5 Ways Real Estate Technology Is Changing How People Buy and Sell Real Estate
The real estate market is booming with roughly 600,000 new houses sold in 2017 and an estimated 5.5 million existing homes purchased in 2018.
This boom of buyers, both residential and commercial, is being fueled by a booming economy and technology.
Technology has created the conditions in which both sellers and buyers can interact with properties in exciting new ways. It’s opened the lines of communication between agents and interested parties and has overall, made the property purchase process a lot easier.
We’ve written this article to go in-depth on some of the specific ways real estate technology is helping the industry boom!
1. Listings on Online Real Estate Platforms
Perhaps the most obvious way real estate technology has turned the industry on its head is with online listings. Now, rather than walking through a local neighborhood or checking the newspaper for availability, people take to popular apps like Zillow to figure out what houses are on the market.
If real estate agents are not listing their properties on the biggest home buying apps, they’re missing out on millions of buyer impressions.
2. Dedicated Listing Websites
Many real estate agents take their properties a step further than just indexing them on popular apps. They actually have full-blown websites built for them!
You can find a good example of this with Right Casa Estates.
Having a dedicated website for a listing makes a property look more regal and gives agents interesting ways to market to potential buyers (ie: email lists).
3. 3D Virtual Tours
Perhaps the most innovative way real estate technology has affected the industry is with 3d virtual tours. With virtual tours, buyers can use their web browser to take an in-depth look at a property before expressing interest.
That means that more non-interested buyers stay away and more people who actually book viewings are legitimately considering a purchase!
It used to be that everyone would need to huddle into an office in order to transfer properties. Gone are those days!
Real estate tech has given us e-signing services which makes it so people are capable of signing all documents required from the comfort of their homes.
5. Crowdsourcing Investing
Real estate investing has become extraordinarily streamlined due to some applications that allow investors to pool their resources online. How this works is that multiple people can put in a small percentage of the collective purchase price of a home that’s listed in an application
Once enough people have micro-invested, the property is bought and all investors share in the home’s profits!
Wrapping up How Real Estate Technology Is Disrupting the Industry
Real estate technology has fueled the growth and accessibility of the real estate industry in a variety of ways. The ways we’ve discussed above just scratch the surface!
So, if you’re an existing real estate industry player or somebody who is looking to get into the industry, get excited! There has been no other time in history more exciting than now to start making money buying and selling properties!
For more expert discussions on the ever-changing real estate industry, check out more of our content on PropertyTalk today!