September 23, 2017

Real estate industry: Technology is impacting the market

real estate industry

The real estate industry is changing all over the world and technological advancements are having a big effect on that. Those who operate in the real estate market are witnessing real traction from tech sites and apps within the industry. Not only are a lot of jobs being lost in the process but the way that professionals are working in the industry is changing.

Those who operate in the real estate market are witnessing real traction from tech sites and apps within the industry. Not only are a lot of jobs being lost in the process but the way that professionals are working in the industry is changing.

Here is a list of ways technology is now impacting the real estate industry:

  1. Transparency – with so many websites giving information to anyone for free, the proliferation of public aggregating of information now is enormous. There is no ‘Google’ hub of real estate information, just a whole realm of information that can be found on the Internet. So many sites curate their data, availability, pricing and more the whole sector to search. Convenience has become an expectation.
  2. Speed – it used to take a long time to close a transaction but now with the advancements of technology, the length of time to operate in the real estate market online has been reduced, by a lot. Not only that but the options available online for marketing purposes have improved, so tools and platforms are being utilised in a way like never before.
  3. Marketing – broadcasting a message or promoting a special deal has never been easier now that the Internet has emerged. Not only that but it has become much more cost effective. Many sites help professionals and their businesses to get their products and message out to the marketplace in a matter of seconds. The real estate industry’s marketing tools are combined with speed, making them very efficient indeed.
  4. Leasing efficiency – a lot of sites focus on setting up professionals with leasing tools that improve the efficiency of their job. For example, having floor plans and all the small but important details available on a mobile app has become a transformational advancement. Data can now be organised and reached at any time, anywhere. Although still utilised, printing out documents has become a thing of the past as accessing data in real time has become much more preferred.
  5. Real time data – obtaining information about real-time statistics has become so convenient for people that they no longer have to depend on past figures. Real estate investors can understand the current market state in seconds. Pricing and availability too, are two factors that can be found out instantaneously. Whereas research used to be hard, costly and an effort, it has become easy, instant and cost-effective.
  6. Virtual reality – virtual reality advancements have changed the real estate industry dramatically. For example, the impact of building tours in unique ways is absolutely mind-blowing. The art of visualisation is having profound changes on how the industry shows, tours and views space.

It is important for anyone part of the real estate industry to keep up to date with the technological changes. Predicting the future and how activities will unveil help industry professionals and organisations to get prepared and to foresee any noticeable changes that may affect them. Technology can ultimately drive efficiency, make people money and makes the real estate industry much more transparent in certain ways, so it can be perceived as positive. Technology is then, therefore, helping to make the industry more powerful, easier to maintain and utilise, much more valuable and all-around insightful for those looking to spread their wings in the real estate industry.

Written by Gemma Smith

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