Many industries throughout the marketplace have changed their practices in response to developments in technology, but real estate, including property management is still largely stuck in the past. On-demand app development is making access to services easier than. Artificial intelligence and the Internet of Things are connecting us in new ways every day. It’s clear that taking advantage of these developments is key to progressing.

As an industry with roughly $280 trillion in value, taking advantage of these new opportunities could produce billions or trillions in profits. A number of large real estate companies are attempting to build their own in-house technology, but in many cases, it would be more efficient for them as well as and property management companies to use existing solutions. These are some of the most exciting possibilities that new developments in technology can offer the real estate industry.

Outsourcing the Cloud

Cloud services is a rapidly growing industry with applications in a variety of fields, and it could help real estate become more efficient in a number of ways. By leaving technological development to an outside firm, real estate and property management companies can focus on more central aspects of their practices and beat the competition in other areas.

Centralized cloud service firms can offer businesses of all kinds scalability and collaboration on all technical issues. Real estate companies that move to outsourcing cloud services would become more capable of leading innovation in other areas of the industry.

Blockchain Solutions

Although most people associate blockchain with cryptocurrencies like Bitcoin, blockchain technology can actually be applied to a wide range of transactions. In fact, over $2 billion will be spent on blockchain this year alone. While real estate companies have been slow to leverage blockchain, it has the potential to change the industry in several ways.

Blockchain offers improved transparency, efficiency, and security compared to traditional solutions. Online transactions can then be scaled and standardized throughout the market. While a large-scale rollout is still a few years away, many exciting startups are already exploring associated possibilities.

As a relatively new technology, blockchain will likely face unique challenges in implementation and increased skepticism from both customers and businesses. That said, real estate is a perfect application for what blockchain offers, and these will likely be temporary hurdles on the path to long-term success and standardization throughout the industry.

Virtual Reality

Virtual reality (VR) was once associated with video games and entertainment, but it has multiple practical applications in other industries. With VR, potential buyers will be able to tour a house or apartment without having to physically be there, improving convenience and making the home buying process easier than ever.

Real estate may have been slow to adopt new technologies in recent years, but things are already changing as more and more companies begin to understand the opportunities associated with these solutions. While many of these ideas were science fiction just a few years ago, they have the potential to become realities in the near future.

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PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Read more Top Property Management Blogs. Learn more