Tech That is Changing the Game for Real Estate Across the Country

The job of technology is essentially to find ways to make our lives more efficient, and it is an ever-progressing process that can be applied to every aspect of our everyday lives. Today, modern technologies are being used to truly revolutionize the real estate industry. Gone are the days of a buyer relying solely on the recommendations of a realtor to find a house. Today nearly all searches start behind the computer with buyers having access to listings on their own. Almost gone are the days of meeting in person to get signatures on transaction papers and closing documents. Soon to be gone are the days of only traditional mortgages or cash accepted as payment on properties. Nearly gone are the days of digging through stacks of records to find proof of documentation. All of these elements of a traditional real estate transaction are being modernized by way of new and developing technologies.

The National Association of Realtors held a seminar this month to discuss emerging technologies related to the real estate industry. The chief of marketing at Second Century Ventures analyzed the rising interest in real estate technologies, citing that in 2021 alone more than $31 billion was invested in the real estate tech industry in America. She highlighted that this investment amount is absolutely unprecedented, and signals a sure growth in the industry. Everything from new apps to blockchain investment and more received huge funding in all sectors.

The National Association of Realtors Director of Emerging Technologies, Dave Conroy, gave a tremendous talk relating to the future of cryptocurrencies and blockchain in the evolving real estate industry. It has been widely reported that top developers are beginning to accept down payments in the form of cryptocurrency, and we have seen the development of new companies in South Florida devoted to the issuance of cryptocurrency mortgages. With the rising growth in acceptance and acquisition of varying cryptocurrencies around the country, this is expected to grow into a more viable avenue for payment and financing.? On top of this, more and more Americans are buying into the space and gaining wealth as a result. The percentage of homebuyers who report using profits from sold off cryptocurrency from their digital wallets has risen significantly in the past several years. In 2019, just 4.6% of buyers used crypto profits as payment in a real estate transaction. By 2021, that number had risen to 11.6%, and is expected to be even higher this year.

The rising importance of the blockchain was also a hot button topic at NAR’s conference. Blockchain is a revolutionary new protocol that serves as an infallible information management system that records transactions. The potential of blockchain in real estate is endless. Experts predict that all transactions will eventually take place in the blockchain because it will provide a much more reliable and secure transaction and will make a real estate transaction much more efficient as well.

In these changing times, both real estate buyers and sellers really need an agent that is well-versed in and really understands how to implement these new technologies moving forward. Broker’s Edge Realty is at the cutting edge of tech-savvy realtors in the Florida Keys. The brokerage is founded on the principles of staying current with real estate trends and are ready to tackle this new frontier in real estate.