Leading Victorian real estate agency Kay & Burton is celebrating 80 years of innovation in the industry with a look to how the future is set to change when it comes to buying and selling property.
New technology is launching faster than ever before and the last decade has seen the explosion of the internet and social media in property marketing. Whilst this area will continue to develop, the future, according to Kay & Burton, will see a more specific technological development through the growth of artificial intelligence and virtual reality within real estate.
The real estate industry is always looking for ways to market a property to its time-poor clients. One area that is gaining traction and one Kay & Burton believe will become the next big thing for real estate agents is virtual reality (VR). Virtual reality could eventually replace current photography and 360-degree video tours and allow clients to ‘walk through’ a number of properties in a short space of time from one single location. VR also allows empty properties to be virtually furnished to allow prospective buyers to feel immersed in the property.
The other area that will be paramount for real estate is artificial intelligence (AI). AI in real estate will be working alongside humans to better target and sell homes. AI can provide around-the-clock monitoring of social profiles and chat with prospective clients when the office is closed – perfect for those overseas buyers and customers searching for properties out of traditional office hours. AI will allow more specific targeting of clients through the creation of an algorithm which can further personalise the service, ensuring buyers are targeted in the right way at the right time.
AI can be used to better communicate at every touch point, as it has the ability to process huge amounts of data in the search for useful information to help identify those most likely to buy.
Ross Savas, Managing Director Kay & Burton, said: “Kay & Burton have always been innovators in the real estate market, thinking outside the square. We were the first to introduce night photography, interior designers, evening open for inspections and film to marketing homes. These applications have changed the way we sell but we have never been one to rest on our laurels. In order for us to continue to pave the way, we have to always be ready to embrace the next technological development. We predict these will be virtual reality and artificial intelligence.
“VR will enable us to show a number of properties to a client at one time. This will be particularly useful for our database of overseas buyers who would embrace VR to view properties. We would still use an agent to ‘walk you through’ but [it] will allow us to offer more in a shorter space of time to help clients better select which properties are of interest and save time viewing those that are not.
“Artificial Intelligence will be a game-changer for real estate. We are in the business of building relationships and AI will only help to strengthen and further target these. Through AI we can focus on longer-term relationships and make more personalised recommendations based on personality traits, preferences and life stage, as well as just focusing on the here and now.
“We will continue to be an innovator in the industry by embracing new technology ahead of the curve and continue to meticulously connect buyers with vendors for the next 80 years and beyond”.