Necessity is the mother of invention, and the pandemic made it necessary to find safer, faster and completely new ways of doing business in real estate. Going into this year, there are a bevy of platforms, concepts and new practices that have already shaken up the industry, all with the potential to continue doing so. Here are four tech-related trends to watch closely in 2022.
Automated Valuation Models are extremely versatile in their applications, used by iBuyers to guide their decision making or proptech companies to generate leads. The government has also explored using AVMs to combat racial bias in appraisals. As the underlying technology becomes more accurate, expect to see AVMs being relied on more and more in the industry.
One real estate startup recently allowed agents to receive their commission in cryptocurrency, and a proptech startup backed by Jeff Bezos announced it would accept Bitcoin as payment. Already mainstream, expect to hear a lot more about cryptocurrencies in real estate this year.
The Metaverse and Virtual Real Estate
With Facebook going all-in on virtual reality last year, more and more people have begun taking the concept seriously, with some investors spending millions of dollars on land that only exists as ones as zeroes. However, the nascent metaverse evolves across various platforms created by various companies, expect real estate—traditional or imaginary—to be a key part of the equation.
Though technology is often seen as a threat, those who can understand and adapt will always have an advantage over those who don’t. Keeping up with what is on the horizon—especially during these volatile times—will always be vital for real estate professionals.
Jesse Williams is RISMedia’s associate online editor. Email him your real estate news ideas to [email protected].