AI and virtual reality are a giant leap forward in the advancement of real estate technology.
Renowned futurist Thomas Frey is quoted as saying, “Changing our vision of the future changes the way we make decisions today.” Frey, whose insights into the field of futuristics have attracted the attention of global companies such as Google, IBM and AT&T, shared similar sentiments last week at this year’s Innovation, Opportunity and Investment (iOi) Summit, We talked about the future of real estate. .
Hosted by the National Association of Realtors (NAR), this annual conference brings together professionals from around the country to explore the latest breakthrough ideas in the world of PropTech.
Topics ranged from non-fungible tokens (NFTs) to affordable housing to insurance, with presenters including former Zillow CEO Spencer Rascoff, former Realtor.com CEO Ryan O’Hara, Million Dollar List: New York Star Fredrik Eklund takes the stage to defend innovation over adaptation.
EQTY CEO Mike Shapiro led the discussion on the correlations between asset classes and residential real estate, and one of the main takeaways from the conference was, “The real estate business is driving them forward. We are looking for evolution for They want tools and efficiencies to reduce costs and increase trading volumes. ”
Missed the event? Here are three big ideas coming out of this year’s iOi Summit.
machine learning
Behind the scenes, artificial intelligence (AI) is revolutionizing the way industries collect and analyze data. Real estate is no exception. Algorithms can go through millions of public documents in seconds to find out property values, debt levels and home renovations to best match buyers with the right home and mortgage.
Data collection is very efficient due to the large number of listings on digital platforms.
With the majority of listings on some form of digital platform, machine learning (ML) could make the task of collecting and monitoring data more efficient than ever before.
Automated image analysis, such as Amazon’s Rekognition, can extract and organize information about a property, such as whether it has a fireplace, swimming pool, or French doors, just from the photos. These data can be used to understand consumer trends and to optimally sort listings online. For homebuyers, this means a more precise and professional search.
Search becomes more and more professional with the help of AI
In addition to data extraction, these image and video analysis services can also detect and moderate unwanted content, providing moderation tools for online platforms. Moderation tools are useful for real estate platforms with user-generated content.
And with AI support that can instantly detect errors, validate information and prevent fraud, mortgages can be processed faster and easier.
digital twin
As many agents say, half the battle when closing a property is getting clients to come inside and look around for themselves. You can see the property without going there.
With early pandemic lockdowns and social distancing, the need for virtual replicas remains a priority for commercial and residential developers and brokers who are just beginning to unlock the potential of this burgeoning technology.
By analyzing how users interact with different types of listings, algorithms can … [+]
Known as a digital twin, this immersive 3D model allows homebuyers to interact with the property, including properties that have yet to be built.
While the concept is not new, recent advances have made impressive advances, making sophisticated digital twin technology more accessible and affordable than ever before.
Companies like 3D media startup Matterport are bringing to market products that make this increasingly popular technology available to brokerage firms of all sizes. Products include 3D scanning and his 360 degree camera, as well as a motorized mount that enables his 3D scanning on mobile.
Advances in VR allow buyers to view properties from anywhere in the world.
For developers, digital twins have the potential to provide the most cost-effective, greenest way to build and the early detection of previously unanticipated problems.
real estate indexing
In previous and current thinking, real estate was often treated as separate from other asset classes. However, some experts such as Mike Shapiro argue that this is not the case.
Instead, Shapiro countered that by understanding the correlation between residential real estate and asset classes such as stocks, we could better understand pricing and, in turn, the market as a whole.
Thinking about the best community is a way of thinking, much like thinking about a stock exchange. … [+]
Just as publicly traded companies are indexed, real estate is organized into various silos that can be used to invest, forecast or hedge, Shapiro shared.
For example, the Dow Jones Industrial Average, which reflects the 30 most prominent companies listed on the US stock exchange, can be compared to major communities such as Beverly Hills and Manhattan. In the same vein, significant growth associated with stocks listed on the NASDAQ Composite can be tied to markets such as Austin and Nashville.
With these correlations in mind, insurance companies, appraisers, banks, and real estate agents may have a more prescient understanding of pricing.
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