How Technology Has Changed the Real Estate Industry?

| Updated on February 14, 2024
Real Estate Industry

Well, you have to accept it, the world is changing with new technology and innovations coming in every day and the real estate industry is no different.

But still, with so many industries in the world, it has by far been the slowest in adapting to new technology.

But all this has changed in the last couple of years thanks to everyone being stuck in their homes.

So, no matter if you’re a homeowner looking for a  cash home buyer in Kansas City or an investor looking to flip a house, you can easily do all that with a simple internet connection and a smartphone in your hand.

But, What is Real Estate Technology?

It is a pretty broad term that covers different types of emerging technologies, from property management software to smart home devices and a range of other tools that use the Internet of Things (IoT) to function.

All these tools are pretty much designed to make things a lot easier for brokers.

Plus, it can bring a host of benefits for both investors and tenants alike.

So, in this article, we will get to know how the inclusion of new technologies is changing the world of real estate as we know it. 

DID YOU KNOW?
The global real estate technology market is projected to reach $12.9 billion by 2025.

Easy Automation

It’s 2024 and finding and buying your dream home has never been easier.

With the impact of modern technology on real estate, the whole process has been simplified to its core.

From searching for a good property to loan and mortgage approvals to transaction management, real estate technology can handle it all.

This means that you don’t need to look into multiple agents to complete your home purchase.

Investments Online

Just imagine what it would feel like to invest in a property without having to leave your home.

Many websites online make it a lot easier to simplify the process by allowing people to invest in real estate.

So, if you’re looking to invest too, you can easily put all your finances in one place online and get a cut of the profits.

This means that you can easily diversify your investment portfolio and generate passive income.

Mobile Apps

Well, with the latest technological innovation today, you do not even need to sit in front of a PC to check on a real estate posting.

With a simple interconnection and a smartphone in your hand, you can get all the information at your fingertips with a simple push of a button.

And, the best part is that you can also easily get notified whenever there is a new listing available that matches your preferences. 

Plus, you also have the option to sort your searches to fit your tastes.

Aside from all this, it’s also easy to get the contact information of the property managers and agents of the property you’re interested in.

This makes it a lot easier to check in with them and discuss the properties that fit with your budget. 

VR Real Estate Tours

Do you ever think that going to see a house in person is pretty overrated these days?

Unless you’re trying to finalize the purchase in the first place.

Well, thanks to virtual reality technology, it is now easy to get a full HD 360 view of any property.

And you do not even have to leave your home for it.

You know, virtual tours are pretty much the fad these days and this can save you a lot of time and money that you would’ve spent on your drive to see the place.

Predictable Analytics 

With AI’s predictive capabilities, it is now easy to compile all the past data to check on future trends.

This means that real estate professionals can prepare in advance for any change in the market and adjust their investment strategies accordingly.

Drones

Drones can be used for a lot of different things. 

But its use is especially iconic in the field of real estate.

So, when you think about drones in real estate, you think about property inspections, aerial photos, and much more.

The drones are pretty good at taking pictures from the sky and help us check on the general landscape around the property you’re interested in.

Digitization

This one is pretty much one of the best things about technology.

It allows us to overlook the most important part of the whole real estate dealing process and that is the in-person meetup.

Today, we can easily get in touch with our agents via video calls, and with online signing becoming a thing, you can very easily finalize the property without even leaving your house.

You know, online forms are accessible from anywhere in the world as long as you have the internet.

This means that it is becoming more efficient for both buyers and sellers in terms of dealing with the selling of a property online.

Blockchain

Blockchain is pretty much all the rage these days and the world of real estate is no stranger.

With its application, it has made it a lot more transparent and secure in terms of transactions. 

It can also help in lowering the need for middlemen like banks and lawyers.

This means that you can enjoy all the benefits without worrying about the extra costs that these middlemen would otherwise take.

Plus, with blockchain being pretty tamperproof, it’s easy to also take care of all the contract processes and not worry about any third party messing with it.

For tenants, this can be a great help because they can sign the contract without any worry that any shady agent would mess with the terms after they sign it.

Some trends in the digital real estate landscape.

The Global IT Market in the Real Estate Industry is expected to grow from USD 10.54 billion in 2024 to USD 17.22 billion by 2029, at a CAGR of 10.32% during the forecast period (2024-2029).

Takeaway

Well, the use of technology is pretty much changing how we used to experience the whole real estate process forever.

With the use of automation, AI, and other things, the real estate industry is becoming more and more accessible to everyone.

As the world continues to get used to new technologies, the future of real estate seems pretty limitless.

So, no matter if you’re a buyer, seller, or a seasoned professional, these technological advancements will make your job a lot easier and smoother as well.





Billy Willson

Education

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