AI (artificial intelligence) will be big this year, as will questions on using it legally in some cases. Also expect more on 5G speeds and blockchain use.
NEW YORK – Technology innovations predicted for the real estate arena in 2023? Expect to hear more about the expanding use of artificial intelligence (AI) in multiple areas, but notably how it will be used in:
- House price estimation tools
- Predictive modeling for rental growth
- Methods for estimating homebuyer debt levels
Another development led by the rise of AI is client development automation. More sophisticated AI chatbots can now provide clear and relevant solutions to clients, deliver accurate answers to their questions, and expedite communications between real estate agents and clients. Some voice-based chatbots will likely be in use by the end of the year.
In addition, the underlying technology of cryptocurrency, the blockchain database, may become more prevalent as its used in other areas. The advantage of blockchain-based digital ledger databases in real estate includes a higher level of security, transparency and faster response times during transactions.
Connectivity speeds will also increase and further drive the rise of smart devices in residential homes. A widespread rollout of wireless 5G speeds means that homeowners can access smart devices integrated into their properties quickly and easily.
Expect more from the metaverse too. Virtual “real estate” properties that exist only in digital form in the so-called metaverse may be a new frontier. Facilitated by blockchain-based technologies and leveraged by the purchase and sale of non-fungible tokens (NFTs), ownership in plots of virtual land on various online platforms, such as Sandbox and Decentraland, is already generating money. In fact, a digital land parcel in Sandbox sold recently for $450,000.
Source: Realty Biz News (01/09/2023) Shepardson, Ben
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