The internet has transformed nearly every industry, and real estate is no exception. In the past, buying or selling a home was a time-consuming and complicated process. Today, technology has made it possible for consumers to do everything themselves, from searching for homes online to completing transactions without ever stepping inside a physical office.
So, how exactly has technology changed the real estate industry? Here’s a closer look at how technology changes the real estate industry.
Search Engines
In the past, if you were looking for a new home, you would have to rely on real estate agents to show you properties on the market. It meant that you might not see all the available homes in your area, and it was often difficult to find homes that met your specific criteria (e.g., number of bedrooms, price range, etc.).
Today, thanks to search engines like Google and Zillow, consumers can easily find homes that match their desired criteria and learn more about them with just a few clicks. This increased transparency has made it easier for buyers to find their perfect home and has pressured sellers to ensure their homes are well-represented online.
As a result, homebuyers can now spend less time working with agents and more time finding their dream home, while sellers can save on agent commissions by doing more of the work themselves.
Mortgage Calculators
Shopping for a mortgage used to be a confusing and time-consuming process. With many loan options available (fixed-rate, adjustable-rate, government-backed, etc.), comparing offers from various lenders can be challenging.
But with online mortgage calculators becoming more popular, consumers are now quick to choose between loan offers and estimate their monthly payments with just a few clicks. Thus, it has made it easier for buyers to find affordable mortgage loans and decide on the right financial company for their needs.
And while some lenders still require in-person meetings, many are now offering digital mortgage applications that can be completed entirely online. This has made it easier and faster for borrowers to get loan approval with minimal paperwork.
Virtual Tours
Before, if you got interested in buying a home located in another city or state, you would have to either travel there to see it in person or rely on photos and descriptions provided by the real estate agent or broker. However, it’s not always easy or practical to take a trip just to see a house.
Now, with virtual tour technology, you can get an immersive experience of a property without ever having to leave your home. You can explore every nook and cranny of the house through a 360-degree view and get a sense of the layout and size of each room. This is especially useful for buyers who are relocating to a new city or state and need to narrow their search.
In addition, virtual tours can be a great marketing tool for sellers. By providing potential buyers with a realistic view of the property, they can save time by only scheduling in-person showings for homes they’re seriously interested in.
Social Media
With social media platforms like Facebook and Twitter, it’s possible to connect with agents and brokers from anywhere in the world with just a few clicks. This increased connectivity has made it easier for buyers (and sellers) to communicate with agents and brokers who specialize in their desired property type.
And as social media users continue to increase to 4.26 billion worldwide, the real estate industry will continue to find new and innovative ways to use these platforms to market properties and connect with potential buyers.
So, if you’re looking to buy or sell a property, keeping up with the latest social media channels and trends is essential. This way, you can stay ahead of the competition and find the best deals on the market.
Online Reviews
What other people say about you online can make or break your business. And in the real estate industry, where word-of-mouth is still king, online reviews can be make-or-break for agents and brokers.
If you’re looking to hire an agent or broker, you can now check out their online reviews before deciding. And if you’re an agent or broker, you must ensure your online reputation is spotless. Either way, online reviews are an integral part of the real estate industry.
As you can see, technology has significantly impacted the real estate industry. The above examples show how technology changes how people buy and sell properties. So, if you’re looking to get into the real estate game, staying up-to-date on the latest tech trends is essential. This way, you can be sure you’re getting the best possible service. And who knows, you may even find your dream home with the help of a virtual tour!
