This post was most recently updated on January 12th, 2019
Technology in real estate industry has been a long time coming. The world is moving faster than ever. Several industries have undergone dramatic changes over the past few years because of technological advancements. This allows the streamlining of antiquated systems. What once took months or years to finish can now be done within a few days or weeks. Because of recent technological innovations, customers in various industries are getting better service, employees can work more efficiently, and businesses can run more fluidly.
However, there are still certain industries that haven’t undergone innovative change at a fast pace. The real estate industry for one is somehow a late-bloomer when it comes to technological advances. Nevertheless, recent technological applications are making a huge impact on the real estate industry as we know it, forever changing the ways people from around the world can purchase or market real estate properties.
5 Ways Technology is Changing the Real Estate Industry
Realtors can manage their clients more efficiently
Technologies like customer relationship management software are now being utilized by realtors such as maltasotbeysrealty to efficiently attract, retain, and manage their clients. CRM software allows realtors to enhance their communications with their clients. They cay can use it to update their contact details, send letters, and so much more. Generally, using CRM software can minimize wasted time when it comes to client communications.
It’s easier to get real estate leads
One of the major struggles of realtors is getting leads. Without leads, realtors would have a very difficult time expanding their client network. Because of CRM software, realtors can have an easier time getting leads that can be converted into sales.
CRM software basically helps realtors find the right clients for certain transactions by organizing relevant information such as age, occupation, annual salary, assets, and more.
- Consumers can thoroughly view properties digitally
One of the best technological advances in the real estate industry is the application of virtual reality. Virtual reality allows consumers from around the globe to view properties right from their screens. And we’re not just talking about simple photos and videos.
Virtual reality technology can provide consumers with the immersive viewing experience. 3D tours and 360-degree videos are some pieces of technology being widely used in the real estate industry today.
Closing transactions can be done in days
The cloud: Another platform with wide-ranging impact takes on the closing process. Anyone who has ever purchased real estate knows what a long, inefficient and frustrating process this is. Now, thanks to the cloud and better data management applications, the entire process can be streamlined for both commercial and residential purchases — right down to electronic signatures. What once took weeks or months can now take just days.
A company that is solving this problem in an innovative way is Private Exchange Australia (PEXA), an online property exchange network. It helps customers like lawyers and financial institutions transfer the required paperwork to the land registries and allow them to complete the financial settlements digitally.
Transactions can be more transparent
More often than not, consumers are left at the shadows when it comes to real estate transactions. Though some consumers don’t mind not knowing the nitty-gritty of real estate transactions, some transparency with this matter can be something that can help realtors and businesses retain clients.
One way the real estate industry can make more transparent transactions is by applying Blockchain technology. Though the idea of completely incorporating Blockchain technology with real estate transactions may be a few years into the future, it’s something a lot of players in the real estate industry are looking forward to. With Blockchain’s capability for transparency, efficiency, and security, real estate businesses can have less difficulty standardizing and scaling their online operations.
The real estate industry has vastly grown because of recent technological advances. It’s truly not the same as it was 10 years ago. Today, realtors have better access to clients and markets around the globe, consumers no longer have to drive or fly thousands of miles to view properties they want to buy, and transactions can be finalized in a shorter amount of time.
Though the real estate industry has already gained significant changes, realtors and consumers can still expect new innovations in the years to come. Especially since the real estate industry could still be considered in the infancy
The real estate industry is still in the infancy stage of technology innovation. While we are beginning to see more applications for VR, the cloud and blockchain, these platforms were all just pipe dreams in the real estate world 10 years ago. As the technology continues to become more ubiquitous, you can expect home buying to never be the same again.
Technology and technological advancements are changing almost every industry. Not just in terms of construction, but even in terms of simplifying the property buying process, real estate brokers and agents are slowly adapting to newer technologies. While technology will continue to evolve, consumer behaviour and their needs will also change, thus, it is of utmost importance for the real estate industry to stay ahead of this curve.