We are at the forefront of a new technological revolution in real estate. Advances in technology have led to new developments, marketplaces and innovative methods to connect buyers and sellers more efficiently.
The following blog post will discuss how this change has happened, why it is happening now, what is changing for the industry, and some of the tools that can be used to facilitate these changes.
Different New Technology In Real Estate
In the real estate industry, real estate agents are always looking for new technology trends to help them sell more homes. Real estate companies are always investing in new technology to help make the buying and selling process easier for their customers.
A Canadian firm called Gabbi.ai uses AI to help real estate brokers enhance the client experience. As the real estate market continues to grow, so does the need for qualified real estate professionals.
Property managers and real estate agents play a vital role in the industry, and there is a great demand for qualified individuals. The real estate market is a complex and ever-changing business, and those who work in the industry must be able to keep up with the latest trends and developments.
1. Social Media And Mobile Technology
We have all heard the stories about the new way to find a house in your area, how you can view pictures of the inside of houses or wall-to-wall lists of homes for sale. All these tools provide a great way to connect with potential home buyers, but they are not intended to be used as surveys or data collection.
They are convenient alternatives for people looking for a home in an unfamiliar area, but they do not serve as survey tools. It is clear then that social media – including mobile technology – is not going to replace traditional methods for gathering real estate information.
However, that does not mean it cannot have an impact on marketing and research of real estate trends and statistics in recent years.
2. Online Research Tools And Marketplaces
Nowadays, a lot of individuals use real estate search engines like Zillow, Trulia, Realtor.com, etc. to find properties. On these sites there are features that allow users to create lists of properties for sale or rent based on certain criteria (such as school district or proximity to work).
These features can be used in conjunction with traditional research databases to provide a more complete picture of the property market. There are also several online marketplaces that collect data from users searching for places to buy or sell real estate and compile those into lists of current offerings.
These marketplaces collect data from all over the country and allow users to search for homes that are for sale or for rent. The best way to find these marketplaces is to look up real estate industry news sites and websites of major brokerage firms.
3. Virtual Reality
Virtual Reality is a new technology that can be used in conjunction with existing methods of research to improve the buyer experience. Virtual reality is used as an interaction tool, and it has been used in real estate applications as early as 2015 by major developers like Lennar Corp.
The virtual reality platform allows home buyers to experience their desired home in a virtual space while they are still at the store. This allows consumers to search for and view homes in the comfort of their own home.
This is a great way to map out the route to prospective properties and also appreciate landscaping, home features, and accessories that can be incorporated into their new home. Home inspectors are being trained on how to use this method effectively as well.
4. Mobile Apps
Technology has changed the way we do business in many areas, including real estate. Now that more people want to buy or sell homes, they too are going online. As more people conduct their searches through mobile devices, it is important for them to have a good mobile app from which they can find information about houses for sale or rent.
Mobile apps allow users to access data and research tools in the field when they are otherwise unable to do so. For example, the ability to quickly look up property details while on the go has long been available through mobile devices, but many people did not know (or forgot) how to use it and where they might find it.
In addition, many agents have not been trained on how to use mobile devices effectively. A mobile app allows them to get their questions answered or locate a mobile real estate specialist when they need one most – right in the field.
5. Smartphone Apps For Real Estate Agents And Brokers
As smartphones become more powerful, we expect more features from them than previously thought possible. For example, some new apps allow people to perform property searches directly from their smartphone. With these kinds of apps, real estate agents and brokers can be more efficient in finding and marketing homes for sale or rent.
Changing Real Estate Market
Construction sustainability is being increased by the Norwegian startup Again X by applying AI to increase building lifetime. When it comes to real estate, there is always a lot going on behind the scenes.
This means that the recent advancements in the way we do real estate research have been happening quickly and quietly. By taking advantage of these new technologies, you can become a more efficient real estate agent or broker and increase your reputation as an expert in your industry.
Benefits Of New Technology In Real Estate
Virtual reality is one of the latest trends in the global real estate market. Commercial real estate technology companies are using virtual reality to create virtual tours of properties for potential buyers and renters.
