How Technology Is Changing The Real Estate Market for the Best

Technology continues to be the catalyst of change in business and various industries. The same thing can be said of the real estate industry; in fact, experts believe that technology has had the most impact on this industry over the past decade or so. 

This is not surprising because many home buyers and sellers use the tools of the internet to list their properties or find properties to buy. But this is just one of the many ways that technology is changing the landscape of the real estate market. 

Whether you are looking to buy the ideal home for your family or trying to make money by selling homes or properties, it is important to know how to leverage technology. Discover the different ways in which technology has forever changed the real estate industry.

Virtual Reality (VR) and Augmented Reality (AR)

The use of VR and AR technology in real estate enabled potential buyers a unique approach to buying properties: the try-before-you-buy model. The advancement in drone and 3D technology has made it possible to obtain aerial footage of homes and other kinds of properties. 

This made it possible for interested buyers to get a comprehensive overview of a property they are looking to buy without being physically there. The approach is one of the most beneficial technological tools available to real estate agents. By offering this technology, you can provide an immersive virtual experience for your clients without the need to physically meet with them or tour them to a property. 

Whether property buyers are looking for swanky condos like Transit City Condos 5 or commercial spaces in a business district, AR and VR tech become a practical solution for real estate agents since you not only save time but also money in terms of staging a home or property. This is why both virtual and augmented reality has become essential in the industry.

Internet and Smartphones

The internet and today’s smartphones had increased connectivity and made communication easier. These technological tools have definitely come in handy when it comes to the real estate market. 

The ability to obtain information that is valuable for the real estate sector is enhanced. Anyone can now use the internet to research information such as the best home security systems or the best neighborhood to live in. Information is available within seconds at the tip of your fingers. 

From real estate portals, virtual real estate listings, online marketplaces, to social media networks – all of these have become powerful marketing tools. The ability to access information has made it easier and faster to sell (or invest in) properties. 

For real estate agents and professionals, the internet and smartphone devices have expanded the scope of their services and provided direct interaction with the buying public. Whether you are listing properties for sale or responding to prospect buyer queries, it can bring about efficiency and savings. 

Artificial Intelligence

You might have heard about artificial intelligence and its many applications in various industries. The real estate industry is one of those that greatly benefit from it. While it was intimidating to some when it first hit the scene, its practical applications have now provided great convenience to real estate agents and professionals.

(Image Source: Unsplash)

The use of AI solutions has provided convenience and efficiency in the real estate industry. “Real estate AI platforms can provide a wide range of functionality, such as enabling robots to perform house tours as well as facilitating virtual tours for clients,” said Oleg Donets, the founder of Real Estate Bees, a real estate technology platform for realtors.

The latter has enabled clients to enjoy virtual tours from home while offering a sense of immersion that was never previously possible. This consumer-centric approach is going to provide a good experience for clients, which can benefit real estate companies that want to get ahead in the industry.

In addition, the use of AI is also helpful in performing repetitive tasks that real estate professionals do. AI technology can be used to automate these processes such as answering questions for clients via chatbots, predictive analytics to manage a large amount of data, and many more. 

Final Word

Whether you are a real estate professional or just a family man looking to sell his home, you need to become aware of the technological tools available at your disposal. Since technology is a catalyst for change in the industry, you need to keep up with that change. Technological advances were developed to aid in your real estate transactions

By choosing the right tools to use, you can accelerate the pace of your business and also provide a good customer experience. Adopting these technological advances is not a question of if, but when and how. Make sure you choose the right tools to gain a competitive edge in the industry. 

Saad Ullah: An engineer with a passion for innovative technology, blockchain has been a natural attraction. More than a decade of experience in handling HR, HSE and IT management systems for FMCG companies. Currently pursuing Masters in Business Administration.
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