Trulia’s Tim Correia, senior vice president and general manager, and Yardley Ip, general manager of Trulia Rentals, see block chain technology and crypto-currencies as potential game changers in real estate transactions.
According to Ip, traditional banking and financial institutions will need to accommodate crypto real estate transactions due to sheer consumer demand. And, according to Correia, “…block-chain technology has the potential to finally make outdated real estate process elements, such as the escrow process, faster and easier for everyone.
Artificial Intelligence (AI) and Artificial Reality (AR) are also game changers. As long as consumers, both real estate professionals and (potential) clients, demand more data and more personalization, AR and AI will be required.
Deep Varma, vice president of Engineering at Trulia, said, “Improved accuracy in data collection and easy access to machine learning technology for customers is playing a big role in creating a shift in expectations. Both customers and consumers now expect businesses to know them better and to serve them relevant content at relevant times.”
Recommender systems powered by AI, just like systems Netflix uses to recommend movies to you, will multiply in 2018. Delivering more products/services/experiences based upon a consumer’s inferred behavior will rule the day.
Ip said, “With more data (generated by AI), technology will be able to continuously personalize potential home choices so buyers can find their future homes more easily and more quickly.”
Varma believes that AR “…is in the same place visual search was a few years back. We’re starting to see a progression of ‘big players’ embedding chips into their devices in order to create faster data connections to better serve consumers.”
Correia anticipates that AI and AR will enable potential buyers and sellers”… to tailor their home searches their way. For example, a single mother of three will be able to check out a house and a neighborhood without have to take time out of work and family responsibilities to visit an open house.”
The sooner the better for all real estate professionals and consumers who already have too much on their plates.