The Next Horizon: Technology and The Future of Real Estate
In a little over a decade, the world has seen the internet evolve from something people use sometimes to a world where everyone and everything is connected. Computers are everywhere, from automobiles to appliances. Smartphones have gone from occasional to ubiquitous. The speed of technological development seems to only be matched by the rate at which people embrace it.
Technology’s ever-evolving role in daily life should be embraced by real estate agents. Doing so will help them remain at the forefront of their industry. In this article, we look at some of the ways that technology is shaping the future of real estate and how it helps agents.
Marketing is easier and cheaper
Previous generations of real estate agents spent thousands and thousands of dollars on magazine ads, newspaper ads, billboards, postcards, letters and other traditional marketing tools. Thanks to technology, it has literally never been easier or cheaper to reach incredible numbers of people.
Digital ads allow agents to put themselves in front of myriads of people. Real estate listings can now be viewed by anyone on the planet. For a fraction of the cost of traditional marketing, an agent can reach the multitudes.
Everything is faster and more efficient
Technology has helped the process of buying and selling real estate become faster and more efficient. Listings can be posted and within reach of anyone and everyone in minutes. Homebuyers can find potential homes faster than ever before. Transactions that previously took months now take only a fraction of the time.
With the further embrace of new technologies, like blockchain, the real estate industry can potentially see even more improvements in speed and efficiency. In turn, this can refine the process and deliver a smoother, more enjoyable experience for everyone involved.
There is so much data
Huge amounts of data are now readily available at everyone’s fingertips. Agent, sellers and buyers alike have unprecedented access to real-time data. Home prices. Mortgage rates. Tax rates. School ratings. Neighborhood information. Crime statistics. Traffic patterns. Weather. The amount of data that a person can uncover is staggering. It has also revolutionized the way that real estate is marketed, bought and sold.
Everything is more transparent
With so many websites displaying so much information about properties, the masses enjoy access to data that was previously reserved for real estate professionals. This public display of information creates a more free and equal playing field for everyone. In the future, real estate clients will probably expect even more transparency from agents.
The Future of Real Estate
Although the real estate industry will always need human agents, the future of real estate is firmly centered around technology. For technologically-challenged agents, this may create anxiety or even fear. If that is you, start learning now or find some knowledgeable people who can handle the technological aspects of real estate. Either way, agents and agencies who embrace technological innovations will probably find themselves ahead of the pack.