The real estate industry often lags behind other industries when it comes to new developments in technology. But this did not deter real estate agents from managing the properties they are selling and succeeding in their field. In fact, many real estate agents continue to amass wealth without the know-how of the latest technologies around them.
But like many other professionals in other industries, those who get to use technology for their professions can gain more profits and more customers compared to those who are still using the traditional way of selling real estate.
The Impact of Technology on Real Estate
Technology has been providing other industries immense benefits, and the same is true with real estate. It has been beneficial in connecting sellers to buyers and vice versa. Developments in technology have helped change the playing ground for real estate professionals, investors, and buyers.
In fact, according to statistics, 43% of real estate buyers use the Internet to search for properties they can buy, and around 92% actually purchase real estate properties online. Half of these buyers often use a website or a mobile application in doing their online search. Even those who are looking for the best mortgage rates are using the Internet technology to compare prices and to find the house of their dreams.
Due to the huge number of buyers who use the Internet to find new properties, many real estate agents are now using virtual platforms to market and sell their properties. In fact, according to reports, around 91% of real estate agents or realtors are now using social media as one of their widely-used platforms to market, sell, and connect with more customers as much as possible.
How Technology Helps
Technology has made it easier for real estate agents to market their properties. It has also made it easier and faster for agents to show their properties to clients without meeting them in person. The power of technology has made it possible for customers to take a tour around the property even when they are in the comfort of their own homes.
Technology has also enhanced how real estate agents sell themselves. With the use of the Internet and the variety of virtual platforms that allow them to market, they can easily reach their customers and communicate with them. The only downside is that they can also lose clients easily if they fail to respond right away to questions and client concerns.
Virtual interaction allows customers to seamlessly choose among the many real estate agents available only with just a click of the mouse. If an agent does not get back to them immediately, they are likely to purchase from a competitor who gives them the right answers to their questions as soon as they sent their inquiries.
Transactions have also become faster with new technologies. Many real estate companies have made use of automation to increase efficiency in their operations. With robust back-office operations, they can monitor their customer’s purchasing patterns and financial capabilities.
They are also able to automate the management of their facilities and their relationship with customers. Likewise, they are better able to manage their portfolio. All these lead to cost-efficiency and better communication with their various stakeholders.
Augmented and Virtual Reality
Both augmented and virtual reality are digital processes that allow people to peek at the property that real estate agents are trying to sell. Augmented reality uses the physical world and adds digital visual elements, sounds, and other sensory information to provide users with an enhanced experience. The added elements are overlaid into the actual image of the physical world to give users a somewhat realistic view and experience of the property they are about to explore.
On the other hand, virtual reality uses its own cyber environment, which has been created to give people a peek of what they are about to experience. These are being used widely in real estate as a marketing tool to gain more customers and collect unique customer data.
Today’s technologies have already provided the real estate industry a variety of ways to improve its marketing and customer acquisition practices. The big players in the real estate industry are continuing to discover new ways to use technology to augment the processes used in buying and selling real estate.
The real estate industry is expected to use more technologies in the near future to make its processes better and more beneficial to buyers, sellers, and investors. What the following years bring might be unknown, but it is something to look forward to in the development of the industry.