The past few decades years saw technology grow by leaps and bounds. And this growth benefited several industries, including education, manufacturing, and the automobile industry. Aside from these industries, the real estate industry also saw some innovations brought about by technology.
Online Real Estate Marketplace
The real estate industry used to rely on one-on-one meetings between potential buyers and the real estate agent or broker. These meeting normally has the agent or broker showing options the buyers have depending on their budget. But this changed when technology came in.
These days, the agent or brokers doesn’t have to meet with the buyers in person. Instead, they only have to post their property offerings on an online real estate marketplace. And buyers can check the properties they’re interested in without stepping out of the house.
The real estate company can even set up a website where all the properties they have available are posted. Interested buyers can visit the websites and make inquiries online.
These websites are accessible using a computer or a smartphone. And this innovation proved to be useful during the pandemic since the real estate agents and brokers can continue selling properties online.
Faster and Easier Transactions
Technology also made real estate transactions faster and easier. Instead of focusing on time-consuming administrative tasks, real estate agents can now focus on posting and selling properties online. Even signing documents was facilitated with the emergence of tech startups that allowed people to e-sign documents. Similarly, the notarization of documents was also made easier by companies offering these services.
Moreover, blockchain technology also made it possible to have a single digital location for the agent and buyers for properties to be transferred using smart contracts.
The developments in technology even made it easier for homeowners to get mortgage loans. With the availability of information online, the entire transaction is now easier and faster.
Taking a tour of the property has always been important for property buyers before they commit to the purchase. In the past, they would go through a picture of the property and visit the place to check it out. But with the advent of the internet, everything became easier.
Aside from easily downloading pictures of the property, potential buyers can also go on virtual tours of the place. Buyers have several options in taking a tour of the property. They can go on a 3D tour of the place by accessing online tools. These tools allow them to go around the place using their computers or smartphones.
Another option for a virtual tour is using virtual reality devices similar to the ones used for some video games. But instead of playing, potential; buyers can experience going around a house using the device.
The pandemic saw an increase in the demand for virtual tours. This was noted by some home listing sites and real estate brokers. This increase highlights the significance of this technology in the real estate industry.
Virtual staging is another innovation in the real estate industry. Virtual staging is a service where potential buyers will see how an empty house will look like when it has furniture and decoration. It’s similar to the home staging service in the past, but it’s done virtually this time. Real estate agents and brokers will use photo-editing software to add the furniture and even decorate it in a particular style. When the virtual staging home is done carefully, the buyer may decide to buy the house after seeing how it looks. Some virtual staging apps are also available for agents and brokers to use.
The innovations in real estate these days are still in their early stages. With the continuing advancements in technology, the industry will likely see more positive changes that will benefit both the sellers and buyers of properties all over the country.