It’s amazing to think about how far things have come in the real estate industry. Over the past decade, new technology has revolutionized the search process and how transactions are facilitated. Whether you’re a buyer, seller, or agent, it’s never been easier to handle complex real estate decisions.
The Game Changer
When you think about what technology helped transform the real estate industry, you’re forced to look back to the origins of the internet. This was the game changer that paved the way for so many other technologies and tools, and its full potential is only beginning to be realized.
How Things are Changing
While the internet has changed the way real estate transactions are conducted, how have buyers and sellers specifically benefitted? Here are a few of the most important points to consider:
- Fluid search process. The biggest advantage homebuyer’s have experienced is better access to search features. From detailed landing pages that describe specific communities to listing sites like Zillow.com, buyers can find everything they need to make an informed decision. This abundance of available information has specifically allowed buyers to learn about the marketplace and geo-specific property values.
- Mobile capabilities. In the past five years, mobile technology has seen tremendous growth and given homebuyers even more access to information. There are hundreds of home buying applications available for smartphone owners and many allow users to access data while on the go. As a result, people are able to drive around, locate properties, and learn more without ever leaving the car.
- Increased visibility. From a seller’s point of view, the single biggest advantage is increased visibility. While 20 years ago the biggest methods of advertising were for-sale signs, MLS systems, and classified ads, sellers can now list their properties on various websites and user-friendly search systems.
- Stronger marketing. Increased visibility doesn’t stop with the listings. Real estate agents and companies have found the internet conducive to better marketing and advertising. It’s changed so much so that Kyle Hiscock, a New York realtor, says, “I believe that real estate agents who are not able to adapt and learn how to utilize the powerful tool that the internet is, will be out of business or will see a severe decrease in their business.”
- Mobile access. Real estate agents are also benefitting from advances in mobile technology. From being able to field calls while on the road to accessing detailed listing information while showing a property, agents are capable of much more than they ever were in the past.
While the game has changed for buyers and sellers, real estate agents and companies have also undergone significant changes. Here are a couple ways:
Technology and the Future of Real Estate
It will be interesting to see where technology takes the real estate industry in the future. Signs are pointing towards even more mobile growth, and buyers, sellers, and agents are looking forward to the benefits of new resources and capabilities.