Changes Coming to the Real Estate Industry

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Artificial intelligence is shaping many industries, including that of real estate. Over the next few years, it is predicted that the use of AI will edge out over 80% of Smithfield VA real estate jobs. There are choices that must be made concerning the influence of technology on today`s business landscape, and you can either sit back and watch progress occur or adapt and join the movement. Here are some changes to expect in the real estate industry over the next decade.

Rental Auctions

In times past, landlords or property managers establish the rent levels based on market averages and income needs. However, this doesn`t take into account the value a particular location or amenity may have with one tenant over another. In South Africa, a rental listing and management company has devised a system that allows landlords the option of a rental auction. Potential tenants can bid on the rent, and after meeting a pre-established reserve, the unit will go to the highest bidder.

Virtual Reality Sales Exchanges

Most people won`t sign a property contract without having carefully looked over the structure or property, but virtual reality is making it a lot easier to by from a distance. Buyers get more than just a high definition look at a property of interest. The use of VR software can superimpose different pieces of furniture into the rooms to give a more realistic look of what life would be like for the buyer.

Flat-Rate Brokerage Deals

Real estate agents seem to be less necessary, what with all of the online options for both buying and selling a property. In both the United States and the U.K., Internet service companies have established flat-fee brokerage assistance for those looking to sell or buy. Property owners take complete control of their sales, putting more money in their pockets.

Real estate has seen many trends over the last few years, but there is still more to come. These are just a few of what you can expect if you are looking to sell or purchase a home or land in the near future.