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Technology Trends Driving Luxury Real Estate Market

Gone are the days of traditional property dealing, technology has now taken over the world, including our homes, land, offices, and whatnot.

Property technology or PropTech is revamping how we interact with our property, whether for construction purposes, property management, home services, buying, selling, or renting. In the periphery of proptech lies CREtech and REtech, which stand for – commercial real estate technology and real estate technology, respectively. As the names suggest, they entail the technologies and software implemented in real estate applications and tools.

The future of the real estate market is bright and growing exponentially!

Here’s a graph depicting the results of a survey by the National Association of Realtors on how people search for properties.

As the above data suggests, technology is helping real estate thrive. Real estate and technology trends are evolving everything we know about properties and their management.  The future of the real estate market is now!

While some real estate advisors have adjusted to new real estate technology, others trail behind. This creates a chasm in service, availability, and efficacy between those choosing to embrace the latest technologies and others holding fast to provide traditional services without any alterations.

As home buyers and sellers learn more about the latest options, time will show that they appreciate the ability to communicate easier, get information faster, and experience more seamless processes with their advisors.

The luxury real estate market has long been resistant to incorporating new real estate technology. The need to know the local neighbourhood, broker monopolies, and the complexity of many processes, such as those involved in mortgages and closings, have kept working with an old-fashioned advisor an attractive option. However, this will change with new technologies and the housing market will create new standards of service. Advisors will see that the latest technologies not only simplify processes but take some of the weight off of their shoulders as the technology can be used to assist buyers and sellers.

Final Thoughts

The magnitude of technology in real estate development is increasing by the day and this industry is rapidly growing. Technology is a “game changer” for the industry. “The real estate industry is undoubtedly changing and is now more than ever focused on innovative technologies and bringing new methodologies and tech-driven approaches to the fore to serve the clients in the luxury real estate market.

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