Since the start of the pandemic, the real estate market has seen it’s extreme highs and lows. In just a few weeks the new year will be upon us and the real estate industry looks to start strong. Peter Abualzolof, CEO and cofounder of real estate data analytics company Mashvisor and Forbes Council Member, shares an interesting article forecasting the real estate landscape in 2023. The biggest factor in real estate is the use of technology.
Virtual Reality. “The use of virtual reality (VR) and augmented reality (AR) is not a new trend, but it is something that the pandemic has definitely accelerated. Expect the use of VR and AR in real estate to continue expanding, especially among investors. While homebuyers might be more prompted to visit their future home and feel the atmosphere before buying, 3D tours and walk-throughs usually meet the needs and requirements of investors.”
AI-Enhanced Analytics. “The development of artificial intelligence (AI) has been on-going for decades in the real estate technology industry, and there have been major advancements in recent years. For example, property investors are able to find and analyze deals at a rate and speed previously unimaginable. This has been enabled by AI and big data.”
Streamlining Of All Processes. “Enhanced efficiency is by far the most important benefit of the recent boom of technology in real estate. Real estate agents, brokers, lenders, property managers, investors and even homebuyers and sellers have been able to automate many tedious day-to-day responsibilities, allowing them to complete tasks faster and better than ever before.”
Fractional Ownership. “This is not something new in real estate as investors have been using syndication, real estate investment trust (REITs) and other forms of partnerships to own shares of real estate assets for decades. However, technology is further accelerating this trend in a way that many see as the democratization of the real estate market.”
The Metaverse. “The last major technology trend that is expected to drive real estate in 2023 is the additional growth of virtual real estate and investment opportunities. Buying assets in a virtual world is still a relatively new concept, so investors will likely continue to proceed cautiously, as the metaverse offers a unique way to diversify your portfolios, but they might consider it ill-advised to shift all their investments from physical real estate to virtual properties.”
Abualzolof predicts that the coming year promises to be another exciting year in real estate, and technology will play a major role.
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