The world is moving fast towards automated processes and technological methods. Technology is permeating every sphere of human existence. In fact, our primary mode of communication is now technology-based.
No thanks to the devastating effects of the COVID-19 pandemic, technology’s role in making life easier became more apparent. It eased remote work and became a primary method of achieving conventional things.
Unsurprisingly, Winston Deloney is confident that technology will drive the real estate industry in the post-pandemic world. We recently discussed with him, and he highlights how much changed during the global pandemic.
In addition, he believes real estate technology is making a grand entry and may change the face of the industry as we know it in 2021. Here are the details of all Winston Deloney was ready to share.
How profitable do you think Real Estate Investment will be in 2021?
I am quite sure that there’s an incoming boom in the real estate industry. From my expert analysis, home prices have continued to rise since 2020.
You know, the lockdown and the general uncertainty that came with the global pandemic forced many to invest in residential properties. Experts agree that 2020 was a big year for the industry and they expect this trend to continue.
That being said, investment in real estate will be profitable. It’s definitely one sector that will drive the economic recovery across the world.
What roles do technology play in the real estate industry?
Technology has done a lot for realtors, agents and private investors, especially in the past year. It has helped improve agent-buyer negotiations. We’ve also seen a major shift in the quality of homes purchased and built over the years. It’s evident that technology will drive the industry forward.
How do you think technology will change the face of the industry?
Technology will achieve this in more ways than we can count. First off, the vast majority of real estate buyers do their initial research online.
Real estate transactions will also occur through online negotiations and technological payment systems. Well, this development may mean real estate investors have to screen tenants more strictly.
Through drone technology and panorama, buyers can now view homes in 3D or via virtual reality. All from the comfort of their homes, they can assess buildings and determine if they would love to get them.
Will AI play any role in this industry growth?
I’d say AI is the primary driver of industry growth. Artificial intelligence, AI, has given us smart locks, smart thermostats and other virtual assistants. Also, they’ve changed the face of repetitive tasks and personalized services for every real estate buyer.
What areas of real estate do you consider most profitable in 2021?
Due to remote work, commercial real estate, residential areas, fixer uppers and rental properties are the perfect options for building long term profit. Hub and spoke office models, warehouses, and family homes are specifically also going to gain traction throughout the year.