Technology is driving important change in all industries, from transportation to entertainment, offering an opportunity for advancements which have completely changed the way things are done. In the real estate sector, in particular, the impact of technology has been deeply felt. Although it has been less disruptive, it has been powerful due to the individual nature of the industry.
Real estate technology companies do their best to improve the efficiency of existing processes. People can now search for residential and commercial property a lot faster, not to mention that they can browse original neighborhood photos, resident reviews, and get local insights. Technology can never replace a realtor, so there’s nothing to worry about. Actually, it offers opportunities for increasing profits, reducing costs, and accelerating innovation.
Where is the next frontier in real estate technology?
Homeownership used to be an unattainable dream a couple of years ago. Now, it’s a totally different story. People can acquire affordable housing through creative-tech enabled solutions. What is more, they can sell their homes faster thanks to high-tech gadgets.
Rather than just selling up, many prefer renovating instead. Wesley Ward, Head of Marketing at Hausera told us that based on their 2019 consumer survey, "64% of homeowners said they plan to renovate kitchens, bathrooms or/and laundry rooms in the next two years."
However, this isn’t a bad sign for the housing market. It’s true that the housing market has cooled off a little bit and that homebuyers face fewer bidding wars, but that doesn’t mean that there will be no demand for homes in the future. The housing market in the U.S. won’t enter a recession any time soon.
Getting back on topic, we don’t know what real estate technology’s next frontier will be. What is certain is that it will be exciting. The new generation of entrepreneurial talents is working on cutting-edge solutions to address demands for affordability, flexibility, and community.
The most innovative companies in Chicago real estate
Real estate companies, as far as they’re concerned, aren’t reluctant to adopt the latest technologies, such as big data and artificial intelligence. In Chicago, they’re on the edge. Major players in the real estate industry like Neighborhoods.com are trying to help people find their dream house in a less traditional fashion. In what follows, we’ll list the most notable organizations.
Truss
This web-based marketplace helps small and medium-sized business owners to find and lease commercial space. Needless to say, the real estate company is technology-enabled. The aim of the organization is to ensure simplicity, transparency, and speed when it comes down to searching for real estate.
Compass
People who want to rent smarter choose Compass. This company ensures digital tools, as well as customized marketing strategies. It’s believed that compass is the first-ever company to have built proprietary mobile app for real estate professionals.
FoggyTrail
Those who are sick and tired of living in the city and simply want to get out on the open outdoors don’t have to spend days at an end researching who has available property. When you’re a member of FoggyTrail, you can easily connect with outdoors people with private land leases.
