It is no news that technology has taken over every field that we know of and has brought irreversible changes and transformations to those aspects. This has created a lot of convenience for people pertaining to different walks of life. However, simultaneously, it is argued that this advent of technology has deteriorated the ways of doing business and the thrill of physically doing business. Real estate stands under the same category of being largely influenced by technology. It has experienced rapid growth ever since. Following are some factors that give an insight into how far technology has seeped into this industry:
1. Use of big data
The record-keeping has gone to another level by virtue of the big data. This has given thorough access to the sellers about what their consumers want and expects from them. It has assembled all consumer behavioral and choice patterns under one umbrella and has provided access to them. This helps in making more customer-centric policies and modes of business. Similarly, in real estate, the consumer’s historical data is collected and then analyzed for customization. You show the customers their relevant preferences and choices like which area they prefer or how many rooms they would like. Big data is bringing real estate closer to its customer’s choices and preferences. People are now more trusting, and they are considering and practicing Real Estate Outsourcing. This is all possible because the big data is available to the property owners, as well. They can cross-check the decisions made by third parties and make a collaborating effort towards making the sale. They also know about their customers preferences.
2. New buying and selling platforms
Conventionally, real estate was done by contacting a realtor or a real estate agent to help sell your property. They would then carry out the process of selling your property. You would only give them their fee and commission. Today things have changed and for the better. You no longer require a third person to carry out the property business with you. With the help of online platforms available for selling and buying of property you can do it all by yourself. This has boosted business a lot. People put up the information, including pictures and videos of the land, home, or office they wish to sell, and those interested look at them online. If they like what they see, they take the deal ahead, leading towards buying.
3. Virtual site visits
Quite evident and self-explanatory, virtual site visits is again one of the consequences of technology’s introduction to real estate. One of the essential parts of the real estate business is the countless visits to the sites. If you are someone who is not a fan of going out much, maybe you are sick, or the weather is not cooperating, the venue is too far and distant from where you are currently living. In such cases, you can use technology to make a visit to the place without being physically present. Virtual tours are now being arranged worldwide in the arena of real estate. They have helped save the cost and time for a lot of people. You are no longer bound by the physical limitations of time and place. Virtual reality is there to walk you through the areas.
4. More informed decisions
Ever since the onset of technology in real estate, the way of selling and buying property has changed and is still under transformation. One of the main advantages of technology in this field is enabled by the easy access of information and wide information availability regarding the properties and the sellers. You can now do a quick background check on the profile of the seller that you are planning on buying from by using the internet and its platforms. This can help you in steering clear of frauds and phonies. You can save yourself a lot of money this way. Also, you can now cross-check the information provided to you by checking it on the internet or consulting online third parties for their opinion. Moreover, you can look for the terms you do not understand or think are not being rightly explained to you on the internet to see if they really mean well. All these things together help make more informed and educated decisions. As a result, you are saved from unfortunate losses and frauds where people take advantage of your naivety and fool you to make more money. With this information available, people are getting more confident in doing real estate business.
5. Online Real Estate
Companies like Airbnb have taken real estate beyond the traditional scope of selling and buying a property. They have taken into account the need for technology and turned it into one of the most fortunate business models to exist. Only through an app, they have satisfied the customer’s need of having a shelter, although not permanent and at affordable prices. This phenomenon caters to those customers who need a place to stay but cannot afford to pay huge sums of money for buying a whole house or even the whole apartment. Also, it provides housing to people who are not permanent residents in a place and just need the lodgings on a temporary basis, for example, tourists. Moreover, it has revolutionized how people see real estate dealings and business today.
In a nutshell, technology has spread everywhere. It is making its way and is seeping into the foundations of old school businesses and introducing out of the ordinary means of dealings. Consequently, it has added more efficiency and smartness to the business of real estate. Where it is making a lot of people rich, it has added convenience to the lives of ordinary people. There are no limitations to real-estate today nor is it at the hands of a few. This is why there has been a surge in the growth of real estate.