With a rise in reporting about artificial Intelligence (AI), advanced graphics, blockchain, digital currencies and a move to greater online working, we chose to ask our teams directly how they consider the impact in relation to the Residential Real estate industry, a traditionally people-based activity.

Working in the most hands-on setting of selling French Residential Real Estate, the agents of Savills French Riviera and French Alps sat down to discuss the emerging trends and patterns in addition to their ideas for the future of the real estate industry.

So just what are the advantages, opportunities, and potential for technology in real estate?

2020 was a turning point for integration and assimilation of technology in real estate.

We tend to think of selling property as a people-centred activity and one that requires a set process of meetings, viewings, and other interactions feedback requiring the clients' physical presence, but distance seems no longer to be a limiting factor.

“I had already seen more technology move into the real estate sector but the rise of homeworking and quick adoption of virtual meeting spaces over the Covid-19 confinement really spurred the integration of technology in both our daily activities, and the clients were all onboard and online”, states Olivier Maugery-Pons of Savills Cap d’Antibes who now regularly completes video tours, distance visits and online meetings with clients.

“The immediacy of this technology means potential clients don’t miss out of viewing a property because of distance and are often starting searches far earlier, so when we meet, there is already a relationship and the client has a faster decision process” agrees Bruno Gruat of Savills Valbonne.

There is a growing acceptance of the use of AI and Virtual Reality but we need to use suitable terminology.

“Sometimes it can be hard for a client to visualise a big space or understand the options of a refurbishment project. AI imagery is perfect for this situation, as a designer can create reworked imagery to show the potential of a building. This is something I have applied personally to great success for clients” reassures Elodie Marchi-Capizzi of Savills Saint-Tropez, who agrees that the speed of the turnaround of such AI generated projects is an additional bonus when vying for client interest.

And the Virtual Reality space is not just for those with experience in technology. “Developers have started packaging these options in easy-to-use formats so that clients have an innovative and interactive way of discovering a new development, meaning the once intangible nature of buying off plan becomes a more concrete project” reinforces Jérôme Lagoutte of Savills French Alps, but adds a note of caution that we need to be clear with clients in our descriptions and the terminology used, to ensure coherence between project and reality.

Mobile apps and platforms

Dartcho Alman of Savills Beaulieu-sur-Mer echoes both this caution and potential. “The power of the omnipresent mobile phone is exponential. Whilst an app or search platform will never replace a physical meeting or conversation, the rise in how social media, applications and platforms facilitate these connections is incredible.”

And after decades of experience in the real estate industry, Dartcho encourages the rise of technology, believing that the property industry is perfectly placed to show the positive potential and impact of such innovations.

Big data can help us spot trends, produce more accurate data and track records.

“My career has spanned a whole range of real estate activity, but the winning formula has always been clear, accurate and concise data and this is what we aim to share with all of our clients, whether through dedicated industry research or on a practical ‘what has sold in your area’ comparison level.” AI and the growth of technology has excellent capability to handle big data, help us produce even more accurate statistics and spot trends and market subtleties, “this is something I am really looking forward to seeing the future potential of.” Sylvain Boichut of Savills Cannes.

Technology has huge potential for sustainability

In an industry which is undergoing change to encourage a more sustainable approach, with everything from greater awareness of environmental costs, materials used and the ramifications for future owners, Cyrille Jalon of Savills Saint-Jean-Cap-Ferrat believes “AI has a role to play in helping us as consumers and those building, planning or renovating property (at whatever scale) think more in terms of sustainability and consider alternative designs and materials; whereas technology in general will play a greater role in the process of building.”

Block chain technology is an emerging market.

Having been approached on a number of occasions by buyers over the last few years regarding Crypto currency, block chain technology and the rise of automation, Alex Balkin, Executive Director of Savills French Riviera and French Alps identifies this as “definitely an emerging market and an interesting space for development and one that has potential to create greater speed and security within our transactional business and something I will be keeping an close eye on, to see where and how it emerges. But all this innovation notwithstanding, Savills is and will remain a business centered on people."

The often considered traditional and conservative sector of residential real estate is anything but static, and in fact appears to be perfectly positioned to welcome a greater role of technology in addition to being an industry that can challenge the capabilities of such technology.

Whilst all our agents agreed that the personal edge of real estate can never be replaced, there is excellent potential careful application of technology for modernising, facilitating and improving the accuracy of real estate for the future.

Looking to make a move to the Alps or Côte d’Azur this season or keen to explore your future options for relocating? Our dedicated team of property agents look forward to assisting you. Contact Savills today or start your search at Savills.fr.