How is Technology Impacting Real Estate?
From the phones we carry around in our back pocket to the laptops that we stare at for hours on end, working with technology has been an ever-present part of our lives. As time moves on, it can certainly seem like it’s increasingly harder to keep up with all the technological innovations that take place. In fact, the computing and processing capacity of most computers hits double figures every 18 months.
However, as more of the world switches online, it’s crucial to utilize the powers of technology. This couldn’t be more so the case than the real estate industry. Because of how competitive the industry is at the end of the day, any real estate professional who wants a chance at success needs to understand the current trends and get on board with the necessary tools. Adapting to change is a key component of any wealthy real estate agent, and that’s what we’ll shed light on here at Brian Burds. Without further ado, let’s jump in on the biggest technological disruptions affecting the real estate industry.
Technology’s Effect on Real Estate
These days, most home buyers begin their search online and on several apps. On the other side of things, plenty of real estate professionals take advantage of social media, email marketing, and other platforms to make those sales. Let’s take a look at the evolution of how real estate technology is being used and what’s on the rise in the decades to come:
- The Smart Home
If there’s any home that’s becoming increasingly attractive across the board, it’s the trend of owning a smart home. In other words, this is a property that encompasses many forms of technological automation. Such devices are able to give the homeowner the ultimate comfort, efficiency, and convenience when it comes to modern living. At the same time, they’re able to greatly elevate the value of the home, from anywhere between 3 to 5%. As a real estate professional, it’s key that you gain an understanding of what makes up a smart home so that you’re able to recognize untapped value when you see it.
- Big Data
When you think about the real estate process from a bird’s eye view, there are a series of questions that you constantly need answered. For example, what are the current buyer behaviors that are taking over the market? Who’s your ideal client, what exactly are they looking for, and how can you best target them across social media?
These questions can best be answered by data and gathering these key insights can help you forge the best customer experience possible and maximize those sales. There’s no better time than now to make full use of all the big data stores that are frequently sitting around. To gain a competitive edge in the industry, it’s up to you to sit down and do some analysis of what the latest trends and behaviors are. Harnessing these data insights are invaluable and a huge asset to any real estate professional toolkit.
- The Internet of Things
Remember how we talked about the devices that make up the growing smart home trend? The Internet of Things (IoT) is one of those devices that is making home automation tasks so much easier across the board. Imagine having the ability to open your curtains or lower your home’s temperature by just tapping a hand-held device or shouting out a voice command. These devices are game changers in the industry because they’ll entice plenty of buyers and justify a higher asking price. Plus, these devices can be adapted to help you in the property search in the future and have unlimited potential to upscale.
- Artificial Intelligence
Artificial intelligence is one of the most versatile technologies to have emerged in the past decade, as it can be integrated into virtually every platform and software imaginable. A huge component of why it’s so popular isn’t because it operates in evil robots, but because it can take a lot of the painful guesswork that realtors spend analyzing behaviors and trends out of the picture.
What artificial intelligence can do is automate a handful of the tasks that you find repetitive or tedious, such as recognizing the patterns of big data. Their more widespread use in the real estate industry is all about increasing the efficiency of most real estate operations, such as customer service, facility management, and communication between stakeholders. For instance, a simple AI-operated chat box can operate on your real estate website and answer client questions even when you’re sleeping or away. Plus, there’s absolutely no limit to how much artificial intelligence can help you in the digital marketing process when it comes to picking out the right ads, the optimal times to post, and finding the keywords that make those key conversions.
- Augmented and Virtual Reality
When you think of virtual reality, you might imagine yourself playing a futuristic video game at a convention. However, technology has progressed so fast that you’re now able to adapt the powers of both augmented and virtual reality into the real estate process. Think about the raw potential of these technologies when it comes to presenting a home. Rather than simple flyers and open house showings, you can put interactive 3D views of the home on your website and let your prospective buyer take a look without them having to make the trip over. Virtual home tours from a Samsung Gear VR Virtual Reality headset can elevate the home buying experience and work as a major step up beyond the outdated online photos. They’re able to view every angle and fully imagine their new lives taking place.
Even though the pace at which new technologies are bombarding the real estate industry is staggering, there’s no better time to roll with the punches and use the change for good. By actively trying to see how you can embrace technology and incorporate the tools within your real estate selling process, you’ll quickly stand out from the crowd and close those deals like never before.
Here at the Brian Burds Home Selling Team, we’re passionate about utilizing the latest technology in our research and selling process. Don’t hesitate to reach out for guidance on your real estate journey.