For the last few decades, technology has emerged in almost all sectors of businesses. It won’t be wrong to say that technology has proved to be a really great addition in the field of work. Here is how technology brought a change in real estate.
Technology has changed many businesses to a large extent, whether it is the financial sector or other organizations like real estate, IT has impacted all of them, though the majority of the changes technology has bought are positive ones.
However in the case of the real estate industry, despite many technological benefits, it had to face a little challenge too, and that is what we’re gonna discuss in our articles about the change in real estate. So if you are going to start a real estate company, then you should know how technology can potentially change your business.
Digitalization of Marketplace
The digitalization of the market has greatly affected the profit of real estate companies because buyers have now stopped approaching real estate brokers to buy and sell their properties as the online market has made it easier for them to do the whole work by themselves. People can now find their dream home without even leaving their comfortable couches, this ease of access to property has minimized the need for real estate industries.
Accuracy in Price Estimation
If we talk about the convenience that technology has brought to the real estate agencies, then it will worth mentioning that AI has really improved the way of price estimation for brokers. Before the emergence of technology, brokers used to rely on just a few apparent features of the property to estimate the price. This inaccurate method of price estimation made them suffer immense loss.
However, with the help of advanced software programs and applications, it has now become easier for the brokers to estimate the prices with more accuracy.
Better management with Smart Devices
Another benefit of technology for the real estate industry is that it allows the agents to manage the sales of the properties of their clients more accurately via smart devices and software. Brokers can hire a dedicated software developers to develop software with their desired features so that they can better track the record of all the sales of months and keep everything organized.
Better Buyer-Seller Communication
Advanced technologies like smart devices, chatbots, and communication applications have enhanced the real estate agencies’ customer support by providing them with better solutions for buyer-seller interactions.
Now, buyers and seller does not need to visit the real estate offices in person, neither the broker has to take the potential buyers to see the landscape of their properties, as all these interactions can be easily done online.
Technologies such as Virtual Reality (VR) have greatly aided real estate agents in reducing a lot of work. Before the emergence of this technology, the brokers had to furnish and decorate the property they wanted to sell to increase its attractiveness. This not only wasted a lot of time but was also an expensive method. However, with virtual reality technology by your side, you don’t have to deal with this unnecessary staging because this technology allows the buyers to personalize the property virtually before making a purchase.
The emergence of Blockchain Technology
Again talking about a challenging change that technology has bought to the real estate industry, it has been observed that after the rise of blockchain technology, especially after the emergence of cryptocurrency, people have reduced investing in properties.
One big reason why people used to invest in the property was to create assets, however, when they began to realize that investing in cryptocurrency can offer them a bigger fortune, they turned their backs from geographical properties and started investing in technology to create larger assets. Due to this change, real estate companies had to suffer great downfall.