Recently there has been a dramatic influx of tech innovation in real estate, so much so that it has been given the nickname RealEstech, named after the French real estate company. Within the housing sector alone, companies such as Bouygues, Nexity, Vinci and Fnaim have begun to revolutionise the real estate sector by creating branches such as Bouygues eLab, Nexity Lab, Leonard and Fnaim Lab respectively. In terms of tech innovation, real estate sector has caught on quite late because they are a very traditional sector used to purely human interactions, but in this growing digitrend era, real estate has also finally given in to the world of tech…
These new Proptech innovations shouldn’t threaten the existence of the more “traditional” professions in real estate. In fact, they do quite the opposite; there are various successful startups who offer their services to professionals, such as Habiteo for 3D printing services and new housing customisation, or Meero for real estate photography services.
Blockchains storming the market:
Is doing away with the need for any third party actors, while enhancing liquidity of property markets. Ubiquity is an example of an innovative blockchain technology founded in the US in September 2015. This startup is creating a blockchain-driven system for tracking the complicated legal process which creates friction and expense in real estate transfer.
“We’re building an innovative and blockchain-secure, distributed platform with extensive functionality and integration for the title insurance industry and county clerks within the US” Nathan Wosnack,co-founder and CEO.
Ubitquity is a pioneer in blockchain real estate; experienced professionals with a proven track record, and a clear focus on our client’s needs. They offer a simple user experience for securely recording and tracking property with their Software-as-a-Service (SaaS) blockchain platform. They help e-recording companies, title companies, municipalities, and custom clients benefit from a clean record of ownership, thereby reducing future title search time, and increasing confidence/transparency.
Wosnack explains that Ubitquity will improve speed and accuracy of title search, as well as help to prevent fraudulent conveyance of property by adding overall transparency.
“The result is the dramatic reduction of risks in every step of documentation, and a sense of confidence and security that can only be made possible by an immutable public leader” Wosnack added.
Reasolve solve helps Landlords and Landladies to collect unpaid rent. The french company Reasolve uses a blockchain that lets you observe the current state of the user’s different assets and the status of the various expected payments.
The tool is also based on the behaviour and spending patterns of the person registered, this helps the blockchain to anticipate possible payment defaults. Reasolve lets you offload certain collection steps with reminders, and predicts whether an individual will be able to pay rent or not.
The future of 3D printing:
3D printing is changing the face of technology; it is one of the most innovative and exciting new technologies, despite being quite unrefined at the moment. It is most commonly used in real estate and is heading towards 3D printing real estate itself! Below is an example of a brand new 3D printing tech company Icon.
Icon creates 3D-printers, robotics, and advanced materials that are revolutionising homebuilding.
“Welcome to the future of human shelter”
This home was unveiled in March 2018 and is one of the prototypes for a huge project Icon is heading up called ‘New Story’.
“New Story is building a world where all families live in safe, thriving communities” states Icon.
This project will use technology and innovative processes to build communities in the developing world, comprising of schools and clean water amongst other things. Local labor will also operate the machines, creating new advanced manufacturing jobs and income opportunities for locals.
“We have a big vision to create sustainable building practices that make beautiful, quality homes accessible to everyone.”
Watch this video if you want to find out more!
The Awakening of AI:
As shown in the graph below, artificial intelligence will have a huge impact on the property industry in the next 5 years and beyond. Currently the number of companies embracing this Ai technological change is relatively small, but there’s a growing awareness of AI and algorithms.
There are endless possibilities that AI can bring, but here are three just to get you started…
AI can increase the relevance of recommendations; this means AI can personalise customer interactions and bring together all the marketing activity by tailor-making messages and imagery based on what’s worked well with previous, similar customers. This AI-based algorithm can search out the perfect properties for your clients, which will then draw them to your agency and beyond!
AI can help you to better sell to people; AI robots can ‘chat’ with your clients 24/7, as, unlike you, they don’t need to sleep! AI like this can free up time in a real estate agent’s busy day, allowing you to spend it on more profitable tasks.
AI helps build lasting relationships; through AI-based customer relationship management (CRM) systems, Ai can predict whether people will default on their loan or fail a credit check. This, again, saves you time, cuts down delays and allows agencies to function more efficiently. AI can even be used to discover long-term trends in crime rates, property prices and more.
To further broaden awareness of AI and machine learning algorithms here are a few examples:
OJO Labs, founded in 2015 is a good example of a company using AI chatbots. Earlier this year, OJO Labs raised $26.5 million, including a $20.5 million Series B in May. OJO can answer questions or help with home searches. So, if a customer has a question about a certain property, like “does it have a backyard?”, it not only confirms that there is a backyard but adds in extra details such as, it has four large oak trees. Its image recognition software can also find housing matches based on a text conversion about open floor plans or S&M dungeons.
Proportunity, a London based company founded in 2016, claims that its machine learning algorithms can accurately forecast which homes, even neighborhoods, will experience the biggest value increases over a certain period of time. Its AI platform works by analysing historical pricing data against about 50 metrics on localtion and things like transportation, crime, schools, etc. It then figures out what factors are really affecting price.
Meero for Real Estate property photo shoots and editing. Meero, created in 2016, is shaking up the market utilising artificial intelligence in imaging to change the face of photography. Meero’s machine learning algorithms allow for accelerated delivery, high scalability and standardised quality, helping companies sell more with inspiring realistic photographs.
Indeed, 60 minutes of actual shooting requires up to 4 hours of additional post production work. The result being long delivery times, inconsistent returns and often disparate prices. Through its creation of unique artificial intelligence technology, Meero has been able to develop a world-leading offering of photo and video services at unbeatable prices, delivery times of less than 24 hours and consistent quality.