How Technology is Affecting the Real Estate Industry

08/02/2017

Business People hangout together at coffee shop

In this day and age, it’s pretty evident that technology is affecting practically every economic industry, and real estate is no different. Unlike other sectors, the impacts of technology on the real estate market has been more profound and less disruptive, but with people still operating the most essential role of providing advice, strategy, and counsel. Here are the biggest ways technology is affecting the real estate industry:

  • Transparency: The increase of an online presence has given the industry a much needed sense of transparency. Information regarding property listings and the overall function of centralized, searchable databases make it so that data and information can no longer be hidden behind paywalls and subscription models. Everything that’s needed is out there for any prospective buyer/seller to access.

  • Marketing: The digital age has brought up more cost effective ways to market your listings. Social media is now a useful tool that any real estate business can use to advertise properties for sale, or notify people of an upcoming open house. And with most real estate businesses having their own website, people can now see every single listing online before they decide to reach out to a realtor or other real estate professional.

  • Data in Real Time: Real estate research used to have to be tracked through past data. Now everything can be processed and analyzed in real time. As a prospective buyer, you can look at data that represents the housing market as it currently stands and use this data to your advantage. No more waiting!

  • Leasing Efficiency: With floor plans, availability, and other real estate data readily available, professionals now have all the leasing tools they need to make their jobs much more efficient. Efficiency on their end will ultimately mean more efficiency on your end as a prospective buyer.