What’s Being Disrupted in the Real Estate Industry & Why

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Digital technology has upended how people everywhere do basically everything. From learning information, staying in touch, getting entertainment and more, the smartphone revolution has transformed life as we know it.

Business has adapted, too, and today entire sectors, such as real estate, have changed in fundamental ways. Let’s take a closer look at how technology has disrupted how people buy and sell homes.

Transparency

Buyers need to know all relevant data when they’re making a purchase. This is even truer for large transactions, such as a property. It used to be that the real estate sector was known for being guarded and opaque, with agents accessing data that homebuyers couldn’t see.

Today, technology puts verified information into buyers’ hands. For example, the real estate technology platform Nobul, created by digital innovator Regan McGee, lets users compare real estate agents’ profiles to see whose services, fees, and experiences suit their needs and budgets best.

Nobul doesn’t accept payment from agents to get listed or ranked, so homebuyers know their agent reviews are trustworthy. Paid, inflated reviews undermine trust because homebuyers can’t be sure what to believe.

The democratization of data is huge for people about to make the largest purchase of their lives.

Machine Learning

Computers have an unmatched ability to crunch the numbers, and disruptors in the real estate industry let homebuyers leverage this power. Long term, some analysts think that inevitable advances in AI will lead to smarter tools working better across devices.

Of course, AI is already driving success in real estate technology. Nobul’s algorithm has analyzed over a million real estate transactions and sends home buyers listings that meet their specifications so carefully they seem personally curated.

As AI improves, its role in real estate technology will only increase. However, it’s already saving homebuyers time and money and making the process much simpler.

Personalization

Technology has the power to cut through the clutter and deliver what people are really looking for most automatically. Personalization is the term that covers how digital tech can come to understand who a person is and what they like by scraping their past interactions, then incorporating this knowledge to offer services they genuinely want.

E-commerce has focused a lot lately on the customer journey, and the real estate sector has taken notice. Nobul shows users personalized listings, so homebuyers don’t need to waste time sorting through listings manually.

Real estate agents understand that some people who only intend on window shopping online don’t even quite realize they’re in the market for a home. In such cases, personalization can spark interest and raise demand considerably.

Giving property buyers and sellers the tools, they need to make transactions smoother and more valuable is the surest way to achieve mass scale.

Some things in real estate will never change, such as the premium placed on location. However, the digital world isn’t going away soon, and it’s already disrupted how real estate is bought and sold across the continent. As technology improves, its role in real estate will surely only grow.