AI (artificial intelligence) will be important this year, as will questions about its legal use in some cases. Also expect to hear more about 5G speeds and blockchain usage.

    NEW YORK – Technological innovations planned for the real estate sector in 2023? Expect to hear more about the growing use of artificial intelligence (AI) in many areas, but especially how it will be used in:

    • Real estate price estimation tools
    • Predictive modeling of rent growth
    • Methods for Estimating Homebuyer Debt Levels

    Another development driven by the rise of AI is the automation of customer development. More sophisticated AI chatbots can now provide clear and relevant solutions to customers, provide accurate answers to their questions, and speed up communications between real estate agents and customers. Some voice chatbots will probably be in use by the end of the year.

    Additionally, the underlying technology of cryptocurrency, the blockchain database, may become more widespread as it is used in other areas. The benefit of blockchain-based digital ledger databases in real estate includes a higher level of security, transparency, and faster response times during transactions.

    Connectivity speeds will also increase and further drive the rise of smart devices in residences. A widespread rollout of 5G wireless speeds means homeowners can quickly and easily access smart devices built into their properties.

    Also expect more from the metaverse. Virtual “real estate” properties that only exist digitally in the so-called metaverse may be a new frontier. Facilitated by blockchain-based technologies and leveraged through the buying and selling of non-fungible tokens (NFTs), ownership of virtual plots of land on various online platforms, such as Sandbox and Decentraland, is already generating revenue. ‘silver. In fact, a digital plot in Sandbox recently sold for $450,000.

    Source: Realty Biz News (01/09/2023) Shepardson, Ben

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