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How Technology Is Affecting Real Estate Industry

If you’re reading this post, you’re probably an avid user of technology. Real estate is one of the most thriving businesses in the country today. Part of its improvement and progression has stemmed from the development of technology. Whether you’re comfortable adapting or not, technology is constantly advancing forcing us all to conform. While Millennials are more eager to learn, older generations tend to resist the process of evolution. Just about every industry is experiencing changes due to technological advancements, and real estate is no different. Every step of the real estate process is now touched by technology. From the beginning of the home search to closing deals, every transaction can be done with the click of a button.

Quick Stats

  • 43% of buyers start the home buying process by looking online
  • 92% of buyers use the internet
  • 50% of buyers use a mobile website or app in their home search
  • 91% of realtors use social media

 

Where It’s Helping

Technology offers a user-friendly experience when showing homes. Drones are now providing footage that real estate has had a difficult time obtaining. While elevated photography has been doable using airplanes and helicopters, it was costly. Drones make elevated imagery both possible and affordable.

Not only is technology changing the way agents sell homes, it’s changing the way agents sell themselves! Advertising and marketing is much easier and efficient when done online. When websites are created as mobile-friendly, it’s effortless to get your browser in a customers hand. With that being said, clients do expect increased access to their agents and brokers. In this day and age, agents cannot afford to be careless with their communication. Agents who don’t respond quickly to online leads will end up losing them.

Transaction management is much simpler using mobile technology. Tech has also been extremely useful during the appraisal process. This period of time involves immense amounts of paperwork and can generally last a duration of time. With electronic document signing apps and automated emails, we have significantly cut down the time spent on this portion of the sale.

Robots are currently threatening jobs in several industries but it’ll be a long time before the human element is taken out of real estate. 87% of buyers purchased their home through a real estate agent or broker, a share that has steadily increased from 69% in 2001. The agent-buyer interactions have changed over time as well. Data is easily accessible, making clients more knowledgeable on the topic. Technology allows clients to significantly narrow their searches, helping them narrow their most important criteria. Information such as school data, 3D virtual tours, videos, demographics and crime statistics are readily available.

All of this information can seem exciting yet intimidating to a real estate professional. Real estate technology can never replace a realtor. These resources are solely beneficial, convenient and only add to the human bond. The possibilities and opportunities for technology in real estate are virtually endless!

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