creation of online spaces and a smoother transition from renting to owning homes. That being said, I believe data gathering will have the biggest impact on the industry moving forward. The more data we receive, the more we can understand the market. Data application has already provided a major improvement in customer experience and I believe it will continue to do that and more.”
5. Fred McGill, co-founder and CEO at SimpleShowing Real Estate
"One of the biggest drivers of disruption in the residential real estate space involved physical controls to real property. Companies like August smart locks and igloo homes are using Wi-Fi and Bluetooth to provide consumers with access to properties, eliminating the need for an agent to participate in the home shopping process. Furthermore, Opendoor is installing its own digital locks in order to allow consumers access to their inventory of homes, without requiring an agent to be present during the process.”
6. Ryan King, Agent at Nourmand & Associates
"Autonomous cars are the biggest form of technology reshaping real estate. It will influence people to live further away from work where they can get more bang for their dollar. The safe and convenient autonomous car allows people to stay productive while on the move and have stress free quality alone time.”
7. James McGrath, co-founder of Yoreevo
"I'd have to go with pricing algorithms and the entire iBuying process. While I'm not sure iBuyers will be able to generate a return, they have a lot of capital and are going to continue growing regardless. Selling to an iBuyer makes sense for a lot of reasons to a lot of sellers. If they can lower the cost to do so, it would dramatically expand their market (as in the percentage of sellers that would consider an iBuyer, not the real estate market overall).”
8. Itay Banayan, VP or Real Estate at Mindspace
"-Enterprise adoption of coworking.
-Landlords entering the flex space game.
-Data analytics / smart buildings
– Focus on wellness and the individual in the building.”
9. Nat Kunes, Senior VP of Investment Management at AppFolio
"The future in real estate is all about AI. Artificial intelligence is not only re-shaping the roles of real estate professionals, giving them more time to focus on business strategy, but is also changing the game for prospects and tenants, streamlining everything from the leasing process to maintenance.”
Take leasing, for example. AI-powered digital leasing assistants are taking over one of the most tedious tasks for leasing agents: fielding queries from prospects. These are more advanced than what we’ve come to know as “chatbots” in that these leasing assistants are completely human-augmented, able to answer any questions about a given property, unit or building that a prospect may have.”
10. Than Merrill, Real Estate Investor and CEO of FortuneBuilders
"Virtual Reality: Increased access to virtual reality programming will soon be felt throughout the real estate industry. VR is currently being used for things like online property viewings and 3D walkthroughs, though new platforms will be aimed at residential and commercial property
development. This will not only increase accessibility throughout the transaction process but also will lead to breakthroughs in construction and renovation projects.”
11. Teris Pantazes, Co-Founder of EFynch
"As iOT grows, property management will be heavily impacted. In the future, equipment can relay more information to manufactures who can drop ship or 3D print replacement parts and then hire a pro to make repairs. This automation of PM’s might even extend to scheduling and a repair order might be nothing more than a line item on a dashboard for a manager to approve, their input beyond this would be minimal. I also believe the service industry will eventually change as your pro might need nothing more than a few hand tools to make repairs with drop shipped, or 3D printed items. I joke that in 10 years, your plumber will ride a motorcycle, needing only a wrench.”
12. Adam Hooper, co-founder and CEO of RealCrowd
"We'd be remiss if we didn't discuss the potential impacts blockchain will have on our industry. Everything from the simple act of
recording title and sales transactions, to more complicated functions like lease administration, investor management and the tokenized representation of physical assets. Blockchains will have a profound impact on fund administration, tax, audit and accounting, allowing for far more access to those looking to invest in the asset class. Ultimately I believe DLT will allow new forms of ownership to emerge, moving us beyond the concept of traditional ownership. This will take time, but we are in the early days of a very exciting transformation of the real estate industry!”
13. Alina Trigub, Managing Partner of SAMO Financial
"I think crowdfunding has made a huge impact on the real estate industry. Investing via syndications has now become a lot more accessible to many people through many crowdfunding platforms. They all have some pros and cons, so it is on the individual investor to do their own due diligence and not blindly rely on the platform.”
