Virtually every business field in the world has had to change the way it operates thanks to the dynamic advances in technology. This has not been different for the real estate sector. Technology has made it easy for buyers to access properties while the sellers can now showcase their properties to a large audience almost at the same time. This has in turn created a big opportunity for those who operate in this sector in terms of innovation and access to a wider market. Although the change can be felt, some may argue that it is slow compared to other sectors.
However, there are five ways that technology has shaped up the real estate sector. They include;
- Use of the cloud. The existence of the cloud has managed to make real estate an efficient industry. Prior to this technology, the process of purchasing property would take ages and more tediously would require all parties to be present at all times. This gruesome planning caused the process to be long and would even take weeks and sometimes months. However, now, real estate companies are able to manage the data collected from each client. It is possible to transfer sensitive documents like land agreements and financial documents online without the need for each party to be present.
- Virtual reality. Technology has not only enabled a potential buyer to see the image of the property they intend to buy, but also have a feel of the place. Through virtual reality, the clients can have a tour of the property to give them a feel of what is to come. This technology has greatly boosted customer experience for companies that have taken it up. It is an experience that gives the client not just a visual perspective but a mental one as well. Although the technology is still in its initial stages, it promises to be one of the most impactful technologies in real estate.
- Online listings. Almost every real estate company has a website on which they display the listings available in their jurisdiction. This would not have been possible without the internet. Clients can now view properties and browse through the descriptions and get to know the nature of the neighborhood before visiting the property. The clients can also see the schools available and how they are rated. They can also get satellite images that show the closeness of the property to social amenities. One such website is the Hilton Real Estate website which provides all this information to the clients. This makes it easy for the potential buyer to decide on what property to buy and in which neighborhood.
- Mobile applications. Apart from having a website, some of the real estate companies have developed mobile applications. Like any other app, these real estate apps are designed to ease the process of looking for property. Most of them are able to give a notification when a property that fits the liking and description of the user pops up. The applications enable the user to be in contact with the real estate agent faster, hence quickening the process for both the buyer and the seller.
- Availability of E-signing technology. Once the client has found the property they desire, the nest step is the transaction. With the help of e-signing, documents can now be sent to multiple parties online and they are able to sign electronically. This has made the transaction process safe and very efficient as well as being organized. It has also helped to improve the relationship between the client and the agent since transparency is guaranteed.