The future of real estate is changing, including the technology used to buy and sell homes, a local real estate expert said Monday morning on WDUN's Morning News with Bill and Joel.
Frank Norton Jr. just returned from the Inman Connect Conference last week and brought back five things he said will change real estate.
Technology is changing every day and Norton said soon, roughly 90 percent of a real estate broker's job will be done by a machine
"It's going to have predictive analytics about what a seller might take, or what a house might be worth. A little more hyper than the Zillow Estimates or Zestimates, but the average real estate agent will have these new tools."
Norton said this technology won't replace a broker, however. "The real estate broker provides that human interaction, the negotiating, being able to understand the nuances of that technology and of a neighborhood, which a machine won't be able to do."
In the meantime, Norton said those Zestimates aren't very accurate, though they are improving. The information is formulated mostly from tax rolls, Norton said.
Norton also said the processes would speed up. "Transactions are going to be faster. It used to take 90 to 120 days to close a house, you're going to see it compressed down to 30 days over the next five years."
Augmented reality, including using 3D, virtual reality and drones, will be used to visualize a fully furnished home or allow you to see a home in photos at eye level, Norton said.
Lastly, Norton said he took something said at the conference to heart. "If you have an idea that's a 20th century idea and you're using it today, you're doomed," Norton recalled. "For example, open houses. We've seen a decrease in the number of people who come to Saturday and Sunday open houses... you can actually see that house now in 3D or virtual reality online... so I think it's all part of how we must evolve as an industry."
Norton also stressed maintaining relationships with customers and the neighborhood, as well as being visible in town and understand "what's really happening here" as the keys to keeping up with the changing industry.