2022 Technology That Can Change the Real Estate Industry

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.

How Fintech Is Changing New York Real Estate

The real estate industry undergoes frequent change, whether it comes to renting or buying. Technology is often a big part of these improvements. It has a place in every major industry, and handling property is no different. One major concept that's swept the market is fintech. 

This technology is taking over — especially among New York properties — and it's brought a wealth of gains with it. Learn about it while it's rolling strong, and you can benefit from a smoother way to invest in property.

What Is Fintech?

Fintech stands for financial technology, which aims to streamline financial services for businesses and consumers. This tech offshoot applies to numerous industries besides real estate — any company that carries out transactions can employ it.

Fintech is a segment of proptech, a portion of the real estate industry that uses technological resources to solve problems and complete tasks. Proptech involves innovations such as artificial intelligence and automation, as well as data collection and sustainability.

People often choose the newest and best methods when they want to accomplish a task. If you could streamline a tedious process that usually takes forever to complete, you'd likely pick relevant technologies. That's why buyers and renters often go to property dealers who use fintech — they offer shiny new alternatives to old systems.

The Expansion of Fintech

This efficient method of managing real estate has gained popularity within recent years. Companies are integrating principles of fintech by using blockchain technologies, digitizing their transactions and much more. The Jumpstart Our Business Startups Act, or JOBS Act, spurred the rise of fintech in the early 2010s. This law reduced some of the small-business regulations created by the Securities and Exchange Commission, which helped them secure higher funds.

Businesspeople viewed this law as an opening for new ways to earn money. They began brainstorming improved methods of managing finances and bringing in revenue. Fintech soon developed as a viable option, and it has grown ever since. Some real estate companies remain mostly traditional while incorporating technological advancements here and there. Others have fully leaned into this new sector to appeal to consumers and make their operations more productive.

New Developments in Renting and Buying

New innovations in fintech are developing fast in New York. Though California was once the capital of finance-based technology, New York City is edging in to take that title.

These advancements can make renting an apartment or buying a home more accessible to residents, especially considering the high cost of living. Here are a few areas of real estate that have benefitted:

1. Digital Mortgage Processes

Blockchain technology is a major component of cryptocurrency. Naturally, it also has its place within fintech. Blockchains decentralize money transactions by sharing them among a network rather than operating around a bank.

This technology eliminates double-spend issues and removes third parties, which lessens the costs of conventional mortgage processes. It also boosts the efficiency of property title searches and allows you to insure your place for less.

Related article: https://www.offthemrkt.com/blogs/must-have-apps-for-food-in-nyc?

2. Software and Algorithms

The platform Built enables banks to process their loans online, especially lenders who are overseeing construction projects. Loan lenders upload data from their construction project onto the site and quickly communicate with their hired contractors.

Collecting all their information in once place allows them to approve and manage more loans without spreading themselves thin. They can see their entire loan portfolio at a glance and make financial decisions as necessary.

3. Crowdfunding

Investors have turned to crowdfunding — also known as peer-to-peer lending — to gain direct access to the real estate market. This strategy is primarily popular among wealthy investors who meet the income and credit requirements that platforms establish. Investors lessen their risk by collaborating with developers on properties, and they also get to choose which projects to invest in.

4. Online Marketplaces

The fintech company Roofstock allows you to receive greater access to single-family housing investments. It offers numerous resources for people planning to invest in rentals, including property management tools.

You can analyze a listing's details, such as the payment history and title report, and make an offer to buy. You'll be able to remotely check in on your investment while a property manager handles the on-site tasks. Marketplaces like these allow for flexible, affordable ownership from any city.

FinTech Makes Properties More Accessible

These developments give you an idea of what to expect the next time you rent a new apartment or move to a new home. The New York real estate market is transforming to provide more access and remove the middleman.

Barriers to renting and owning can dissolve with time, but it will take broader acknowledgment and adoption of fintech. A revolution in modern housing could be on the horizon.

Holly Welles is a real estate blogger covering design, finance and market trends for apartment dwellers. You can find more of her work on her blog, The Estate Update.

Related article: https://www.offthemrkt.com/blogs/5-tech-innovations-set-to-change-real-estate-in-2019

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What To Know Before You Buy The iPhone X

With each year we have at least one occasion to camp out in front of Apple stores, or at least it feels that way with a new IPhone seeing release each year since 2007 saw the original IPhone come out. As with all things ten years old, we’re beginning to see some startling changes. Apple is looking to make the IPhone X set the tone not just for the next few releases but the whole next generation of IPhones. Which has me a little bit worried. Sure apple products have always asked you to adjust to them a bit, but the new IPhone asks what could be for some a little too much. Yes Apple is asking you to adjust to spending a significantly larger amount of money for their products. So is it actually worth it to buy the IPhone X?

