The PahRoo Guide to Real Estate Technology
Technology advancements are constantly changing the landscape for businesses operating in nearly every industry, and real estate is no different. Many forward thinking agencies and real estate professionals are looking for innovative ways to set themselves apart from competition. This guide is here to serve as a digestible introduction to individual developments in both real estate software applications and hardware based technologies.
Over the last few years there has been a lot of news generated regarding the use of drone technology across multiple industries. Although regulations are still being established, the real estate industry is one of the latest to be affected by the technological advancements of commercial drones. Inventive companies have been utilizing drones for their intrinsic marketing and mapping value.
Luxury real estate agents have been some of the first to employ the use of drones for both HD marketing content and GIS (geographic information system) mapping. A large reason for this adoption of new tech is to stay ahead of the competition. So many high end buyers are used to industry standard presentations, that the evolution to more visually stunning and high quality media seems very natural.
While the real estate agents are using drones to capture indoor and outdoor videos and photographs for marketing purposes, property managers are more interested in applications pertaining to inspection. The 3D imaging capabilities that drones provide are extremely sophisticated and unmatched in their price range. Mike Winn, CEO of San-Francisco based company DroneDeploy, mentioned that farmers were actually some of early adopters of their drone-based software solutions. “ You can turn the drone on and build a 3D model or map of your farm or land, and you can do this very cheaply,” said Winn.
Although the technology is already here and being proven daily, the laws and regulations of commercial drone use are still being established. Late last month, the FAA (Federal Aviation Administration) released an interim policy outlining blanket guidelines for unmanned aircrafts in flight below 200 feet. Being that there are only around 45 companies that have been granted permission to fly via the FAA’s “Section 333” measure, this policy does not apply to everyone. Other companies will still have to apply for flight clearance through the FAA in order to operate commercial drones legally.
Despite the fact that laws are still being developed and legal access to drones is not industry-wide, this technology only shows signs of increasing in use. The multitude of marketing and inspection benefits provided in a cost effective manner are unquestionable, and both buyers and sellers will eventually begin to expect them. Widespread use of drones within the real estate industry is still some time away, but there is no doubt that as this powerful technology develops, it will become even more sought after.