Happy 2018 BP. Wow, it is good to be back, it has been way too long!
What is the latest and greatest emerging technology in the real estate industry? Specifically, a technology that could be utilized/incorporated by a real estate company.
For example, I was reading about this company called Seeable, they “use high-accuracy mobile mapping techniques to create augmented reality & virtual reality building visualization apps.” This seems like a great way for potential home buyers to “tour” countless homes, before taking the drive out to physically see them. This could save time, money and aggravation.
To put this question in context, I am doing a college project and thought what better place to get a few good leads than the wonderful, professional, and wise members of BP (butter'd up yet? No? Did I mention suave?). I DO NOT expect you to the project for me. I am just looking for a direction to take my research.
@Stephen Collins . A couple of questions just to make sure I understand what you are looking for.
What would you consider "latest"? Something that is in the works? Something that has been completed and is running and fully adopted? How long should it have been running to be considered? If something that was done "manually" is packaged under some new technologies (web 2.0), would you consider that emerging/latest? Would you also consider the application of Analytics, Artificial intelligence, ... etc as emerging technology? Would you also consider "creative financing" to be in this.
I'm a technical person by trade and a RE investor by night, so I have a lot of interest in both areas. Here are a couple of things to chew on. Maybe that can help you get started.
The concept of applying Blockchain Technology to real estate has been a hot topic for some time now. You can check out on youtube, I'm sure you can find a lot of good links to help you in you research.
One web site that has been able to do something that many investors have struggled with is Reonomy. They have been around for a few years but have been using RE data from the NY area. Only recently did they open up to the rest of the country. They don't do anything magic, they are simply able to find and correlate more data than others, especially owner data as well as loan information about the owners. They also claim to use a lot of AI (Artificial Intelligence) to achieve some of their results.
These are the two that come to mind right away. I'm sure there is more.
If you're talking strictly about moving properties, Matterport is a good technology to look into. It's a relatively low-cost tool that can be used to make 3D, photo quality scans. We've even done scans for museums, hotels, and event centers with their technology.
If you want to look more into collaboration around RE, particularly rehab and construction, you can explore technology like virtual, augmented, and mixed reality (collectively xR) for viewing and editing BIM files. xR applications are just coming to market and will make a significant impact on the industry over the next few years.
Hope that helps,
While I have used Matterport and like it, you can have a boots on the ground person easily take spherical panoramic photos quickly with the Ricoh Theta series cameras. One or two photos per room and you can see almost everything in the room. I remember looking at an REO property. Several walls had been damaged by a baseball bat. Photos of those walls didn't make the cut when the listing agent posted photos to the MLS. With a spherical panorama, you can see it all, good, bad and ugly.
I own a couple Matterport cameras, but the technology is out pacing user adoption. The market is slow to adopt new ways to view/compare homes.
AI will play a big role in home search moving forward, not sure what’s actually made it to market yet though.
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