Technology, particularly mobile technology, has made every facet of our day-to-day lives easier and more convenient. It would be difficult and likely impossible to find an industry unaffected by today’s increasingly mobile tech. The real estate sector, like many of these industries, is no stranger to the powerful impacts that technology can have. With the latest influx of realty apps and web services hitting the screens of consumers, it’s a critical time to take a look at how technology is continuing to change the real estate business.
With home prices hitting a record high, technology will only fuel the rapid growth the real estate industry has experienced in the last few years.
1. Access To Information
The Internet has always provided us with a wealth of information right at our fingertips. But the seemingly-infinite pool of internet information is only growing more sophisticated and attuned to what people want to find out.
Now, we can find home prices, active real estate listings, realty agents (and reviews for said agents) and so much more, without ever following a link or clicking past the search results. Google and other search engines have made all of the relevant information regarding real estate very accessible and incredibly transparent. This means that potential home buyers have all of the same research, insights, and info that their agents have, perhaps even more!
2. Properties Move Quicker
As a result of this incredible and instantaneous access to information, the home-buying process, as a whole, is becoming more streamlined. A home buyer can search, “homes for sale in El Paso TX,” and receive hundreds of property listings in that area. Then, they can select a few of their favorites, take a VR or video tour of those properties.
From there, they can narrow the list down further. They can also research other property prices in the area, use a payment calculator to see what sort of offer they can afford to make, contact the listing agent and make an offer, without ever leaving their home or looking away from their smartphone.
While the process is never that easy, this scenario demonstrates all of the steps that home buyers can essentially perform by themselves now. As a result of all of these tools and resources, properties move quickly, and there’s much less friction in the deal-making processes.
3. Marketing Properties Becomes More Accurate
Thanks to data analytics and better ad-targeting capabilities, realty agencies and agents are getting much more adept at putting their listings and information in the right places and making sure that they appear in front of the people that are most likely to be interested in the listing.
It used to be difficult for a real estate agent to find leads or generate buzz about a property, but now it is a much more precise science that uses consumer information and market insights to find the right people to advertise through digital channels.
Real Estate – Conclusions
Ultimately, these three ways that technology is transforming the real estate industry can be summed up in one word: efficiency. Property shoppers have access to more information and are targeted by advertisements for listings that fit their unique preferences, which means they come to the table with a lot more knowledge, confidence, and understanding of the real estate market in their area. In turn, this creates a much smoother buying process and helps lighten the workload of real estate agents.
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