How technology is changing the real estate industry
By Yusuf Razak Dhanani : Technology is invading all aspects of life and business, and so it is with the real estate business too. It has already begun to change the way real estate reaches buyers, renters and investors of property and it is changing the way realtors approach and conduct their work. Now, buyers are more informed and no longer depend on newspaper ads and face to face meetings to clinch deals.
Real estate professionals are quick to see the role technology can play in their lives and have therefore accepted it in toto. Here are some leading ways in which technology has changed the real estate profession:
Cheaper advertising and marketing: With the increasing use of technology, real estate no longer uses signboards and newspaper ads as much as before. Now more than ever do people search the Net when house hunting. To satisfy this need, real estate companies create attractive websites and manage SEO content that can fetch them higher Google rankings. With technology, these companies can sell their messages more effectively and get more visibility at reduced rates.
E-signing services: Technology has brought with it new platforms that can deal with many people being party to a real estate deal, thus saving precious time and staying organized. They offer simple and legal e-signatures, file sharing and personal to do lists, thereby improving the efficiency of real estate professionals and the way they deal with clients. With this dynamic technology, customers will now sign documents with the help of their portable devices.
Online listings: Websites that provide listings of what’s available for rent and sale make it easier for customers and renters to buy or rent homes and offices. Websites also upload photos and detailed descriptions of properties, along with purchase history and tax details, neighbourhood information, etc. If you want to know how close you could be to a shopping centre or hospital, that’s possible too with technology.
Mobile apps: Property websites are also equipped with apps or technology that constantly updates itself without you doing anything about it. When someone registers his property for sale on a particular site, you get notified about it immediately. Apps can also help find out places within your budget and give you quick and easy access to property managers and brokers.
3-D virtual tours: The prevailing software allows sellers and buyers to check out homes and offices on the market by uploading a 3-D virtual tour of the property. The person watching it feels like he’s actually walking through the home and seeing it in the closest detail.
Increased speed: Before the technological era, real estate agents took long to close deals because of the voluminous paperwork involved. However, the use of technology has brought down that time period dramatically. It has also contributed to improving the appraisal process that was always considered to be hugely labour-intensive. This process has now been taken over by electronic documents and laser measuring devices.
Improved searching: There’s a vast difference between newspaper listings and web listings. The latter are time-saving because they are listed with a certain set of parameters that can be picked up when you place your needs in the search bar. What the search throws up will be as focused and near to your needs as what you asked for, thus bringing you closer to what you’re looking for.
The role of technology in the real estate business can never be underestimated. Whether you’re a buyer, seller or renter, you save immensely and profit just as much.
Get in touch with Yusuf Razak Dhanani here.