The property market is likely to be transformed in the next 10 years by external tech influences, and they will all revolve around AI and machine learning, experts are predicting.
Chief technology officer at Console Jason Turnbull said that the introduction of driverless cars is a good parallel example.
“As car services become far more accessible and affordable, there becomes less of a demand for car ownership. And that, in turn, means a change in the shape of properties,” he told REB.
“A two-car garage is about 36 square metres of space that might be better used for a different purpose.”
Mr Turnbull said that new tech and comms capabilities will continue to make us even more connected.
“That’s going to have an impact on population distribution,” he said.
“With more remote work opportunities, physical proximity to our workplace will be less important. And that, in turn, has an impact on the perception of where we need to live in relation to where we work.”
Co-founder and sales director of Progenys Technologies Rishi Mehra said that it is clear that lead generation automation tech is on the rise in the market.
He said that the same applies to market research and social marketing.
“When it comes to buying and selling property, I see an increase in the use of virtual reality, 3D modelling and providing the home buyer and seller with data that is relevant to them,” Mr Mehra said.
“Blockchain, AI and machine learning will completely revolutionise the way all parties transact in a home sale or purchase.
“While AI and machine learning will help create virtual assistants for agents, blockchain will help establish a legally acceptable level of trust between all dealing parties, along with providing a platform to digitise the whole process of buying or selling a home.”
Openn Negotiation director Peter Clements agreed, but he made the point that real estate should remain a people business, despite the speed and depth of its tech interventions.
“You still need to see the whites of a buyer’s eyes to gauge their true interest. The day you can’t meet with a person to sell a home will be a sad day in real estate,” Mr Clements said.
“When we get to the point when we can’t walk a buyer through a home and gauge their reaction because they’ve inspected entirely by VR, then submitted documents via a phone, it will really test the virtues of a good agent.”
But he also acknowledged the role tech must inevitably play.
“It’s easy to see that only offering one-dimensional photographs will become a thing of the past.
“With 360-degree fly-through technology poised to take over, this is how people will inspect properties in the future, especially with growing overseas buyer interest.”