The topic of automation is no longer the wild idea of sci-fi novelists. Already, we see the fruits of this technology. Self-driving cars and robotic fast food employees are just the beginning. We will soon see all industries adopt automation for more affordable and efficient processes. In some cases, this is already well underway. For example, take real estate. Companies like are leading the way in virtual brokerages, online real estate offices, and electronic title deed transfers that will change the property buying process as we know it.
The benefits of automation in real estate are quite strong, and some of the traditional institutions are already feeling the pressure. Today, the job description of a real estate agent looks a whole lot different than it did a few years ago. It seems that tasks are changing by the month, as everyone scrambles to adapt to this new technological revolution.
Desperate Need to Stay Competitive
There is an urgent need to stay competitive. For example, real estate brokerage Compass is now offering its new Concierge staging and renovation service. Competing with Redfin, Compass offers pre-sale improvements and cleaning with no upfront costs for home sellers. CEO Robert Reffkin states that “this is another example of a great idea that came from one of our agents that we are excited to bring to life.” While that is likely true, Reffkin failed to mention that this idea sprung from a desperate need to stay competitive in a world that is increasingly driven by automation.
Blockchain Technology Will Be a Major Part of All Real Estate Transactions
Automation is not the only innovation that is changing real estate. As we have seen with , blockchain technology will play a significant role in future real estate transactions. All documents in the property buying process will be managed via blockchain, decreasing the risk for fraudulent behavior. On Propy, agents support the network’s infrastructure. Currently, it is even possible to buy a property on Propy with cryptocurrency, without ever having to leave a computer chair.
In the future, real estate agents will act as “miners” to support this network of transactions. To draw a comparison, let us look at Bitcoin and BitTorrent. Bitcoin miners use hardware to help Bitcoin network stay alive. For “mining” or chaining together blocks of transactions, miners get rewarded with newly-created BTC, which can be sold for USD. On BitTorrent and other data sharing sites, users support the network with their own devices.
is leading the charge on blockchain integration and automation within the real estate industry. While many fear that this new technology will bring an end to the human-supported workforce as we know it, tells a different story. It shows that humans can successfully adopt new technology for their benefit.
