The real estate industry is one of the most important globally, housing more than half of the overall global assets. So many people have embraced buying homes in the past few years. The home purchasing power has increased immensely between 2020 and 2021 by 21%. The industry's value has been estimated to be at $217 trillion worldwide, and it accounts for 7% of global GDP. This means that there is no way for this industry to be left behind in today's rapid technological advancements. The following are some of the technologies that, when used together or individually, can change the way we sell and buy property forever:

Blockchain (Distributed Ledger Technology) and Cryptocurrencies

In real estate, blockchain allows buyers to purchase property via cryptocurrencies. For example, Australia has recently seen its first Bitcoin real estate transaction, with a 1,400-square meter plot of land in Melbourne being sold for BTC equivalent to $250,000.

Blockchain has been recognized as one of the most promising technologies today, and it's also planned to be used by various other governments around the world. Some countries have even gone so far as to start developing their proprietary blockchain applications for real estates, such as the case of Sweden.

Artificial Intelligence (AI) and Machine Learning

AI is a branch of computer science concerned with developing intelligent machines. Machine learning uses statistical techniques to allow computers to 'learn' from data without being explicitly programmed. In short, AI is about making computers behave like humans, while machine learning will enable them to learn independently. Most real estate companies are already starting to use AI to find patterns in data and analyze potential customer behavior. Lenders who work in real estate are even able to make use of tools like lead management software for mortgage brokers to automate parts of this process to make sure that potential customers still get great service, while freeing them up to concentrate on the tasks that really do need the human touch.

Real Estate Crowdfunding

Crowdfunding, the practice of funding projects or ventures by raising money from many people who each contribute a relatively small amount of money, is also a growing trend in the real estate market. Several websites have been helping creators raise funds for their projects by allowing users to donate on a monthly or project basis - but now some crowdfunding sites are trying to implement this formula in real estate.

Real estate crowdfunding is a new concept, but it still shows many potentials. This could be especially beneficial for investors looking to diversify their portfolio with properties in big cities, and since they'll own part of the equity, they can also expect regular income from rental payments.

P2P Filesharing

The practice of peer-to-peer (P2P) file-sharing initially became popular in 1999 with Napster's invention. It is an interesting technology that can benefit many industries. However, real estate is one of the biggest industries that can benefit from peer-to-peer file sharing. Here's how peer-to-peer file sharing could benefit this industry;

Reduced costs for companies and consumers. Many people believe that buying a home is far too expensive and out of reach for most individuals. However, this is not true in many cases. Many real estate companies and individual homeowners could benefit greatly from implementing a peer-to-peer video conferencing system.

This is because both parties would be able to save thousands of dollars on hosting costs and time spent traveling to host a video conference. This cost reduction could help more people become homeowners, lowering the number of homeless individuals.

Landscaping Technology

There is a growing trend in which many new developments are going green in real estate. In fact, 'green' may be becoming the new standard for developers when planning out their projects. One technology helping this transformation is called Landscaping Technology (LT). LT is being used so heavily because it increases the value of a property, reduces energy use, increases workers' productivity, and more.

Landscaping Technology is the concept of using technology to automate landscaping tasks, such as incorporating natural flagstones in homeowners' backyards. Natural flagstone is a sedimentary rock that has been disintegrated into layers and utilized for landscaping.

Technologies used can vary, including drones for mowing, GPS systems to guide vehicles along pre-mapped routes following specific procedures, automated irrigation systems, etc.

The technology discussed in this article is changing how real estate companies operate and how people can buy homes. Many of these technologies have reached a point that could be described as being market-ready, while others are still in their early days or are brand new ideas that may or may not work out.