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Technology has left an impact on every industry and this includes real estate. The ways realtors operate and how people secure property in this digital age are no longer the same as things used to be some decades ago. In fact, technology has transformed the whole real estate industry in a mostly positive manner.
Smart home technology
IoT and artificial intelligence are no longer buzzwords; smart home technology has become popularized and is now a lot more accessible. Property buyers can now use technology to control various features of the home from their smartphone or computer.
For sellers, this technology allows them to showcase their homes in a more efficient way. Realtors can also provide more information about the property and even offer virtual tours.
The market for smart homes is growing; as technology advances, so does the technology that ensures homes are more secure.
Satellite technology
The technology is not just accessible for property buyers and sellers, it also benefits realtors in the field. Satellite technology has made a difference when it comes to searching for properties.
This technology was not available in the past so realtors had to physically go to the property and search for the information.
Buyers were also limited to their geographical location but this technology has made searching for houses easier. The technology can be used to view properties that are not near one’s physical location, making it easy to find a home in another state or even country.
Customers acquisition
Realtors used to get their clients via word-of-mouth, advertisements, and referrals from friends and family. Now technology has provided a platform for homeowners to reach out to realtors through online listings and portals of property brokers where the general public can also see listed homes.
Faster transactions
Purchasing property is not like it used to be. In the past, buyers would have to go through a series of processes that involved several people. Now technology has provided a way for all parties involved in a real estate purchase to connect via technology and paperwork can be sent online so transactions could happen without having any face-to-face interaction.
In the past, technology was not advanced enough to be used in property transactions. Now technology has made the process of buying and selling property easier with tools like e-signatures, remote notarization technology, electronic funds transfer technology among others.
Technology has helped improve real estate industry standards for example by maintaining technology systems throughout the course of a transaction especially if it involves third parties.
Better transparency
The use of technology has helped to increase transparency in the real estate market as people can now see how the market is performing and what prices are being listed for. It has also made it easier to identify fraudulent activities.
Buyers and sellers have access to a great deal of data that they can use to make informed decisions about their purchases or sale.
Customer relationship management
CRM technology is used by real estate professionals to keep track of customer interactions and transactions. CRM for real estate agents helps in keeping in touch with existing customers and marketing campaigns.
All this data is collected and stored in a system for future reference.
International transactions
The use of technology has also made it possible for people to purchase or sell property internationally. It has also made it possible for technology to be used in securing loans and providing mortgages as well as ensure that all parties involved in a real estate transaction are protected.
What the future holds
The technology industry has been growing rapidly and this is expected to continue through 2020 as technology continues to improve, technology companies work on making improvements, and technology systems become more advanced.
The technology industry is expected to create over 8.1 million jobs. This should include technology positions in real estate companies as technology continues to play its role in the real estate market by helping people buy, sell and secure their property.
Final words
As technology impacts different sectors, there are also some potential downsides that come with it such as the use of technology in cybercrime. Criminals now find it a lot easier to launder money through real estate with the help of technology.
Overall, technology has been a positive force in the real estate market and is expected to continue playing a role in it as it advances. Realtors should embrace technology and learn how to use it in their transactions in order to be more efficient and provide better service to their clients.