Browsing online to find property listings – be it on your smartphone, tablet or laptop – is not the only change ushered in, on account of technological advancement. The real estate world witnesses a huge impact of technology. Both consumers and industry professionals now have a different approach towards the property market. Here are some major ways technology influences the growth of the real estate market.
Websites enable buyers and sellers to view the inventory – to see what is available. With photos and detailed information regarding the listed properties, you are able to find the history, the neighborhood details and the infrastructure available. Besides, a satellite view shows the proximity to a highway or a shopping mall. It is amazing that technology provides a minefield of useful information.
All websites and property portals have apps. Technology keeps you updated as the latest feed pops in. You are not expected to do anything. Get notifications about new properties and listings suitable for your search parameters. Besides,apps can help with your budget and offer quick access to genuine property agents.
3-D virtual tours
Apart from photos, the latest software allows buyers and sellers to take a 3-D virtual tour of a residential or commercial project. It appears as if you were walking through the space in person. This experience is made possible because of new technology. In fact, this walk-through helps many people shortlist the options.
Investing in real estate is taking a cue from the immense popularity of crowd sourcing. New websites are making it a mission to let people invest in high-quality real estate options by pooling their resources on the online platform. Something of this kind was unheard of, just a decade ago.
New platforms are becoming available to complete multi-party real estate transactions in order to save time and remain organized. From secure and legal e-signatures to personal task lists to simple file sharing, technology is ramping up efficiency and changing the ways of communication and interaction between agents and their clients. Success is about reacting to evolving client expectations and adapting accordingly, as technology alters the buyer-agent relationship. Agents have to leverage technology to become responsive and active for their clients.
Earlier, agents had to deal with ignorant clients, but now their clients are well-informed and even, know more than agents in certain matters. Technology has made agents acquire a better understanding of client needs. Comparison sites and other new entrants to the industry are offering consumers more choice when it comes to buying and selling of a property.
The Consumer’s ability to educate himself is a big positive, but there is an important role for agents. Although technology is disrupting many industries, the idea of making an infrequent and consequential purchase such as buying a home without the guidance of a proper agent worries many buyers. The human element remains highly relevant in real estate business. Technology provides more access to information. In the near future, the scenario is likely to change further with more advanced technology coming in. Envisage a period when bots become a tool to respond to buyer request for updates and information. Brand new technologies are changing the way property agents work on a daily basis. Here are some trends likely to disrupt the real estate industry in the years ahead.
Big data, AI and machine learning
These technologies are highly effective when they work in tandem. AI can be used to process the data through the process of machine learning, identifying new patterns. Imagine how powerful it is to gather prior notice of a trend likely to affect flat prices if a large number of graduates start entering into a particular area. This data becomes the key to success in the real estate industry moving forward.
As artificial intelligence gets better at processing natural language, chatbots become the new norm. They reduce the amount of time that employees spend while empowering the consumer to find answers to simple queries about house prices and availability. Chatbots can work around the clock without tiring. If used correctly, they can become a key element of marketing approach, capturing data and generating leads that get converted into successful deals.
The real estate market has seen several changes and more are in the pipeline. The primary driver of change will be some new technology. Property agents are fully prepared to deliver solutions with upgraded technology.
In search of technologically advanced Property agents? Visit MONEST.com