Technological inventions are constantly reinventing the real estate industry. We can all agree that if it were not for the various innovations such as virtual home tours during the pandemic era, the US real estate market would suffer unimaginable destruction. This asserts that innovation should be the keystone aspect for the industry to get back to the pre-pandemic levels of activities. Remember, as they say, “Modern problems require modern solutions.”
The COVID-19 pandemic has wreaked massive havoc all over the place, and the real estate industry wasn’t spared. And to get the industry out of this mess, we need to change things. We need new methods and techniques for doing things, and above all, we need to approach things differently. To achieve that change, we need to educate and innovate new ways, systems, and channels that will help us get past this pandemic period and facilitate the return of normalcy in the industry.
To understand the significance of innovation in the real estate market, let’s look back at a few things we’ve achieved through innovation.
- Making real estate transactions is now faster and easier than ever. This was made possible by tech startups such as DocuSign and the Zillow Dotloop who introduced the ability to e-sign documents and took the transaction process online.
- When hunting for home nowadays, you don’t have to get out of your comfort zone since you can sign up and attend a virtual tour as long as you have a good internet connection. Thanks to innovation.
- Making smarter decisions has also been made easier due to the availability of more data acquired through Artificial Intelligence (AI) and Machine Learning (ML). These innovations easily gather and analyze data that is turned into actionable insights that help real estate players to make smarter decisions.
- Property management has also been made easier for agents through the use of innovative property management technologies such as AI-powered Chatbots, Voice bots and Virtual assistants.
These are just a few of the many incredible things we’ve achieved so far through innovation. How about when we encourage more innovation? What would it be like? Your guess is as good as mine. The real estate market would improve in all aspects: from effectiveness, efficiency, to safety and profitability.
How can we facilitate innovation? There are various ways companies can promote innovation. One of the ways is to educate the real estate players on the importance of innovation. Show everyone what innovation can do, and that will put them on the same page for more innovation. Another way is to provide an innovation-friendly environment. With a good environment, all the innovative minds in that environment will begin to sprout. In that way, we can ensure the consistency of innovation for a better future.