How technology will change the real estate space in 2018
2017 was a defining year in terms of digitization in the real estate sector, and it is safe to say that the space has been overwhelmed by the introduction of industry-defining change. The real estate space saw huge growth in fractional property investment platforms, solid improvement in digital mortgage originations, partnerships between property listing portals and mortgage providers, and the launch of a range of property based augmented reality apps.
With big players like Microsoft, Amazon, and Google entering the space, it is only a matter of time before the pace of tech innovation picks up in 2018. We are on the verge of seeing intelligent applications multiply in number in addition to the already existing voice-based AI assistants Amazon Alexa and Google Home.
What this means for the real estate and mortgage industries is an increase in the number of applications that guide users through mortgage applications. Also, we can expect fractional platforms such as DomaCom, CoVesta, and BrickX to go mainstream, and for more peer-to-peer funded mortgage and loan providers to emerge.
The year is also likely to witness a general purpose two-sided marketplace, powered by blockchain, emerging in the space that will allow people to share more and buy less. For example, there is a possibility that people could rent their neighbors’ lawnmower, share energy generation locally and reduce reliance on the grid, and also share purchases and rent properties with fractional investment schemes.
In terms of security, it is almost inevitable that we may see more hacks and data breaches and intelligent homes and devices getting compromised.