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The most impactful technology trends disrupting the real estate industry today. Recent history has shown us that the way for organizations in every industry to stay relevant in the marketplace is through disruptive innovation.
To this end, smart Boston Seaport condo brokers 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, are 9 of what I feel are the most impactful technology trends disrupting the Boston condo and apartment rental industry today.
Safer Apartment and Condo Buildings
The key technology trend, post-Covid, will be making apartment and condos 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 new Boston real estate developments and in updating existing downtown Boston real estate condo complexes
Smart access control is the No. 1 investment that Boston condo owners can make toward making their buildings more efficient. Pun intended, it unlocks so many opportunities to save as a property manager.
3. Spread Of Blockchain
Blockchain as an industry trend is nascent, but it has the potential to significantly transform the industry. Data is the lifeblood of the Boston 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.
4. Automated Valuation Real Estate 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
5. 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 are staggering. Those not harnessing AI are going to be left behind holding buggy whips
6. 3D Matterport Video Tours
All technology makes a huge difference, but the one we’ve found to provide the greatest value and impact is a 3D Matterport video tour. This allows the buyers to determine whether the home is a fit before taking the step of an in-person tour. It allows for a safe connection between buyers and sellers, improved speed of transaction, and greater protection of health for all parties.
7. Prolific Adoption Of Live Video
One of the most prominent and disruptive trends in real estate today is the prolific adoption of video. Video in all forms is now being used for marketing, touring, leasing, sales, asset management, and as a general communication tool. The true disruptor, though, is live video. Outside of an in-person tour, there is nothing more transparent than live video—you can’t photoshop a live video tour.
8. Tech-Supported Contact-Free Real Estate Experiences
Consumer expectations have shifted, with many seeking properties short- or midterm that does their best to limit human interaction. Technology that supports contact-free experiences, such as keyless entry systems, will become increasingly popular, especially in apartments that have no common areas, and provide in-unit amenities for longer stays, such as dishwashers, refrigerators, and more.
9. Text-Based Real Estate Engagement
Text-based engagement is simply off the charts in terms of volume and responsiveness. While initial introductions are always more effective in person or on the phone, the ability to rapidly respond to texts (within five minutes) at scale is a competitive advantage
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