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Sign into your account3 Forms of Tech That Are Changing the Real Estate Market
April 08 2015
The future is right around the corner. Agents and brokers need to prepare for digital technology that could (maybe) change how or why people buy and sell homes. Here is our top three emerging real estate technologies that could (again, maybe) affect the real estate industry in a big, bad way.
Bitcoin:
Bitcoin is a virtual currency that can be spent globally, and are not affected by taxes or regulatory laws. Finite in nature, new "internet money" can never be created or reprinted. A wide range of businesses are starting to accept these as a legitimate form of payment, including the real estate industry.
Real estate can be bought with these virtual currencies, and not talking about dinky lots in the middle of nowhere. Need an apartment building in Romania? An industrial lot in El Paso, Texas? What about a 2-bedroom apartment in London? All of these properties, and more, can be purchased with Bitcoin or other forms of virtual currency.
So, how does this affect industry buyers and sellers? Well, not much if your brokerage or business does not accept virtual currency. Although most businesses don't accept these as actual payment, some large brokerages (like this one in New York) around the world have started.
This is not unique to the real estate industry, a survey given to U.S. retailers showed that 8 percent plan on accepting Bitcoin by 2016. Not bad for a form of currency that's been around for less than a decade.
Much to the U.S. government's dismay, virtual currencies are here to stay. If they start growing in popularity with in the coming years, it may be in your best interest to accept "internet bucks."