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Published: Nov. 17, 2019, 1:24 a.m.

The relationship between technology and property was inevitable to happen when you consider that it is the largest commodity in the world, which has a valuation of over US $ 200 trillion. And to think that it’s only at the beginning of its relationship is almost puzzling when many industries have stayed current with tech trends.

The entire industry has been slow to implement applications to transform into being efficient. One application that has become popular among businesses and consumers is virtual reality. These are 360-degree videos that offer clients 3D virtual property tours from their device. It’s still in its early stages so it’s gonna be one area that we’ll keep an eye on in the next couple of years in terms of the innovation & its impact on the industry. The technology is definitely out there.

Technology like machine learning and artificial intelligence make personalization on websites, emails and even videos possible. Brands need to move from selling to serving, to create unique and interactive experiences. Looking at websites, they need to be engaging and not be online brochures. Imagine being a user wanting to buy furniture. It’s great to see applications that allow for interaction that can show you what it looks like in your home while being online.

We are definitely in exciting times when we start seeing chatbots in property that allow for users on platforms to use their natural voice and get accurate and instant answers.

Data analytics in property will allow companies to know when property owners are about to sell. But companies have to be aware of the fears from consumers about how their personal data being protected. Bitcoin and cryptocurrencies are the biggest reason that Blockchain is getting a lot of attention lately. The security, transparency and innovation seem to be what matters to buyers, sellers and renters when it comes to this technology.

A property purchase is usually a long, inefficient and frustrating process. What the cloud has done is streamline these commercial and residential transactions, which includes electronic signatures. This would be something that would take weeks or even months and now it takes just a couple of days. An example would be a company that has clients like lawyers & financial institutions to allow them to complete the financial settlements digitally.

Controlling temperatures or playing a different song in each room is now possible thanks to the internet of things. We’re starting to see homes being turned into smart devices. And there is no doubt that IoT has improved consumers’ lives through devices such as lighting systems & electrical outlets via the ‘net.

It has done wonders for energy efficiency through enabled sensors and monitoring in property. This is where we’ve seen smart lighting that adjusts on certain conditions (like light automatically turning off when you leave a room).

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