Technology has disrupted just about every industry including retail, home services, and hospitality. Real estate is no exception. If you have tried to sell a house fast in 2021, you’ve likely noticed that the landscape has changed drastically. Current and potential homeowners now have access to tools that make real estate much more accessible than it ever was.
Many of these tools have not only improved many processes but have reshaped entire real estate markets and transformed cities. Whether big or small, technology will always evolve with the needs of people, especially during times when change is rampant.
Here are just a few of the ways in which technology is affecting real estate.
Social Media Marketing
Even more than real estate, the marketing industry has been deeply disrupted by social media giants. These platforms are able to offer highly targeted advertising at a fraction of the price while giving advertisers access to extremely valuable data. This has proven extremely useful for real estate brokers, who are able to target specific listings at users based on their search history. Brokers can also hyper-target based on geography, income, and education.
There will never be anything that can match the experience of physically being in a space. While consumers have adapted to purchasing things like clothing and furniture online, it’s highly unlikely that real estate purchasing decisions will ever be made without in-person visits on a mass scale.
However, using virtual reality (VR) and augmented reality (AR), real estate brokers and their clients are able to recreate the experience better than ever. Full houses can be captured and mapped out online allowing users to virtually “walk through” the property. In some instances, these virtual tours are available on VR headsets for an even more immersive experience. This technology has proven especially effective during a time when people are more hesitant than ever to leave their homes.
The rise of real estate technology has seen the development of software and apps that make buyers savvier than ever. With just a few clicks, buyers can search through listings that meet their exact criteria, search for financing options that work for their budget and find contractors for any renovations that need to get done. On the owner side, many of these apps can help manage properties, collect rent, and sell properties.
Online Rental Marketplaces
If you’ve traveled in the last few years, the likelihood is that you’ve at least browsed through an online rental marketplace like Airbnb. These marketplaces have been particularly disruptive to the hospitality industry as people grow to prefer their flexibility to hotels. However, they’ve also disrupted the real estate market. Homeowners now have greater access than ever to people searching for rentals, making it extremely lucrative to purchase properties for the sole purpose of renting.
This practice has been met with a ton of criticism from municipalities and community organizations. This is because the presence of these rental units tends to affect nearby property values. For this reason, governments have begun to crack down in certain regions.
Technology has reshaped and reimagined the real estate industry in more ways than can possibly be listed here. These technologies can be disruptive, but they can also be constructive by offering more opportunities to more people.
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