Technology has revolutionized industry after industry, mostly for the better. Marketing, for example, was mostly done in print, on billboards, and over the radio or TV. Now, marketing is more focused on the digital aspect, targeting people through ads on social media, Google searches, etc. And marketing isn’t the only industry affected by technology; it has had some profound impacts on others like real estate as well.
Industry insiders like Peter Lowy, who has over 30 years’ experience in retail development, have experienced first-hand the drastic changes that technology has brought about in the real estate development space. Finding development investments is now totally digital and can be done completely online. The imagination through creation stage of the project can all be done digitally on a handheld device. Many of the processes are faster, easier, and more accessible.
While some developers have been slow to adopt changes in technology, others stayed on top of the ever-changing trends and have reaped the benefits that these technological revolutions offer. Here’s how some developers are using the latest technology to their advantage:
Virtual Reality
Virtual reality is amazing. Although commonly associated with video games, it has applications in numerous fields; its application in real estate development is not only impressive but revolutionary. Virtual reality systems can be programmed in any way imaginable, making it possible for real estate developers to create a virtual version of their proposed project or upcoming building to let investors, possible tenants, etc. tour and get a feel for what the finished building or development will be like before construction even starts. It can also be used to let people tour the building from a remote location to make decisions offsite and from the comfort of their own home.
IoT
The Internet of Things (IoT) is something that has fueled smart homes and all of the comforts and luxuries they offer. If you don’t currently live in a smart home, imagine having the ability to change the lighting level and even lighting color in your living room to set the perfect mood all from an app. And, imagine being able to cool your bedroom to a lower temperature than the rest of your house, saving you money but letting you sleep the way you like. Smart homes offer all this and more, and the IoT is one of the main things that has made that possible.
Thanks to the IoT, real estate developers can integrate and implement “smart” features into their buildings whether retail spaces or apartments, adding a draw to the available spaces and making them more luxurious and comfortable for tenants, proprietors, and customers alike.
Handheld/Mobile Devices
Handheld and mobile devices like smartphones and tablets aren’t a foreign concept—they’re extremely common. However, as “dull” as they may seem, they’ve had a huge impact on our society and different business industries that can’t be ignored. The availability of handheld devices had made communication easier and more instant. It has also made it possible to take development and concept software that many real estate development firms use and make it mobile so that it can be worked on and shown to anyone at any time anywhere in the world.
Blockchain
Blockchain technology is relatively new and just starting to make a splash, but it’s a big one. Most commonly associated with cryptocurrency, blockchain is a decentralized digital ledger that records transactions and stores them securely but allows those transactions to be displayed to the world. Its applications are numerous, and it is already being used to revolutionize almost any industry you can think of from freight to healthcare.
In the real estate development sphere, one aspect of blockchain is particularly helpful. Blockchain can be used to create smart contracts which are contracts that, once the terms are set, can carry out and honor the terms automatically including transferring monies from one party to the other or imposing the agreed upon penalty if one party violates the agreement.
Drones
Drones are a neat tool and toy that many are using in various ways from Christmas presents for excited kids to potential delivery systems for companies like Amazon. They are also revolutionizing real estate by enabling realtors and developers to get birds-eye views of the properties they’re selling. It also enables them to get good photos of the surrounding neighborhood. The unique perspectives make a great addition to listing photos and can help attract and entice more buyers.
Final Thoughts
As technology has changed over the years, real estate developers who have taken advantage of the upgrades and kept up with the latest tech have been able to stay ahead of the competition and set themselves apart. With the usefulness of tech like handheld devices, and the innovation of tech like blockchain, real estate developers are thriving. What other tech have you used that has changed the game for you?
