Every single part of our lives is affected by technology. From the smart appliances in our homes to the cellphone we always have in our hand, technology is everywhere. With so much interest in technology it’s no wonder that the real estate market is beginning to see some major shifts due to technological advances. Below are several of the technologies that are changing the real estate industry.
One of the most basic technological advances that has changed the real estate industry is the internet. With millions of homes listed online, buyers can easily begin their search online. In fact, over 89% of home shoppers use a search engine at the onset and throughout their home buying process. In addition to using websites, many buyers use a home search app on their mobile device. With home search apps right at their fingertips, buyers can set up notifications to alert them when a new home in their search area is available, when the asking price of a home changes, and/or when a home in their search area becomes unavailable. Finally, home buyers or sellers can search for a real estate agent online. Using online tools such as HomeLight’s agent match service, home buyers or sellers can find a top rated real estate agent that best matches their needs.
Virtual reality is growing in popularity and usage as more and more people become accustomed to the technology. The most popular use of virtual reality in real estate has been in property showings. Using 3-D home tours allows real estate agents to show properties to buyers from anywhere around the world. Real estate agents can utilize FaceTime, Google Hangouts, and Zoom to walk buyers through a home. If clients aren’t interested in a live walkthrough, there are also several platforms that are fully interactive so that the buyer can tour the home on their own and in the order they prefer. The best platforms are RICOH tours, Immoviewer, Matterport, and EyeSpy360. There are also smartphone apps that can create video walkthroughs. These include SparkCamera and Filmic Pro.
Traditional home selling was challenged during the Covid-19 pandemic. However a surprising solution emerged in the form of iBuyers. Today, iBuyer companies continue to benefit buyers and sellers. iBuyers use computer driven mathematical formulas in combination with basic property characteristics, local market information and price trends to determine a home’s value. Using online appraisal technology makes selling a home simple and very quick. Sellers that are looking for a quick home sale can utilize companies such as OpenDoor, Redfin, and Homelight Simple Sale.
Blockchain technology and cryptocurrency have become more and more available throughout the real estate industry. While crypto is still very volatile and not always a reliable financial tool, it does have its benefits in the real estate industry. Blockchains allow for safe, transparent, and completely secure cryptocurrency transactions. Without using a bank or financial institution blockchain occurs completely outside of the traditional financial institutions. This eliminates the hassle of lenders, mortgage requirements, and delays due to financing difficulties. With secure blockchain technology verification occurs instantly so that funds are constantly monitored.
Drones and advanced cameras
A picture is worth a thousand words and in real estate a picture can be worth thousands of dollars. With more advanced camera technology, video, and drone imagery, buyers can clearly see every angle of a home if they choose. Sellers can use drones to take aerial photos of their home, which is especially beneficial if the property consists of several detached structures or a vast land area. Advanced cameras are beneficial for producing excellent photos for online listings.
It is fair to say that technology is stream-lining the real estate process, making it easier and quicker for individuals to buy and sell their home. With advances that never seem to end, technology will continue to change the landscape of the real estate industry.