The Impact Of Technology In The Real Estate Industry
The real estate industry has been evolving over the years but it’s hard to argue that the advent of technology has not made the most impact in the industry in the last few years. Technological advancement has made it easier for buyers to get the best real estate deals with just a click of a button and also made it easier for sellers to connect with buyers across the globe.
However, while there are a whole lot of real estate based technology tools and trends that have helped in pushing the boundaries on what’s possible in this industry. We’ll be focusing on 5 that have impacted the industry positively in more ways than one.
Virtual Reality View
Seeing is believing when it comes to real estate and more often than not a lot of deals have fallen through sellers couldn’t paint the perfect picture of the apartment they are trying to sell to their buyers who are miles or continents away. Virtual reality has made it easier for buyers to have a full-on experience on the apartment or property they are about to buy, take a walk through each room and soak in the feeling of owning the property. This has made it easier for sellers to push more property off the market and buyers to make an informed choice as pointed in the article by ruby garage – How Virtual Reality is Transforming the Real Estate Industry in …https://rubygarage.org › Blog › Insights
With platforms like Upnest, you can easily connect with real estate agents, book a Virtual Reality session from your home or office and work through your potential new home. The easy layout on Upnest’s platform makes it easier for anyone to get an agent in a second and you can easily compare rates so you can get the best option that suits you best.
Personalized Recommendations and Input of Big Data
It’s always been hard to pool together what buyers want because needs vary but this is about to change as the industry is beginning to adopt the algorithm model of google and other search engines. This way they will be able to predict what a certain customer wants without much hassle. Personalization has made it easier to narrow the search for clients, saves time and helps in reducing the closing time for each deal.
According to Codeburst “Big real estate agencies such as Realtor, Zillow, and Trulia, are pioneering those tools and provide an estimated forecast of the property value from 1 to 10 years”.
This alone shows that big data is here to stay and it is high time real estate stakeholders pay more attention to it
ROI Calculation and Machine Learning
Investors and real estate agents have to deal with a whole lot when it comes to investing in real estate because they have to find the best deals and in some cases spend a lot getting into shape before selling. However, it’s not as easy as it seems as a lot of realtors have lost money invested in properties that weren’t worth it in the first place because they didn’t have the right information to work with. This is what innovations like Machine Learning and ROI calculation are solving now. Before you invest in a deal, you can use this technology to calculate your ROI and also get verified tips on deals that you need to look out for.
Online Buying and Selling Platform
In the past, you had to go to a realtor’s office or probably look out for a signpost that indicates that a property is for sale. But all these have changed and you can literally pick up your phone, iPad or laptop and search for the kind of property and the location that you want. This has made it easier for agents to connect to more people at a time before setting up appointments (this can be combined so you do more with less) and made it easier for buyers to check the property before making a decision on if they want to view it or not. It has also reduced the cost of selling properties for individuals who are not realtors who can sell their properties without having to deal with real estate agent fees and the other issues that come with seeing your property online.
It was only a matter of time before blockchain technology is applied to real estate and the time is now. Although the opportunities offered by blockchain technology to the real industry are endless as due to tokenization homeowners and landlords can now offer or sell parts if their properties with blockchain technology. Blockchain has also made it easier for information to be checked before proceeding on closing a deal.
Technology would continue to impact the real estate world in more ways than one and we move into a new decade, you can bet your money on the fact that more and more technological innovations would spring up that will change the face of real estate faster than can be imagined.