Recent history has shown that the way for organizations in every industry to stay relevant in the marketplace is through disruptive innovation. To this end, smart leaders in real estate are leveraging emerging technologies while others avoid new tools. Unfortunately, even if they don’t look for ways to disrupt, disruption may still find them: Reluctance to adopt new technology can stand in the way of innovation, and this, in turn, can lead to unintentional and potentially hazardous forms of disruption. Below, 15 experts from Forbes Real Estate Council discuss the most impactful technology trends disrupting the real estate industry today. Forbes Real Estate Council members discuss technology trends disrupting real estate today. Photos courtesy of the individual members. 1. Carbon-Footprint Reduction More and more, as the United States and the rest of the world look to fight climate change and in light of any broad policy implemented by the new administration, technologies that help reduce commercial properties’ carbon footprints will keep developing. Real estate is a large contributor to climate change, and there should be more private and public sector incentives to foster energy efficiency. - Remy Raisner, The Raisner Group 2. Safer Buildings The key technology trend, post-Covid, will be making buildings safer for occupants. This effort spans a variety of means, such as special HEPA filters with UV lights, touchless entry and automated sanitization measures. The technology that goes into ensuring safety will be so important for real estate across new developments and in updating existing real estate. - Ari Rastegar, Rastegar Property Company 3. Smart Access Control Smart access control is the No. 1 investment that property owners can make toward making their buildings more efficient. Pun intended, it unlocks so many opportunities to save as a property manager. - Blake Miller, Homebase 4. Spread Of Blockchain Blockchain as an industry trend is nascent, but it has potential to significantly transform the industry. Data is the lifeblood of the real estate industry. However, given the large number of human connections that touch that data, and the sometimes subjective nature of assessment, data is often unreliable. With blockchain, some of this data can be captured in a single source of truth. - Khushboo Jha, BuyProperly Limited Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify? 5. Automated Valuation Models AVMs are becoming the acceptable usage standard for valuations. With that in mind, real estate agents need to adapt to using both traditional comps and AVMs in their valuations for modeling pricing on both the listing and buying side. Artificial intelligence in housing is here to stay. - Mike Shapiro, Mike S Shapiro 6. AI-Driven Marketing And Data Gathering The future of real estate is marketing and gathering information via AI. The caution would be an overreliance on faulty data that might be added to the mix and skew results. Verification is always necessary, but the reach and efficiency brought by this technology is staggering. Those not harnessing AI are going to be left behind holding buggy whips. - Alexander Chandler, Berkshire Hathaway HomeServices Alexander Chandler Realty
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February 10, 2021
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