FEATURED ARTICLE
THE WIDER MARKET
How Other Industries Shape the National Real Estate Market KEY INDUSTRIES SHAPE THE NATIONWIDE REAL ESTATE MARKET, AND SAVVY REAL ESTATE PROFESSIONALS WILL MAKE A POINT TO UNDERSTAND THE RIPPLE EFFECTS.
JOEL MOYES
E xperienced real estate professionals know firsthand how various industries influence the real estate sector. From technology and finance to construction and environmental sustainability, the interplay between these industries and real estate is profound. Let’s take a look at the key industries shaping the nationwide real estate market and explore the ripple effects of their influence. TECHNOLOGY: REVOLUTIONIZING REAL ESTATE The technology landscape is perhaps the most transformative force
in the real estate industry today. Technological innovations have not only changed how we buy and sell properties but also redefined the entire real estate experience. Virtual reality and augmented reality have revolutionized property tours. Potential buyers can now explore homes virtually, gaining a realistic sense of space and layout without setting foot on the property. This is particularly advantageous for long-distance buyers and investors. Artificial intelligence and Big Data provide analytics with deeper insights into market trends, buyer
preferences, and property valuations. Real estate platforms use Big Data to offer personalized property recommendations, enhancing the buyer’s experience and helping brokers make data-driven decisions. Blockchain technology is streamlining property transactions by providing secure, transparent, and immutable records, which reduces fraud and simplifies the transfer process. Smart contracts are also becoming more common, automating transaction steps and reducing the need for intermediaries. Look for big changes in the title insurance and escrow industries moving forward.
54 | think realty magazine :: july - august 2024
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