Personally I would say no, common sense seems to say save $200 dollars and get the IPhone 8, which is still a brand new IPhone. The IPhone X and 8 have the same iOS 11 operating system, and under the hood both phones have identical software so there won’t be any difference in performance either. They have the same A11 chips, and even the front facing cameras are functionally identical. Plus the IPhone X has different dimensions to your current model which means you also would need to get a new case, and getting a new case is highly recommended as the IPhone X has been dubbed by some gadget warranty companies as “the most breakable iPhone we’ve ever tested.” Combine that with the astronomical costs of repairing the screen ($279) or glass back ($549) to make the thought of not having a case for any period of time stressful. I mean dropping your phone is always unpleasant but this is ridiculous.

Everything isn’t bad though, what really differentiates the new IPhone from the old IPhone is what new tricks Apple can make the X do. Most noticeable of these is the Face ID feature. Which is the new system for unlocking your phone, it’s really what the whole phone is designed around since they got rid of the home button. The Face ID system is housed in a notch at the top of the screen, something we’ll come back to later because there is a lot to say about it, and now just by holding your phone up to your face you can be in. Whenever the phone is activated an IR light turns on in the notch and if the IR camera in the notch detects a face a dot projector flashes a few thousand dots onto your face to create a depth map of it. Setting up the Face ID system is also very user friendly, the phone displays a circular border around your face, and you move around until that circle turns green. Over time the depth map of your face will become more detailed and the system should become better at recognizing you as well. Best of all gradual changes will be kept track of so growing a beard won’t result in you needing to set up the whole system again. You also use Face ID for Apple Pay just double click the side button, authenticate, and then hold the phone to the reader.

The final use for the Face ID system is the new Animoji feature. Which is sure to please young and old alike, as finally when someone sends you a smiley emoji you can know that they really had to smile to send it. Essentially what it does is make a short video clip of your face, recreating facial and eye movements in the form of cute emoji characters. I’m partial to the panda, but there are all kinds of animals and even the poop emoji, because of course they would include the poop emoji.

The iPhone X also switches from an LCD screen to an OLED screen. Which is great, OLED’s have a much nicer range of blacks seeing as how OLED’s can actually turn off individual pixels, something LCD’s simply can’t do. However as with all OLED screens the iPhone X has some color shift when tilted, not a big deal, but definitely noticeable if you look for it. If I had to take a guess as to why the iPhone X is so much more expensive than the 8 this would be it, but the effect of this wonderful new screen is spoiled a little bit by the previously mentioned notch at the top of the screen. It really messes with apps and videos on the X. This will probably improve with time, as apps are updated to take the change in screen shape into account, but currently things can get a little buggy. When watching videos you’ll either get black bars on the sides of the video or you’ll have to deal with a part of your video being played underneath the notch as the expands as if it wasn’t there.

So the question you need to ask yourself when you consider buying the iPhone X is “is Face ID and dimmer blacks worth $200?” They say OLED screens will become cheaper in the future, and I would think it smarter to wait till then to get an iPhone featuring one, as the average person probably won’t care too much about the difference in display. However if you’re a diehard Apple fan and you aren’t afraid of spending a little cash to stay on the cutting edge, then you should absolutely get the X.

By Connor Sherman

Our favorite listing this week is 508 West 24th Street, Unit 5th Floor, home to NBA Player Carmelo Anthony. The ten-time NBA All-Star, has listed his New York City condo. The home is the largest unit in the Cary Tamarkin designed building at 508 W 24th that overlooks the High Line and is walking distance from world-class shopping and prominent art galleries.

251 East 51st Street, Unit 2M, listed on the market as a Compass "Coming Soon," is a recently renovated, perfect pied-a-terre (and ideal one bedroom for all the rest of us). What truly sets this pad apart from the rest is the dreamy outdoor terrace with endless possibilities and city views. Accessed by the living room and overlooked by the bedroom, this 24x12 outdoor space is an oasis in the center of the Midtown hustle and bustle.

Our last #openhouse roundup will you be checking out this #parkslope home? #nycrealestate #brooklynrealestate #milliondollarlistings #luxuryhomes #OffTheMRKT

DNA Development announced that closings have commenced at 350 West 71st Street, the successful Upper West Side luxury conversion that seamlessly combines two historic pre-war buildings into one stunning contemporary condominium with a classic façade. As construction nears completion, the seven-story building’s 38 elegant residences and bespoke amenities are coming to life, as DNA welcomes its first residents.

Our favorite listing this week is located at One West End, the sculptural glass residential tower designed by Pelli Clarke Pelli within Riverside Center. At $19.5 million, 29B offers 5,302 square feet of interiors space, with four bedrooms, five and a half baths, a media room, lofted library, and a double height great room leading out to a 3,000 square foot terrace with impeccable views.