Property management companies are also using virtual reality to help potential tenants visualize what it would be like to live in a particular apartment or house. Using immersive technologies, the Chilean business Hyperreality Technologies is revolutionising the real estate sector.
1. More Visibility For Consumers And Agents
As more technology connects buyers and sellers, it means that the data that is stored on various types of technology can be compared and analyzed in ways not previously possible.
For example, one article found that when a homeowner toured a house with a virtual reality headset on, they were more likely to sign a contract than when they were shown the same house without it.
This could mean that virtual reality can be used to provide more accurate information about properties and make property tours less stressful for people both by giving them what they want as well as helping them understand what they want.
2. More Convenience For Homebuyers
There are many methods to explore and purchase real estate that have been developed to provide more convenience for homebuyers. These include mobile and online research tools, virtual reality technology, apps, and mobile agents.
For example, when someone is looking at a house that they are interested in purchasing, they may want to send a text message or make an online inquiry about the property or request information about it to see if there are any changes or updates.
With the use of new technologies that allow people to do this from their mobile devices, real estate agents can be effective and efficient in connecting with potential customers at all hours of the day when they need them most.
3. Better Representation For Agents And Brokers
RealAR, an Australian firm, employs augmented reality to improve the buying experience for clients. The way people search for properties to rent or buy, as well as the platforms they use to do it, have changed.
As the way real estate is searched has changed, it is important for agents and brokers to keep up with these new changes. Doing so will help them get more clients because their services can be offered in areas where there are new developments that have not been marketed yet.
For example, a broker could set up a virtual reality event in a community where new housing developments are being planned so that locals can come and experience the types of homes that will be available later.
4. More Trust Of Real Estate Market
When people are able to do real estate research on the go, they feel more comfortable with the real estate market because their questions will be answered right away.
For example, if someone is interested in a house and they make an inquiry about it, but want to know more before making a purchase, these new technologies can provide someone to talk to – right then and there.
As people become more connected with real estate agents and brokers who can answer their questions faster than ever before, they are going to feel better about the whole process. Thus, they will be more likely to purchase homes instead of renting one.
5. More Awareness And Education Of Potential Consumers
With more people using real estate apps and websites, they are becoming more aware of what is on the market. This means that when they are ready to buy or sell a home, they will be able to do it with greater ease.
When you combine this with the new tools for previewing properties, you can see how easier it is for people to purchase a home now than ever before. For example, a property was recently listed for sale online using drone technology that allows potential buyers to fly over the property at a low altitude from above and view it from several different angles at once – all on a computer screen or mobile device.
The multiple angles allow potential buyers to get a better sense of how the property looks from the outside and how it is situated on the inside. This provides them with a much clearer idea of what they might be getting if they purchase that home.
As more technology is used, people are becoming more aware of their options in different types of real estate properties and what it takes to buy or sell each type. As you can see, this new information makes them feel more confident about their purchases and helps them pinpoint what will suit their recreational and financial needs.
6. Faster Sales Process For Agents And Brokers
As new technologies are developed, this means agents can get results faster than ever before. For example, instead of going out to a property in person to show it to buyers, real estate agents and brokers can use mobile technology to quickly show people the houses they are interested in.
When you consider that this is much faster than showing properties in person, it means that people will be more likely to buy homes sooner rather than later.
7. More Access For Buyers And Sellers
Because people can do more research about potential properties on their personal devices, buying and selling will become easier for them. For example, one was able to research the value of a property with just a few clicks using an app and, with everything they needed at their fingertips, they were able to make an informed decision.
The same was true when someone was trying to sell their house and didn’t know what they could get for it. This new technology allows potential buyers to research prices of specific properties in areas where they want to live.
For example, travelers who are interested in finding nearby properties can use this technology as a way to see how much homes typically go for near certain theme parks or vacation spots.
8. More Personal Connection With A Real Estate Agent
In addition to the ways that technology is helping real estate agents increase their business, it also makes it easier for them to provide personalized service. With this new technology, people do not have to go into a real estate office and wait to see an agent or a broker.
