$216 trillion or $216 million million is the value of the global real estate market—21 times China’s GDP. The real estate market is a dinosaur, and it is perfectly poised for a huge technological disruption.
Indeed, that is exactly what we are seeing at the moment with a number of exciting startups expanding the technological horizons of this mammoth industry. One might not immediately see the connection between startups and the age-old real estate sector but the fit is perfect: archaic sector meets technological ingenuity. These revolutionary startups are providing a platform for more transparency and stimulating more profits in an industry that has plateaued.
Real Estate Tech- New Innovators
Commercial real estate is still very much underdeveloped and inefficient; opportunities are diverse and many: mobile apps, tech-enabled brokerages, tools for proper management, and crowdfunding startups. Fundrise, one such company in the real estate funding sphere has already raised $41M and has grown by more than 1,500 percent since its inception in 2010. This startup allows real estate companies to pool money together allowing quick investment at low cash amounts with the promise of consistent returns.
Lamudi—the global property platform—is transforming how property is bought in the emerging markets. The Rocket Internet funded startup operates in nine countries across Asia and Latin America. With a slick easy to navigate website and more than a million listed properties, this cutting-edge real estate startup is making life a lot easier for house hunters.
Another innovator is Floored, is a fully explorable 3D model for properties which uses Oculus Rift virtual reality along with 3D modeling which customers can use to develop, market, and analyse upcoming projects to investors. 3D is all the rage at the moment and recently Lamudi even hosted a virtual reality expo in the Philippines giving property developers an opportunity to explore the promising possibilities that VR can offer. Using mobile VR headsets like the Samsung Gear VR, property developers can reduce the cost spent on building expensive showrooms for pre-selling properties and similarly home buyers can save time and resources when searching for a new home.
The Future of Real Estate Advertising
Emotion and engagement are key triggers in the real estate advertising world and getting the interest of a buyer or seller can be achieved via photography, video, 3D, and immersion. To get your listing noticed it is now more than ever necessary to use HDR photos with precision retouching. In addition to high-quality photos, you can also use virtual home staging technology to create an environment that a buyer can relate to.
3D virtual tours are available at reasonable prices with the likes of Matterport offering digitally reconstructed real-world spaces for VR and AR or Google’s Tango offering the same on tablet computers. The 3D market is still in its nascent phase and it is ripe for a new player to push the boundaries with exciting new pioneering technology.
Immersive tours which require a headset provide a leap in the user experience enabling potential clients to walk around a house as they would in real life. Along with immersive tours videos are enhancing the buying experience and it will for sure play a larger role in advertising upmarket properties given a situation where a foreign audience is targeted. In short, exciting times lie ahead for the behemoth global real estate market and those first to innovate will be rewarded handsomely.