How you buy real estate is changing. Forever.
This blog is about the two key exponential technologies converging to eliminate the middle-man (i.e. the real estate broker) and the headache of shopping for a home.
If you’ve ever shopped for a new house or an apartment, you know the nightmare: dealing with salesy real estate agents, desperately searching to find the right places for the right prices, just missing open house hours, competing with the aggressive couple that got there 10 minutes before you, wasted Sunday afternoons…
Let me give you a glimpse of the future.
Here’s one future of real-estate shopping…
In essence, these VR real estate platforms will allow you to explore any home for sale, do the remodel, and determine if it truly is the house of your dreams. You can even get an estimated bid and delivery time from a contractor to implement your vision.
After you leave, an AI can help you write your bid, contact your bank and make your offer on the spot.
Easy and fun.
The exponential technologies I mentioned above – virtual reality and machine learning/AI – are very real and coming to market over the next 2 to 5 years.
A company called Immersive Media (disclosure: I’m an investor and advisor) has a platform for the 360-degree video capture and distribution, and is already exploring real estate 360-degree video.
Facebook/Oculus VR, Microsoft’s Hololens, Google/Magic Leap, High Fidelity, OTOY, Leap Motion – these are just some of the companies deploying billions of dollars at this very moment to develop highly disruptive applications in the VR space.
Smaller firms like Studio 216, Vieweet, Arch Virtual, ArX Solutions, Rubicon Media, and others are developing virtual reality applications specifically for real estate. They are capturing and rendering models and images/videos of properties for clients and investors to view and explore.
Strides are being made in artificial intelligence and machine learning research.
Recommendation engines are becoming ubiquitous (everything from Facebook to Netflix uses them), and they are being applied to real estate right now.
Real estate companies like Zillow, Trulia, Move, Redfin, ZipRealty (acquired by Realogy in 2014) and many others are investing millions in machine learning applications to make search, valuation, consulting, property management and more easier, faster and better.
Companies like Google’s DeepMind, Vicarious, and IBM Watson continue the push to create general AI, which is coming further down the line.
In short, we live in the most exciting time ever. Period.
So that’s it: A glimpse at the real estate shopping experience in the future.
This is the sort of content and conversations we discuss at my 250-person executive mastermind group called Abundance 360 – the convergence of technology leading to the dematerialization, demonetization and democratization of products, services and industries. The program is 85% filled. You can apply here.
Are you investing in real estate? A builder? A realtor? How would you prepare your business today if you knew what the future would look like in 3 to 5 years?
Share this email with your friends, especially if they are in the business.
We are living toward incredible times where the only constant is change, and the rate of change is increasing.
P.S. Every weekend I send out a “Tech Blog” like this one. If you want to sign up, go to PeterDiamandis.com and sign up for this and my Abundance blogs.
P.P.S. Please forward this to your best clients, colleagues and friends — especially those who could use some encouragement as they pursue big, bold dreams.