14. Daniel Steinfeld, CEO at On the Block Realty
"Technology enabling consumers to see more information (such as online real estate auction platforms which allow consumers to see competitive bids and true market value) will not only gain momentum in historically closed real estate markets but also enhance the trust and reputation of the realtors who embrace the dissemination of information rather than its protection.”
15. Zach Lombardi, Principal of the Aranson Lombardi Team at Compass
"Think of Amazon’s platform, that is the future of real estate and is the model many companies are using to create a “one-stop shop” platform. Consumers want to browse homes, interact with brokers, obtain pre-approvals, speak with insurance agents, and get advice from contractors – all from a single app. Inevitably, the company that will be first to create this platform will dominate the real estate industry. Consumers want simplicity, efficiency, and the best information and resources that they can find all at once.”
16. Dominique Burgauer, CEO of Archilogic
"Intelligent algorithms, commonly categorized as AI, will be used to plan interiors with a smarter and more data-rich approach. Interior planning, be it for an office, a retail store or a family home, will be determined by data collected and tested by software to determine the best fit for that space. They will calculate natural light, circulation habits, and other interior dynamics. This data will also be used to help sell the properties to potential buyers. The masters of these datasets will be the winners in the fast approaching digital disruption of the real estate industry.”
17. Adrian Fisher, founder and CEO of PropertySimple
"IoT might just be leading the way. IoT-enabled sensors and monitoring make it possible to create smarter, truly energy-efficient spaces. Smart devices give residents more substantial control of household energy use when it comes to utilities such as lighting, water, electric, and heating and air. IoT devices can also provide valuable property insights that real estate agents can leverage to improve sales. An in-depth, predictive analysis of the home serves as a “report card” of the property’s value. Agents can provide this information to prospective buyers to boost their confidence.”
18. Kathleen Kuhn, CEO of HouseMaster
"I think the use of data to make the buying and selling of homes a smoother process will have the biggest impact. More specifically, technology solutions that educate home buyers on the value of the home and also on any repairs that may need to be completed on the property. Technology that allows buyers and agents to use hyper-local numbers on the cost of repairs can help shape the buying-selling process.
For example, if a prospective home buyer knows that there is a repair that costs $10,000 to complete and should be completed in the near future, they can use that data as they make a final decision on a home or communicate with the seller in an objective manner about that fix.”
19. Glenn Orgin, founder of Richr
"Companies offering ‘homeownership as a service' will have the biggest impact in the real estate industry allowing homeowners to monetize their underutilized homes. In the near future, homeowners will rent their home for storage, car-parking, co-living, dock, entertainment and short-term rentals.”
20. Rambod Mirhossein, Project Manager at Errands Group
"Over the years in property management, we’ve seen more and more clients request security systems to either be installed or upgraded in their homes. It is an overlooked yet essential component in managing a home; to keep it safe and protected. The technology in security systems has evolved to become more interactive with video and webcam displays and recording capability. Demand for increased security grows with numerous added safety features. Security technology will continue to play big role in the real estate industry.”
21. Mark Armstrong, CEO of RateMyAgent
"I think we will see a rapid increase in the use of virtual tours and buyers embrace new technology. While it will never replace the physical inspection completely, virtual tours will allow buyers to reduce their search time by doing more things from their living rooms. Advanced 3D photography and VR technology will allow potential buyers to walk through a property and get a good feel for the property.”
22. Bruce Ailion, Associate Broker at RE/MAX Town & Country and Founder of LocationLocationLocation.com
"Predictive analytics will have the greatest impact on the real estate industry. Typically agents have taken a shotgun approach throwing a lot of marketing at an unidentified target. Predictive analytics will allow a rifle approach where marketing is targeted at those most likely to transaction. This will result in more productive agents.”
23. Daniela Andreevska, Marketing Director at Real Estate Data Analytics Firm Mashvisor
"Machine learning is one of the most important technologies affecting the real estate industry in recent years. Its biggest impact will be on buying and selling properties as it will allow for the development of algorithms which predict very accurately how likely anyone is to buy or sell a property (whether a home or an investment property) and what property exactly they are looking to buy – all this based on their past behavior and current status.”
Original article can be found at https://www.disruptordaily.com/real-estate-technology-trends/
