Tech Update: What Does the Future of Real Estate Look Like?

Tech Update: What Does the Future of Real Estate Look Like?

The future of real estate may just be the click of a button away.

Technological advances are being made in the real estate market with each passing year. We already have more hands-on features, such as virtual reality simulations, artificial intelligence, and chat boxes on websites. But in a world fueled by immediacy at the click of a keyboard, the real estate market may be making some even bigger strides in the very near future.

The click-to-buy model:

click-to-buyThink about it – almost anything we can think of can be purchased with the click of a button. In need of a ride? Click. Need a new charger? Click. Out of groceries? Click. Owe someone money? Click. Technology has become an essential component to our transaction processes and everyday lives. But what if we could buy a house online? That idea may become a real possibility in a short amount of time.

Some real estate companies have already begun using this model. A big example is Knock, a company that will compare your trade-in price to homes in your area that are on the market, buy your old home, and move you into a new one before your old house is even listed. They refer to this as a “seamless swap” that can all be done by the comfort of your keyboard.

A similar transaction process is happening on the other end of the spectrum, with selling homes online – companies such as Opendoor, OfferPad, and Zillow (with their Instant Offers feature) are allowing sellers to place virtually place their homes on the market.

What does this mean for agents?

click-to-buyThe biggest question that real estate professionals have regarding the click-to-buy model is, “will agents still be needed?” The answer is yes – just in a different way.

If this buying and selling model takes a larger form (which we can only assume it will) agents will still very much be needed, but will stand more on the sidelines than acting as a middle man. They will still act as guides who will help clients buy and sell, but more of their job may be done virtually, through chat boxes or traditional emails. They will also still be around for showings, if a client is interested in seeing a house listed online, or meetings if a client has a question. Essentially, most of their duties will stay the same – they may just not be doing them in excess.

Click-to-buy (and sell) models are already popping up and we are expecting to see more of them in the future – it is time to start thinking about adding this type of feature into your own company.