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Tech and its Impact on Real Estate

2019 Bend Chamber Real Estate Impact Breakfast Recap

BY: Linda Orcelletto, Orcelletto Communications

PHOTOS BY: Amanda Photographic


Provide an experience. Show value. Offer convenience. Incorporate technology. Like other businesses, incorporating these practices to remain relevant are just as essential in the ever-changing real estate landscape.

“It’s all about the experience and convenience,” says Dwiggins.

At today’s 30th annual Real Estate Impact Breakfast, sponsored by  Schwabe, Williamson & Wyatt, keynote speaker, James Dwiggins, CEO of NextHome, Inc. based in San Francisco, offered a few examples, statistics, predictions and how technology, in particular, will change the homebuying process.

“It’s all about the experience and convenience,” says Dwiggins.

According to stats he provided, 78% of millennials would rather pay for an experience than material goods. For example, spending more on rent to live in the city, building community, and forming memories, takes priority over owning a larger home, commuting, and spending more time away from family and friends.

78% of millennials would rather pay for an experience than material goods

Dwiggins, readily admits the current homebuying experience can be exhausting and overwhelming because of mountains of paperwork, and extensive transaction time. That’s where technology comes in.

Much like the popup ads to entice you to buy related items online, iBuyers (forecast by Dwiggins to own 30% market share for housing transactions) such as Opendoor, Redfin, Zillow, and Knock, use AI (artificial intelligence) and analytics to track the types of home you have been researching.  Some iBuyers are even able to offer you a code to the locked door to a house for sale, so you can view the home without an agent present. The programs are mobile friendly, making the process even easier and more convenient. Make certain to check each site for more information for buying and selling regarding the process and fees.

“Autonomous vehicles will be the single biggest change of economy in 10-20 years,” says the futurist. Driverless vehicles will affect where we choose to live.”

Dwiggins foresees using a combination of AI-aided technology and the personal touch of a real estate broker. Instead of offering services for the sale only, the broker will remain with the client as long as s/he is in the home to assist with any home-related issue, offering service and value.

“Autonomous vehicles will be the single biggest change of economy in 10-20 years,” says the futurist. Driverless vehicles will affect where we choose to live.”

The distance to our jobs will become less of an issue because we can work while the car transports us. Autonomous vehicles will also eliminate the need for parking, allowing more space for much-needed housing of all types.  Another use of technology is ‘Smart Homes’ with Alexa built into every new home.

The only negative portion of the presentation was the shift away from and decline in retail property. More consumers are buying online at home, with less need for sprawling malls. Stalwart companies such as Sears and Blockbuster have filed for bankruptcy due to companies such as Netflix and Amazon.

Download the panel presentations CLICK HERE

Tia Lewis with Schwabe, Williamson & Wyatt, PC, then moderated a panel including  Marc Butorac,  Kittelson & Associates, Inc.; Jon Skidmore, Assistant City Manager; Nick LeLack, Deschutes County Community Development Director;  and Jeff Patterson and Garrett Stephenson, both with Schwabe, Williamson & Wyatt. Each panelist presented a specific topic, such as curb management, transportation, and new housing bills, with time for questions and answers. The common theme was accommodating growth, including affordable housing, traffic, and evolving infrastructure.

Good news for the more than 430 attendees: overall, the real estate future is bright.

 

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