As the Internet becomes an integral part of all aspects of our work and personal life, industries that rely primarily on human interaction have begun to adopt new technologies. The introduction of new technologies allows companies to free up their precious time and resources for future development. In this post, we will talk about the top five ways technology is changing the real estate industry now.
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What’s Happening Now?
In the United States alone, the land and housing market brings in more than $ 2.7 trillion annually to the US economy. Tech companies are seeing the potential of this market and are developing products that help sellers, buyers, and investment firms. From online real estate courses to property management software, here are five of the most innovative ways technology is helping real estate professionals and their clients right here and right now.
1. Management of Repetitive Tasks
Real estate agents often have to do the same paperwork over and over for multiple properties. They waste their valuable time that can be spent chatting, working with potential clients on social media, or researching the market. Entrepreneurs have explored this inefficiency by trying to create products that automate all-the-same processes and tasks.
According to Roy Dekel, CEO of SetSchedule (real estate software company), task automation is becoming increasingly important for real estate operations. This is especially true for research in the field of asset management. This usually involves determining the monetary value of each property in the real estate company’s portfolio and creating information tables with this data. Technology companies have created tools like asset tracking software that continuously track these property assessments, updating information in near real-time without manual input.
2. Online Real Estate Stores
Real estate markets have always relied on personal meetings between brokers and potential customers. But technology has allowed online marketplaces to be relatively safe and trustworthy, even in industries like real estate. Online shopping makes it easy to see a list of all the homes that match your preferences from the comfort of your living room. Besides that, using virtual staging solutions from spotless agency, people can easily visualize even unfinished projects and buildings as if they were already built.
These sites provide services like virtual tours that you can use right on your smartphone. What’s more, some of these marketplaces don’t even require interaction with personal real estate agents at any stage of the process.
3. Automatic Price Clarification/ Adjustment
Brokers often rely on only a few factors and characteristics of a real estate object when assessing the value of a property. But with technologies like artificial intelligence (AI) and precise mathematical modeling, they can get prices more accurately than ever before.
These updated models take into account everything from historical crime stats to noise levels and nearby markets and schools. Experts such as Bernard Marr, futurist and technology advisor to businesses around the world, believe that the use of this technology will enable future home buyers to make smarter real estate purchases.
4. Smart Devices for Property Management
The Internet of Things is a collection of non-personal computing devices connected to the Internet. This includes everything from Google Home and Amazon Alexa to smart sensors that don’t require human input to transfer data. These devices are just starting to integrate into rental properties. They provide landlords and tenants with unique opportunities to restructure their property management structure.
Smart doorbells and locks increase occupant safety by seeing exactly who is at the door without approaching it. They also give homeowners the ability to track potential security risks. Smart thermostats intelligently adjust the temperature of your rental space, dramatically reducing heating and cooling costs while maintaining the right temperature for tenants.
5. Personalized Targeted Real Estate Advertising
Upscale clients may search for homes in a specific area but may not find exactly what they want. However, advertising technologies are changing the situation. With the know-how in ad management, brokers can now target ideal clients for new homes on the market.
Experts such as John Hall, co-founder of the calendar scheduling application and marketing specialist, believe personalized advertising will change the way we approach real estate marketing. For example, you can target ads to multiple bathrooms, proximity to other homes, and other metrics.
Historically, the real estate industry has changed slowly. However, with low-cost technology helping not only real estate agents and brokers but homebuyers as well, space is adapting faster than ever. What’s more, whether it’s machine learning algorithms or revolutionary software, real estate is entering a new era that can bring more value to everyone.
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