Today, most real estate professionals are taking advantage of the digital age to connect with buyers, sellers, and industry professionals.
Over the past few years, real estate has undergone significant changes. The internet revolutionized how home seekers find homes and how sellers’ market their property to reach more potential buyers. Today’s prospective home buyers use various technologies when shopping for a property. They’re searching on the internet, researching information on social media sites, and comparing features against homes they might purchase in other towns or cities.
Technological Advancements in Real Estate
Below are some of the most influential technological advancements affecting the real estate industry and the process of purchasing or renting a home.
1. Mobile Apps
Realtors are now using mobile apps to connect with buyers, sellers, and industry professionals. Real estate has changed significantly today, with technology accelerating its growth. Mobile apps allow realtors to reach prospective home buyers on their terms rather than just traditional marketing strategies that rely on print ads in the newspaper.
2. Virtual Reality (VR)
Virtual reality is also a growing technology that will influence the real estate industry. Virtual reality software uses a computer and goggles to create an environment for the user to experience, like traveling to different locations worldwide in real time. These environments can include touring homes from different angles, including up-close, down-close, and aerial views. The videos can be recreated with the expertise of a virtual tour guide.
3. Online Video
Online videos are viewed on almost every internet-enabled device, connecting potential buyers and sellers with information about their desired real estate commercial properties. Online videos are simple, fast, and convenient. A video is an excellent way for buyers searching for homes online to learn about a property before the agent shows it. Many realtors use YouTube and other video-sharing websites to post videos of the homes they’re selling or showing that showcase the features of each home. For example, Eric Andrews, a North Carolina real estate expert, regularly creates informational videos for those seeking tips in the industry. This allows prospective buyers to access the property at any time and from anywhere.
4. Property Search Sites
Millions of people are now using the internet to search for their next home. In recent years, property search sites have emerged to allow online users to search specific neighborhoods and compare homes in different locations. Property search sites are updated daily with new listings, allowing buyers to find current information on each property they might want to buy. It’s a huge advantage over conventional print advertisements, where the information is outdated when it’s distributed. With property search sites, potential buyers can check out a neighborhood before stepping foot into an agent’s office or contacting a realtor online.
5. Social Media
Social media is a big part of today’s real estate market. Social media allows real estate agents to connect with potential buyers on multiple platforms and helps to market the home they’re showing on Facebook, Twitter, and other platforms. Social media has increased the speed and quality of buyer leads for three main reasons:
Potential buyers are more likely to share their home search experiences with their social networks. The reach of social media is global, providing realtors with a wider audience. Social media posts can be scheduled, which means they’re automatically spread throughout the internet and have a better chance of being seen by people who might be interested in buying or selling their homes.
In addition to these benefits, the most important reason social media is so effective is that it is free.
6. Artificial Intelligence (AI)
Artificial intelligence can change everything about real estate, from finding homes online to ordering food. In short, AI is a form of technology that allows computers to “think” like humans. An example of artificial intelligence is virtual assistants such as Siri or Alexa. Artificial intelligence is already being used in real estate. For example, brokers use this technology to book appointments or suggest homes based on what they know about the buyer’s home preferences and location.
Artificial intelligence will be used to create unique home search experiences for prospective buyers and help agents organize data more efficiently to save time. It also enables efficiency, which helps realtors avoid the same repetitive tasks. .AI will become a more critical part of real estate search engines, and buyers should be prepared to see more automation in the home-buying process.
7. Automated Marketing
Marketing is no longer restricted to print and television advertisements. Now, realtors are experimenting with different types of automated marketing, including e-mail campaigns and automated voice messaging systems. Automated marketing allows realtors to schedule their strategies to connect with more buyers and sellers at the right time. Many agents use automated marketing systems for marketing their homes online, which is a great way to reach a wider audience of prospective home buyers and sellers.
8. Smart Home Technologies
Smart homes can make the home buying experience faster, easier, and more convenient for potential buyers. In a smart home, devices like lights, locks, thermostats, and other appliances are connected to Internet-enabled networks. If a buyer or seller wants something done on their smart home devices, it can be programmed to contact them through social media or e-mail when something is requested. Consumers have used technology to improve their lives, but it isn’t yet as common in housing markets. However, it’s one of the newest technologies that will likely become more important in real estate because it offers more control over how your property looks and functions at any time.
9. Big Data
Big data is used to describe a massive amount of data that can be analyzed to increase efficiency, make better business decisions, and improve products and services. Real estate uses big data in various ways, including displaying property information on websites, producing maps, and simplifying searches for potential buyers. Big data is also used during the home buying process to analyze trends so agents can negotiate on behalf of their clients more effectively. Big data is a fast-growing technology in real estate investing and will likely be more common in agents searching for new leads and presenting information about homes for sale.
10. Smart City Technologies
Smart city technologies are designed to make cities function more efficiently, reduce traffic congestion, and conserve energy. These technologies are already being used in some major cities, including San Francisco and New York City, and have been proven to work. Smart city technologies include smart street lights with sensors that can monitor traffic flow, pedestrian safety, and garbage collection. The technology can also be used to monitor pollution and increase the safety of citizens in shopping centers.
Smart city technologies are being used in real estate in the form of smart security systems, which help protect homes when owners aren’t home. The technology can detect motion, sound, smoke, and fire, allowing users to monitor their property through a mobile application or computer remotely.
The future of real estate is bright, and buyers have many options they can use to build their home search experiences. Today’s technological advances allow realtors to simplify searching for homes online, getting in touch with agents, and scheduling showings. The next time you’re on the market to buy or sell a home, give some of these trends a try and see where they take you.