AS THE NEW YEAR BEGINS, 2018 promises to show more advancement and practical application of emerging technologies in real estate.

“Real estate agents fear being replaced, and they will be,” said Carrie Little, broker and session speaker at the National Association of Realtors® 2017 Realtor® Conference & Expo in Chicago. “They’ll be replaced by a real estate agent with technology.”

It is critical for the modern Realtor® to embrace and understand newly available tools and technology. Here is an overview of five technologies that can change how you do business in 2018, and a peek at what will affect you in 2019 and beyond!

AUGMENTED REALITY AND VIRTUAL REALITY

Companies such as Matterport and immoviewer are already providing agents with virtual reality (VR) tours of properties – changing how sellers can market their homes. Out-of-town clients can tour a home from anywhere, and 3-D tours help local clients narrow down which properties they want to see in person.

Augmented reality (AR) could be an even bigger game changer than VR. While VR requires goggles that not everyone may have, anyone with a smartphone can harness the power and benefits of AR. Agent applications of AR include staging a blank room with virtual furniture from a smartphone and allowing clients to walk through a property. Using AR, prospective buyers can see interactive images and videos superimposed on top of the “real world” just by looking at their phone.

Amazon has released a free app, called AR View, that lets customers virtually place thousands of items such as furniture, beds and kitchen products in their homes before buying. Realtor.com® recently released a new feature on its mobile app called Street Peek, which allows users to walk through a neighborhood and see Realtor.com® data on their smartphone screen while looking at houses through their phone.

AR can help Realtors® meet the expectations of their clients by delivering information and service where and when they want it.

BIG DATA AND MACHINE LEARNING (OR ARTIFICIAL INTELLIGENCE)

While early applications could be costly and complicated, the opportunity for every Realtor® to utilize the power of Big Data and Artificial Intelligence (AI) keep growing. These tools are helping agents craft more relevant content to build stronger ties with buyers and sellers and ultimately be better “interpreters of information.”

Big Data is the aggregation of hundreds of data points, either on a person or a property, from publicly available sources. AI is machine learning, which occurs when computers take in data and run them through algorithms to learn and provide the user with actionable information.

All the data in the world isn’t useful without understanding what it’s telling the user. With better tools to help agents interpret data into actionable items, agents can generate leads efficiently by tailoring messages based on the likelihood that a consumer will buy or sell, and connecting consumers with the right property.

An exciting benefit that will be available to all Bright MLS (MRIS) subscribers in 2018 is access to the new Remine platform. Remine will put the power of easy-to-understand and actionable Big Data in the hands of all agents, not just the tech-savvy.

VOICE ASSISTANCE AND SMART HOME TECHNOLOGY

Smart home technology is already making an impact as one of the most requested features by homebuyers. The impact will only grow as smart home systems, including security, locks, cameras and lights become more integrated and controllable from a single, central app.

With more than 33 million voice-activated devices in use, digital voice assistants such as Siri (Apple), Cortana (Microsoft), Google Home and Alexa (Amazon) are becoming more integrated and adding value to the homeowner. Through the convenience of hands-free voice commands, consumers can check the arming status of security systems, change the temperature, turn lights on or off and turn on the music or television. As voice-assistant technology continues to become part of consumers’ lives, demonstrating the integration with smart home technology will be invaluable.

PERSONAL AND DIGITAL SECURITY

Safety has always been an important issue for agents, and technology is helping to boost personal security.

Homesnap Pro offers a built-in safety app for agents using the platform. As soon as an agent starts a showing in the app, a safety timer can be discretely enabled that will immediately notify emergency contacts if the agent does not turn the timer off.

NAR also recently partnered with Trust Stamp to provide an additional free safety tool for all Realtors®. Trust Stamp scours public records, social media and other digital information to produce a “trust score” on prospective clients. This helps agents verify clients’ identities and raises potential red flags.

With the growth of technology comes increased cybersecurity risks. Real estate agents will see more tools available to keep their digital footprint safe from hackers and scammers, such as password managers, two-factor authentication, and services that encrypt and conceal data.

2019 AND BEYOND: BLOCKCHAIN AND SELF-DRIVING CARS

You’ve probably heard – and have questions about – Bitcoin: the digital currency making headlines. While using digital currency may become more commonplace for home purchase transactions, the real breakthrough is in the technology powering Bitcoin, called Blockchain. The easiest analogy is to think of “Bitcoin to Blockchain” as “email to Internet.”

Bitcoin is only one application of Blockchain. At its core, Blockchain is a transaction record of a piece of “property” (anything that can be transferred from one person to another). The record is held in what is called a “distributed” ledger, or a collection of participating computers. Each computer holds the records of each instance when a “property” has changed hands. By having the records held across thousands (or even millions) of computers, fraud and hacking become almost impossible, and every transaction is verified and authenticated by the participating computers.

Blockchain potentially can help make real estate transactions more secure and fraud-proof, as well as cheaper and faster. Potential uses are in digitizing and streamlining the titling process, better accuracy in public record information, and ushering in “smart contracts,” which are automated digital real estate transactions based on conditions and actions.

Another technology on the horizon that will impact real estate is self- driving cars. Automated vehicles  could allow agents to chauffeur clients around  pre-programmed  routes  and simultaneously present and review houses. Self-driving cars could also change development in urban areas. Instead of allocating space for parking lots, car washes and gas stations, prime real estate will be made available for homes. Suburbs and rural areas could be more appealing with commutes becoming less strenuous. Automated vehicles could also impact neighborhood design by emphasizing yard use, bike trails, walking paths and shared spaces that previously were used for driveways, garages and streets.

While technology is always evolving, ultimately its purpose is not to replace Realtors®, but to take professionals further in providing the best possible customer service.