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Is Technology the Future of the Real Estate Industry?

technology

Ebbing and flowing with the global trends and financial market shifts, the real estate world seems to be in constant flux. Among all the factors, there is one aspect that is making a significant impact on the real estate industry, and that is “technology.” Things are now changed with paperless transactions, online listings, e-signing and virtual tour gaining hype. With the increased use of mobile-centric technology, pulling up listings to browse on your phone has become the norm. 

But this is just the tip of a colossal iceberg; there is much more change ahead for the real estate industry to experience as a result of technological evolution. Customer expectations, client service and access to information are not the same as they were five years ago. 

From the way technology has changed the process of approaching the market, it can be predicted that there are more changes to come.  Here are few ways technology is changing the real estate industry.

Online listings

It is now easy to see what’s inside in the inventory of a website. Tenants can have detailed descriptions of the properties along with the picture, tax, purchase history and other neighborhood info. With the significant upsurge in mobile searches for real estate information, those who don't spend time and money to cultivate a website presence will be left behind.

 

Sophisticated software

The convenience and effectiveness of property management software made it easy for the property manager to keep track of the potential customers.  It seems like the future will be totally in the cloud.  Moreover, going beyond photos, some software allows taking a 3-D virtual tour of the property and makes them feel like as if they are walking through the space in person. It reduces the hassle for buyers as they can easily visualize a property before scheduling a site visit.

 

E-signing services

Various platforms are now emerging to conduct convenient multiparty real estate transactions. Such technologies are not only saving time but also improving efficiency while changing the way agents respond to their clients.

 

Social media

The social media is now a powerful tool to market any business. With millions of users around the globe being active on various social media platforms, it makes easier for the real estate investors to check reviews of online, join forums, connect with the real estate agent and discuss the pros and cons of a property.

 

Smart homes

With the home automation concept buzzing among home-buyers, it has become a necessity for the real estate industry to focus on such need.  Smart home automation is gaining spotlight among consumers and hence agents, brokers, and investors need to rethink how they can integrate new gadgets into their home displays.

 

Final words

Every industry gets influenced by innovation, and real estate is no different. In fact, a new technology that hasn't been invented yet can be the primary driver of change in the coming months. That's why it is essential for the real estate business to keep a finger on the pulse of innovation. As the technology is influencing more and more industries, real estate industry needs to stay tuned to the latest developments more than ever.

Topics: Insider, Property Management Advice, industry news

Rafael Niesten

Written by Rafael Niesten

In his early 20s, Perth local Rafael Niesten, won a scholarship to study in Canada, with that came the opportunity to volunteer at a local radio station. That spawned his entrepreneurial streak, returning to Perth in 2001 he set up community radio Groove FM. More by luck than design, they became successful, too successful as they took a significant chunk of the Perth Market. This sent up the red flag with his commercial competitors who saw to it that he came before the Australian Broadcasting Authority and on technicalities such as the number of volunteers he was forced to move on. He received the citizen of the year award for Western Australia (youth) and was a finalist in the Australian of the year awards (Youth). Falling on his sword he turned to running small and large scale events, all the while buying, renovating and selling properties. Buying and selling land and renovated houses provided a grounding in the property industry. He founded a cloud based medical grade voice recognition company, followed by co founding the first true cloud application for private practice in the health sector. He successfully exited these ventures at the end of 2016 and began building Bricks+Agent.