New technologies are rapidly reshaping the land industry. From surveys and valuation techniques to transactions and market analysis, every aspect of land real estate is changing thanks to the new capabilities offered by technologies like AI, Geographic Information Systems (GIS), drones, and blockchain.
Quite simply, there isn’t an area of the industry that isn’t being transformed by advanced land technology. For land real estate professionals, there is much to gain from embracing these new tools. Far from replacing human expertise, technological advancements enhance and streamline expert-led techniques and processes that have often been slow when done manually.
How Land Real Estate has Traditionally Operated
Traditionally, land real estate has presented professionals with unique challenges that have been especially problematic when vast tracts of land were involved. Land surveyors had to measure land manually, using manual tools like theodolites. Land use valuations required time-consuming research involving disparate data sources like MLS databases and public records.
Technology is enhancing all land real estate sectors, and it’s doing this in two important ways:
- It’s improving time efficiency. Performing market analysis, valuations, and closing have all become easier and faster thanks to tools like AI, CRMs, and blockchain.
- New technology is improving the accuracy of land surveys with tools like GIS and drones.
What are these technologies, and how do they help land agents do their job more effectively? Let’s take a closer look.
GIS Mapping
GIS is a new form of data integration that is transforming land surveying. GIS tools collect multiple types of data, including land use information, property boundaries, topographical and geographical specifics like food zones, soil quality, and existing buildings. They then integrate all of these data points into a single digital map of a plot, which makes marketing land much more effective. A land agent can provide clients with a visual map and answer multiple questions about a property's layout and specific attributes. Land id is an example of tools that give land agents the ability to combine parcel data with map overlays.
Drones and Aerial Photography
Most land agents will be familiar with drone technology by now, but it keeps getting better. Initially, drones made photographing vast expanses of land easier and cheaper (in the past, photographing a large property would’ve involved manual photography using a helicopter). The newest drones, however, are equipped with GPS systems and LiDAR (Light Detection and Ranging) sensors, which take land mapping to an unprecedented level of precision and detail. A LiDAR sensor uses lasers to capture a property's terrain and topographical specifics. The result is an exceptionally accurate 3D map that will include hard-to-reach areas.
AI and Predictive Analytics
AI tools are becoming crucial in land valuation. Traditionally, valuations relied on multiple, siloed data sources that had to be individually accessed and analyzed. Some data, such as ownership records for farmland, can be notoriously difficult to find. AI technology is able to unify these disparate data sources by analyzing past sales records, land use records, and current market conditions. It can even use algorithms to predict the future value of a property. Land agents needn’t worry that AI will replace human expertise, either: all AI tools are integrative, meaning that they do the heavy data lifting that then helps the land broker make an informed decision.
CRMs and Customer Automation
Part of every land agent’s job is the administrative load of looking for leads, client follow-up, managing and storing client contact details, and updating databases. CRM (Customer Relationship Management) platforms and customer automation tools make these processes more streamlined and time-efficient. From alerting the agent to a new prospective lead to sending out follow-up emails, CRM tools take human error and forgetfulness out of the customer relations process. This improves client-broker relationships and helps the land agent build a positive reputation.
Blockchain
Finally, blockchain is enhancing the land sale process at its final stage: the transaction. Blockchain significantly reduces the risks of fraud and legal trouble by storing important details such as land ownership details and transaction history. The beauty of blockchain transactions is that they are fully traceable, which can be important in complex land transactions that involve multiple owners.
Using blockchain also eliminates the potential for funds to be transferred too soon (i.e., before contract closure). The whole transaction process can be automated and made conditional on fulfilling the contract's legal terms. Blockchain makes land transactions safer, more transparent, and legally compliant.
Technology Is Making Land Agents’ Jobs Easier
Land real estate used to be fraught with time inefficiency, human error, and data fragmentation. Fortunately, cutting-edge tools like AI, GIS, drones, and blockchain are changing that, making land agents’ work easier and more effective. By adopting these tools as a land broker, you give yourself a chance to streamline your processes while building a trustworthy reputation with clients.
To gain more expertise on land technologies, consider LANDU offerings such as the Real Estate Mapping Technologies and Techniques course, as well as webinars and virtual roundtables.