Technology has had an impact on many sectors over the past few years. The real estate definitely falls into this category. If you have invested in real estate, or you are thinking about doing so, or you work in the real estate sector, you need to be up-to-date with the latest technology. If you are not, you could be missing out on some great opportunities. So, with that being said, let’s take a look at a number of different ways that technology has changed the real estate industry.
HOW TECHNOLOGY HAS ALREADY CHANGED THE REAL ESTATE INDUSTRY
3D virtual tours
Nowadays, when you are interested in a property, you don’t need to book a viewing in order to get a feel for the house, the size of it, and the condition of it. Virtual tours have made this possible, meaning real estate investors do not have to waste their time.
Online reviews and ratings
Customers are more informed than ever before thanks to technology. Users can see everything from purchase history, and ratings to criminal activity in the area, enabling them to make much better purchasing decisions.
There is no denying that technology has lead to great efficiencies in the real estate industry. In the past, a huge amount of paperwork and a lot of time was required to close any deal. However, schedules and contracts can be tracked with speed and ease thanks to the collaboration of technology.
Technology has also paved the way for a new type of marketing in the real estate industry. Nowadays, the vast majority of people conduct their property searches on the Internet. In fact, there is research to indicate that this is as much as 90 per cent of the buyers. From social media marketing to SEO, it is now cheaper than ever before to get the word out about a house you have available for sale or rent.
TECHNOLOGICAL ADVANCEMENTS THAT ARE GOING TO HAVE A BIG IMPACT THROUGHOUT THE YEAR
We have already looked at the different ways that technology has changed the industry, but what about the future? Let’s take a look at some of the key technology trends that are going to have an impact on the real estate sector in 2018.
There is only one place to begin, and this is with big data. There is no denying that data is playing a more crucial role in the business world than ever before. Companies are handling massive amounts of data, and the best companies are using this to their advantage. Real estate agencies that want to excel in 2018 are going to need to use technology so that they can interpret this data successfully, giving them an insight into their customers, enabling them to improve their efficiency levels, and to get a better understanding of the market. Not only does this give real estate businesses the platform to do better, but it is going to change the industry in another way, and this is by making it more transparent.
The improved use of predictive analysis is set to change the real estate industry over the coming year. These algorithms will be able to target customers accurately with the exact type of properties they are looking to buy. This is very much like the personalised marketing that retail e-stores are using, with personalised wish lists and presenting people with products based on what they have searched before.
Blockchain technology is going to make a bigger impact throughout the year, with platforms such as i-house Token becoming more and more widespread. Blockchain technology jointly manages the database that records Bitcoin transactions. It is set to change the way we do business, and real estate transactions most definitely fall into this category. Three of the key ways that blockchain technology could transform real estate in 2018 are with regards to multiple listing service property data, title records, and transactions. Transactions will be more efficient and secure. Title records and MLS property data represents a challenging-to-access and decentralised element of the real estate buying and selling process, and this is something that blockchain technology will change.
Advanced modelling systems
Buyers are going to get a more realistic view of a property thanks to online services and technology advancing. This will make the market much more transparent, which can only be a good thing. Advanced modelling systems, customer proliferation, sales channels, and improved engineering are going to have a large impact with the heightened use of technology.
Last but not least, we have drones, which stand to be one of the most vital new technologies that will enter the real estate sector since the Internet. There are many ways that drones will influence this sector. The most obvious is with regards to online listings, as drones give agents the platform to integrate dramatic video tours and camera photography into online listings. Not only this, but drones will give agents the ability to conduct virtual open houses. Open houses aren’t exactly convenient for all interested buyers, especially those with a large portfolio of properties and a lot of commitments, and this is where virtual open houses will come into their own.
As you can see, there are many different ways that technology has changed the real estate industry, and this is something that is only set to continue. From better searches to cheaper marketing, technology has given investors the platform to really take their portfolio to the next level and achieve better results from their investments.