Technology is undoubtedly affecting the real estate sectors in profound ways. Well, perhaps not in the manner that most tech experts expected it to in comparison to that of the other fields (e.g. finance, healthcare, transportation etc.) but nonetheless, the positive effects are there.
You should also remember that this is just the start and I guess more will surely follow.
In real estate industries, the impact of technology has been every bit as intense as that of the other fields but in completely different ways. It hasn’t been that disruptive because “people” still play the most important role in real estate sectors.
Nobody would buy a property or an apartment from a machine or a bot (well at least for now there’s zero progress in this trend; can’t say what will happen in the future though). But in several other aspects, technology has undoubtedly transformed the real estate sectors to a much positive direction.
How? Take a peek.
With thousands of websites on the internet providing so much information to anyone interested for free, the greatest impact of technology on real estate industries that I see is transparency. And this is immensely beneficial to the buyer from the purchasing point of view.
We are beyond that era now where data is hidden from the public eyes behind subscription based models. Most buyers can get information from the internet and take their steps accordingly. The term “Google” is powerful indeed.
Marketing and advertising
Most real estate companies relied heavily on signboard and placard advertising in the past. I am not counting out the newspaper or the magazine advertisements but those usually came once in a blue moon.
But with the advancement of technology, these marketing and advertising campaigns got themselves a huge boost. And today, it has become as easy and convenient as a piece of cake.
Getting a website on the world wide web is more than capable of fulfilling the needs of your advertising campaigns. And if you do a little bit of search engine optimization to improve your website ranking, you will be able to draw in a bigger and more relevant traffic to your page. Thus, marketing gets a humongous boost.
Social networking platforms have also made it easy enough for real estate agencies to display their wares to the masses in general. A simple Facebook/Twitter page can do this trick nicely. Moreover, these platforms won’t even cost you a dime for your usage.
Speed and improved efficiency
Real estate deals had the bad reputation of taking ages to get themselves closed. But now with the inculcation of technology, this time has been reduced dramatically down to almost hours depending on the nature of the deal.
Speed has virtually improved in almost every aspect of the real estate industries ranging from marketing to showcasing properties. If this is not a positive transformation, I don’t know what is.
Increased leasing efficiency
Many websites are focused particularly on providing real estate professionals with various leasing tools that can make their jobs more efficient and more convenient.
For example, having property availability, floor plans and other information organized in a simple mobile app is a basically a game changer for the real estate sectors. By using these apps, both the agents and the customers can breeze through their dealings in real time.
There’s no need to print out large documents and plans. A simple app is more than capable of storing everything you need. Your customers will be able to access the app anytime anywhere they like. It’ll be there right under their fingertips on their mobile devices.
Honestly, it can’t get more convenient than this.
Real time data
This is undoubtedly a HUGE game changer for the real estate sectors. Previously every available information was based on the things that had happened in the past.
A property had a value of around “X” in July 2016. The agent had informed you of this price in simple and lucid details. But now, in December 16 when you went ahead with your purchase, you found it has changed from “X” to “X+20”. Naturally, it builds up frustration because you were unprepared for it.
Those problems are a thing of the past now.
You can now get real time data based on property pricings and availability on the internet. This is more convenient and more effective both from the point of view of the industry and the customers. Real time data has obviously changed the real estate game and has directed it to a more positive direction.
No geographical barriers
This is perhaps the biggest benefit of implementing technologies in real estate industries. Geographical locations cease to be a barrier any more.
Your customer can be anywhere in the world and will still be able to explore your wares from the very comfort of their drawing rooms.
Technologies like augmented reality and virtual reality make this happen. They are playing a definite role in transforming the real estate industries. How? Let’s go through a few scenarios.
- The customer will just have to wear a virtual reality headset to take a tour of the property. They’ll be transported virtually to a life like simulation of the property within milliseconds such that they’ll will feel as if they’re present on the very spot. Imagine an experience like this. Is it some sort of a fairy tale? No, it’s not. It’s a very part of our reality these days.
- Some VR apps come up with more advanced features where customers would be able to do things like rearrange furniture, open doors, explore other amenities though a simple touch of their fingers.
Guess I have covered a big chunk of the matter in the previous points. But before signing off, I would like to focus on a few more technological advancements that are undoubtedly playing a significant role in transforming the real estate sectors. These are:
- Information storage security on the cloud.
- Improved and increased functionality though the use of enterprise software.
- Reduced cost of high speed internet access and better coverage of WiFi and cellular services.
- Online marketplaces with 100% purchase protection guarantees where sellers and buyers can come together for their dealings.
So you see that there’s no doubt that technology is substantially and significantly changing the real estate sectors. But when you compare it to other sectors like the finance and the healthcare, a question arises: “is it doing enough?” Guess, only time will tell.