No matter if you’re looking to rent a place or buy your own home, looking at property listings online and, especially on your mobile or tablet device, is the norm these days. Long gone are the days of browsing in real estate windows, looking for a property which catches your eye. Thanks to super speedy apps, easy to use filters and appealing photographs, it’s easier now than ever to browse a wider range of properties.
But, that is just the tip of the real estate iceberg, as technology evolves and continues to play a huge part in how consumers, industry leaders and professionals approach the real estate market.
With both commercial and residential real estate, there is a lot of opportunity for growth and development by using technology. What was once a predominately person-to-person exchanged and interaction, the real estate industry is quickly becoming the leading industry when it comes adopting technology. With that in mind, here are some ways on how technology has boosted the real estate market.
Mobile App Development
Almost every large real estate business has their own website, where potential buyers can browse properties. With the advance in technology, many of these websites have also progressed into creating their own app.
App developers have made it easier than ever for prospective buyers and many real estate apps are easy to use, informative and interesting. Whether you set up notifications to get alerts when new properties come onto the market, narrow down your search criteria or want to connect with your nearest agents, real estate apps are advancing way above other industries.
Online Marketplaces
The real estate market has always relied on client/seller interaction, however, technology advancements mean that now, online marketplaces can be relatively trustworthy, even for high-investment industries such as the real estate market. Online marketplaces make it easy to view a number of different properties that you’re interested in, without having to leave your home.
These types of sites can arrange things such as virtual or live tours, which you can view on your mobile or computer and, even better, some of these online marketplaces don’t even require estate-agent interaction. This means that tech-savvy brokers can let clients buy property with the guidance of a broker, but without the steep estate agent commissions’ fees which often get added.
Property Management
Not only has the viewing/buying process changed with the help of technology, but day to day property management, too. The IoT (or The Internet of Things), is a collection of non-personal smart home devices which are connected to the internet. This can include things such as Amazon Alexa, Google Home and other voice assistants, to smart sensors which require very little human interaction and management to transmit data to a mobile device.
These kinds of devices are slowly, but surely, having an effect on a property’s selling price and are starting to be integrated into more and more rental homes. They offer easy and unique opportunities for homeowners and renters to transform the day to day tasks of property management.
Other things such as smart locks and video doorbells give homeowners and renters an enhanced level of security, as they are able to see who’s at the door, without having to go near. With integrated deterrents, such as alarms and speakers, they provide an extra means of protecting your homes and possessions. Smart home hubs, such as thermostats and controls can instantly change the temperature of your home, no matter where you are. They also help to lower heating and cooling costs as the tenants can maintain a comfortable temperature for their home.
Historically, the real estate industry has been slow to change and adapt. Once reliant on paperwork and face to face interactions, you can now get all of that and more at the tap of an app. This technology advancement means that not only are real estate agents finding it easier to manage but so are home buyers, renters and landlords.
We hope you found this blog post on How Technology Has Boosted the Real Estate Market useful. Be sure to check out our post on 5 Ways Technology Can Help With Moving for more great tips!
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