The days of newspaper ads, classifieds, and drive-bys have come to an abrupt halt as the age of technology has reinvented how both realtors and clients navigate the real estate market.
With the world at our fingertips, it is now commonplace to begin your home search online! People are even beginning to redefine what they require in a residency as technology creates more flexible work from home policies. The real estate market is being altered in many ways as technology continues to be a catalyst for change in all areas of business, which has the potential to help grow the country’s largest asset that is currently estimated at $40 trillion.
Realtors Benefit From Technology
Embracing technology has paid off significantly for realtors selling their clients’ listings. Using Virtual Reality/Augmented Reality to offer prospective buyers immersive 3D views of properties from their own couch has given out-of-state clients the opportunity to narrow down their search without the travel expenses. Virtual staging is another trend that will soon become industry standard. It’s a known fact in the industry that staged homes show better and sell faster, but when that’s not an option, virtual staging comes to the rescue to spruce up the listing photos.
Machine learning and big data has crept into the real estate industry as well. For example, with the use of data and advanced algorithms, realtors can quickly gain knowledge about pricing and the return on investment for their clients’ transactions.
Social media is quite possibly the biggest asset for realtors. The local paper stands no chance against the hundreds of platforms and geotagged ads that puts listings directly in front of thousands of people. This has helped realtors and clients alike—both parties have benefited from more exposure and advanced online marketing techniques. Clients see more listings that they might not have otherwise, and realtors get more leads of interested buyers!
Artificial intelligence may still seem like a science fiction phenomenon, but the reality is, many companies are utilizing this technology already. Realtors included! AI can streamline processes for realtors by automating repetitive tasks, like answering questions in real-time with chatbots, and use predictive analytics to sift through large amounts of data to target hot leads.
Changing The Way We Buy A Home
As mentioned before, online listings are a game changer for prospective buyers. Hundreds of platforms offer professional photos, detailed descriptions, tax and purchase history, school ratings, walkability scores, and even satellite views to check how close you might be to a highway or shopping center. Endless information gives people more control over their decisions and leaves total transparency when purchasing what’s likely their biggest asset.
Technology is also helping clients stay in touch with their realtors much easier, which streamlines the transaction and generates a stronger relationship. Consistent communication across multiple platforms provides clearer instruction with all parties involved (title company, buyer, seller, lender, etc.) This simplifies the process, especially for first time buyers.
Commercial Real Estate Faces Its Biggest Change
Telecommuting may not have been a viable option for all companies pre-pandemic, but with the necessity to continue business while keeping employees safe, many businesses resorted to this method and had great success. Many companies have even opted to continue to allow their employees to telecommute full-time or at least part time, which, as a result, has reduced the amount of office space needed to accommodate them. This has changed the dynamics of both commercial and residential real estate. Many companies no longer need a large office space in an expensive location, giving employees the option to live further from the office in less expensive neighborhoods. We have seen businesses become flexible and move away from expensive cities, downgrade their space, and hire more and more remote workers. As a result, homeowners have altered their property searches to accommodate telecommuting, and are now looking for office space within their own home anywhere in the country.
With the digital landscape rapidly expanding year after year, it’s important to have a qualified realtor that can help you leverage the innovations in technology so you always have a leg up in the competitive marketplace. We are proud to offer comprehensive online marketing strategies like the ones mentioned above, and other unique solutions that can even give you full access to homes before they even hit the digital market! As technology continues to evolve, our team is dedicated to adapting to new ways to serve our clients!
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