When it comes to new norms and best practices in Canadian real estate, technology is taking the lead – it’s a rule, and Vancouver is no exception.
Today, tech is shaping how buyers, sellers, agents, brokers, developers, and all players in between navigate their corner of the real estate court. The evolution is rapid; everyone is impacted.
Jamie Squires, President, Fifth Avenue Real Estate Marketing Ltd. writes in a new report that there are five major tech trends currently disrupting the real estate realm: virtual reality, AI-enhanced analytics, process streamlining, fractional ownership models, and blockchain. No matter what your real estate role – buyer or investor, seller, developer, or agent – you’re bound to be influenced by one of these trends.
So, if you’d like to stay ahead in a competitive market (and who wouldn’t?), you’re wise to study up on the technological advances most likely to impact you.
Buyers, Sellers, And Investors
Squires says that in the last three years, virtual walkthroughs have increased by 600%. Whether you’re gearing up to sell your home and you’re considering how best to showcase it, or you’re an end-user or investor buyer hunting for the perfect property, virtual tours are an asset for you.
Remote walkthroughs invite buyers to feel confident about homes without actually visiting the property, Squires explains. This means sellers who opt for virtual tours of their listings can appeal to a wider audience – countrywide, or even worldwide.
READ: Metro Vancouver Housing Market Flourished During Q1 2023: Report
For buyers, exploring a property through a virtual tour is a cost-effective way to get a true feel for the listing. For some, a virtual tour is all that will be needed to seal the deal on their heart’s desire. For others, it will serve as an important first impression, determining whether a drive or flight for an in-person tour is warranted.
Developers
Squires reports that smart home tech is increasing in popularity throughout Vancouver’s real estate scene – this is something developers must keep in mind as they ideate new projects. Smart home technology improves security and convenience, but also increases energy efficiency, making it an integral part of the industry’s shift towards greener practices.
Like with buyers and sellers, virtual and augmented reality technologies are a major asset to developers. Not only can virtual suites be rendered for online touring, but entire virtual presentation centres can be crafted, bringing an interactive and immersive experience to those interested in learning more about (or buying into) a given development.
Bringing digital renderings into the next dimension, 3D modelling technology is yet another asset developers (and architects) should be paying attention to. 3D models can save time and resources throughout design and construction, Squires says, while elevating the buyer experience. What’s more, 3D models can serve as supports further along in a project’s life cycle – digital twins, for example, can help developers and property managers predict and respond to circumstances as (or even before) they arise, building-wide.
Blockchain technology is also supportive to developers, Squires explains. The benefits of this tech are manyfold: it modernizes and adds convenience to the buying and selling process, and it mitigates fraud risk at the same time. Squires notes that in Vancouver specifically, blockchain could help combat title fraud and make property transfers more efficient.
Agents And Brokers
There isn’t a single real estate tech trend that shouldn’t be on the radar of a present-day agent or broker in Vancouver. Squires notes, as more than 90% of buyers use online resources when hunting for a new home, the role technology plays in the city’s real estate market is only growing more prominent.
So, whether an agent is supporting a seller in staging for a digital tour, or they’re helping a buyer determine whether their augmented listing exploration warrants an in-person visit, or a broker is working closely with a developer to navigate the blockchain, these real estate players are the connecting link between homebuyers and properties. As such, there’s never been a better time to study up and start working with emerging real estate tech.
“The future of the Vancouver real estate market is bright,” Squires says, “and technology will continue to be at the forefront of its growth and evolution.”
This article was produced in partnership with STOREYS Custom Studio.
