Wearable Technology in Real Estate Industry

Running Head: WEARABLE TECHNOLOGY IN REAL ESTATE INDUSTRY 1
WEARABLE TECHNOLOGY IN REAL ESTATE INDUSTRY
Student Name
Institution Affiliation
Facilitator
Course
Date

WEARABLE TECHNOLOGY IN REAL ESTATE INDUSTRY 2
A. Description of Technology & Industry
Wearable technology, which includes devices like virtual reality headsets and
smartwatches, has captured public attention with a large number of devices already in the current
market. In accordance with CCS Insight analysts, the proliferation of these gadgets is expected to
grow from the 96m wearables which are sold as of the current market statistics to a level of
185m by the year 2021 (Baker, 2017). People tend to associate wearables with the consumer
space which has been established by the Apple Watch and Fitbit through the smart bands on put
on wrists while gamers see the technology on the perspective of VR with headsets like the
Oculus Rift. Although these are some of the major milestones which have been achieved through
this technology, it’s also worthwhile to consider the revolution which has been brought about by
this technology in the business space and through which organizations have taken care of it to
enhance customer experience.
In the past few years, the wearable technology industry has significantly grown and
expected to keep on expanding and integrating into many more industries. Real Estate industry is
among the leading sectors which have been revolutionized by the emergence of wearable
technology (Dunne et al., 2014). In fact, it has fully transformed the manner in which real estate
agents used to operate when in the field as well as the way potential buyers shop by reducing the
effort required. This paper will address some of the main ways through which wearable
technology is transforming the real estate industry for both buyers and agents.
Since Real Estate professionals are well conversant with the internet and have access to
smartphone applications, wearable technology is expected to cause a boom in the real estate
industry by enabling faster and effective communication between agents, buyers, and lenders as

WEARABLE TECHNOLOGY IN REAL ESTATE INDUSTRY 3
well as simplifying the process of searching for homes. For instance, Google is very soon
expected to launch a product by the name Glass and which closely resembles eyeglasses
although with a low weight of about 1.5 ounces. It is a device which is packed with several
features which will enable Real Estate professionals to find convenient in their operations as well
as save time (Frulio et al., 2016). Glass can be compared to having a smartphone on ones face.
Next on line is the iBeacon, another technology expected to be incorporated with the Glass in the
near future. It is a technology which will be using low power transmitters to notify buyers
whenever they get close to a certain property on sale.
Sci-fi style devices are also another trend to watch as far as Realtor's interaction with
property buyers will be concerned. I mean, imagine interested buyers wanting to have a look at
the property; real estate agents will only need to invite the buyer on a video call through the
Google Hangouts and humbly walk around all the corners of the property while the buyer
watches the property on their devices whether sitting at home, relaxing at a park or even
shopping. This feature alone will revolutionize the process of home buying.
B. Brainstorming Ideas on Wearable Technology Impacts
Basically, the aforementioned three main ways through which wearable technology is
expected to transform the real estate industry for both buyers and agents as described below
a. Smart Glasses for Online Computer-less Field Work
While real estate professionals will be interacting with potential homebuyers, the Smart
glasses which are in the form of improved reality visors have shown great promises. This
wearable technology will allow real estate agents to carry on their work online with their hands-
free from the smartphones doing other things. For instance, the F4 augmented reality visor