sites like this one to compare properties by all sorts of metrics.
This consumer-friendly advance was actually foreseeable in 1999. It was the subject of plenty of forward-looking commentaries. So it’s not hard to imagine that the glimpses into real estate’s future that Forbes’ panel of experts came up with last week could actually come to pass. The published piece promised “Six Ways Tech Could Change the Real Estate Process,” but the six panelists saw similar advances. The progress came in three areas:
Artificial Intelligence will help agents instantaneously adjust documentation to conform to legal requirements. Oklahoma and Oklahoma City laws are in fact subject to change—so I am definitely in favor of this one!
Remote Transactions will become even more thoroughly supported so that searching, viewing, purchasing and even closings will be able to be conducted remotely. A second expert described essentially the same advance as “Time and Distance Removal.”
Disintermediation. This six-dollar word entered the vocabulary when people started talking about the “Bitcoin” and “blockchain” phenomena. The word means dispensing with unnecessary processes in a transaction—and in Oklahoma City real estate, that could apply to aspects of title insurance and home loan generation. I’m pleased to note that none of the experts foresee dispensing with Realtors®—but it does cover the kind of shift we already see in how brokers help their clients. Rather than serving as “the warehouse for all data” as in previous eras, “brokers will increasingly act to interpret information now already possessed and frequently misunderstood by the consumer.”