They can schedule times online so that they can meet with someone at their convenience. For example, they were able to schedule appointments on the weekends or after work, which they might not be be able to do if they visited an office during regular business hours.
However, when someone books an appointment with their own computer or mobile device, it is much easier for them to pencil in the time that works best for them.
9. Improved Customer Service
As you can see, some new technologies are helping agents and brokers improve their customer service. For example, if someone has a question about a property, they can text or e-mail the information to their real estate agent.
Then, they can receive an answer right away so they do not have to wait until the next day or week to hear back from someone. This is especially helpful when someone wants to schedule a viewing of one of the homes they are interested in because it means they can get immediate answers whenever they need them.
10. Easier Transaction Process And More Frequent Sales
With new technologies for viewing homes, easier communication with agents and brokers and more research information available to people, you can see how selling a property will become easier as time goes on.
For example, someone might be able to sell a home within just a few days if they use all of these innovations together. As technology continues to evolve, it is going to get faster and easier for people to purchase properties.
Risks Of New Technology In Real Estate
There is no doubt that real estate tech is on the rise, with more and more property owners turning to real estate tech companies for help with their property technology needs. Real estate tech startups are also seeing a lot of interest from investors, as they look to capitalize on the growing market for property technology solutions.
Infogrid, a British firm, creates an IoT platform by fusing artificial intelligence, infographics, and contemporary sensor technologies.
1. Real Estate Agents May Lose Business
While some technologies are helping agents and brokers grow their business, others may actually hurt it. For example, the growing availability online of various types of property information could mean that people may choose to do their own research when they are ready to buy or sell a home.
If this happens, it could result in less business for agents and brokers in the long run. In addition, they face competition from other real estate companies that have become more technologically savvy.
2. New Technology May Help Buyers Get Away With Fraudulent Conduct
While technology is improving real estate practices and making transactions easier for potential buyers, it is also making it easier for them to commit fraud when they buy a property.
For example, you may have heard about people posing as the buyers of the property when they are not actually the buyers. In one case, someone posed as the buyer on the phone and signed a contract over e-mail.
However, when it came time to sign the actual documents, they couldn’t because they had already sold that property to someone else. This is just one example of how technology is making fraudulent acts easier for people who want to avoid real estate commissions and other fees.
3. New Technology May Drive Down Prices
VergeSense, a US-based startup, creates cutting-edge sensors with deep learning to enhance office environments. If people are using this technology because they want to avoid paying real estate commissions and other fees, then they may do the opposite of what is actually beneficial for them.
For example, when you are selling your home, you can use an app that allows you to add a virtual fence around the property so that potential buyers cannot see outside. However, this could actually result in your selling asking price falling below where it should be.
In fact, at one point in Illinois, someone was able to get a seller’s price drop by over $150k simply because they had a virtual fence around their home while it was on the market.
4. New Technology May Make Real Estate Commissions Vulnerable
As you can see, the convenience of new technology may be a double-edged sword for real estate agents and brokers. While it may make transactions easier for people to complete, it could also make them vulnerable to fraudulent acts.
This means that agents and brokers will need to take extra steps to protect themselves from this problem going forward. After all, fraud is a much bigger problem than some people realize.
For example, mortgage fraud is one of the most common types of white collar crimes in the country and affects everyone from home buyers to investors.
5. New Technology May Lead To A Drop In Personal Service
When people use this new technology, they may not know whether they are actually getting information from a real person or simply from a computer. For example, you may have heard about companies that hire people from outside the country to read and respond to e-mails.
This means that if someone uses one of these virtual assistants for customer service, they may never even get an e-mail with an actual person’s name attached to it. In addition, some real estate websites provide only the bare minimum of information about particular agents and brokers so that their sites will rank higher in the search engines.
While it is true that there are risks to using new technologies right now, you can also see where all of this is headed. For example, you can use websites to view houses and compare them side by side so that you can see which ones you might want to consider when selling your home.
In addition, some people have started using virtual assistant services for customer service instead of talking to a live person.