Real estate new technology

Microsoft’s Holoportation: A New World For Real Estate?

Holographs Aren’t Science Fiction Anymore.

The grainy, blue-white image of Princess Leia saying, “Help me, Obi-Wan Kenobi,” in Star Wars immortalized 3D-video technology, making it a recurring feature in sci-fi stories.

But that was almost 40 years ago, and now holograms have stepped out of the movies and into reality. Microsoft has developed “holoportation,” or a hologram that “transports” the user by capturing shapes and movement to create 3D videos—in real time.

This video illustrates that whatever is recorded can be played back in a life-size format, or even shrunk down to fit on a coffee table.

 

What Holoportation Technology Could Mean For Real Estate and Financial Industries

Holoportation could change the landscape of the real estate and financial industries, becoming a tool for selling and closing on properties. Instead of driving to an office to close a loan, realtors could strap on their 3D headsets and meet with the buyer and title agent virtually, Jedi Council style.

It might seem crazy—implementing such advancements into the current mortgage process would be impossible—but the future is coming.

Some might call it an unnecessary luxury. But the point is not that you should implement this specific technology, it’s that realtors and mortgage servicers need to be more imaginative than they are today. A home is the biggest purchase most consumers will ever make, and one of the most stressful decisions in their lives. Yet the mortgage process lags behind the 21st century with rudimentary and sluggish core systems that will fail sooner or later.

But technology that makes tasks and communication easier or even solves industry-wide issues will help those who use it to pull ahead of their competition, because the homebuyer is certainly looking for an improved experience. Consider this article, “13 Things I Hated About Buying My Home,” where a buyer lays out hassles including waiting—a lot of waiting.

A J.D. Powers study on mortgage origination satisfaction concluded that consumer satisfaction improves when transactions close early or on time. With recent regulatory changes to the loan process (TRID), this is more difficult to achieve as the industry adjusts. And yet a consumer’s definition of an acceptable waiting period may continue to shorten as technology outside the real estate industry improves and makes other processes faster.

If the real estate and banking businesses don’t evolve their core systems and software with future integrations in mind, frustrations inherent to the current mortgage process will get worse, as customers continue expecting more advanced technology. They’ll compare your services to those of their accountants, attorneys and other service industries, and wonder why you’re not keeping up.

But if you’re open to “what if?” and keep your technology up to date, you’ll be ready for the future—whatever it may hold.

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