What Tech Will Dominate Real Estate Industry in Coming Decade?

Key Highlights

• More customization
• More platform expansions
• More voice-powered apps
• More brokerage tech to enable lower costs

Be honest. Did you ever imagine that consumers would be able to search for, buy and/or sell a home with or without a real estate agent just a few years ago? Did you ever imagine that you could actually “tour” a home without actually being at and inside that home? Or did you ever imagine you could actually choose furnishings for a house that would “fit” into a house without physically measuring and selecting furniture in a store?

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All of this is now possible, of course, with real estate technology.

Wendy Forsythe, an independent real estate executive and Adi Paulovic, director of innovation with Keller Williams, looked into their tech crystal balls at the Inman Connect NYC 2020 to help us see into the future of real estate tech during this new decade. Here are a few tech trends and products they expect us experience during the next few years:

1. All-in-one super apps that are multi-talented
   1. All in-one apps that call, send messages and even search the web
   2. Apps such as WeChat
2. Platform expansions that “off-serve” or “branch out
   1. Platforms such as Uber that now offer UberEats, or Airbnb that now offers AirbnbExperiences
   2. Someone will come up with something comparable in real estate such as HarrisRealEstateCoaching that could become HarrisRealEstateInvesting
3. Both Forsythe and Paulovic that voice-powered apps will begin to completely take over much as Siri/Alexa have.
4. Semi-automation
   1. Paulovic doesn’t think we completely “trust” full automation yet but that we will
   2. Now we’re enabling users to automate parts or segments of necessary tasks but soon, we will as long as we as users can “finesse” or fine-tune the results or products of full automation.
5. ”Old” texting tech doing “new” things
   1. Forsythe sees texting as growing into a tech used to capture and score leads
6. Brokerage tech, as used by companies such as eXp Realty, that enables remote training and/or collaboration so that the costs of doing business will decrease.
7. Life as service
   1. Think about how the shared economy can work in the real estate space in terms of helping people live and work all over the world.
   2. Rather than owning real estate in the “old sense,” we could own real estate all over the world in order to maximize our service to others by maximizing work opportunities, educational opportunities and wealth building opportunities.
8. Bridging the gap
   1. Tech is already helping us rent to own property, helping us buy and sell homes via iBuyers and helping us finance our properties with alternative platforms, algorithms and apps.
9. Online leads
   1. Paulovic believes that, so far, we as an industry have done a “horrible job” working with online leads. “Now, online leads are just a crap shoot.”
   2. He believes that 2020-2021 will be years in which more customization will deliver better, more reliable and less expensive online leads.
10. UX
    1. Expect more products to go digital just as lockboxes, security cameras and phones have.
    2. Paulovic said, “(Real estate) is a very physical industry…the key is finding ways to complement this physical industry with a digital experience.”

Thanks to Inman’s Veronika Bondarenko for source material.

Also read: 10 Apps for 2020, Does Homeownership Still Make Tax Sense?, Supercharge Your iPhone with These FREE Apps