A little over a year ago, when the COVID-19 pandemic began to change life as we know it, the real estate industry had to make some major adaptations to the way it operates. However, long before the pandemic forced us to social distance and rely on virtual meetings, real estate was relying pretty heavily on technology and individuals were developing new and innovative ways to buy and sell property. There is much more that goes on than just Zoom meetings and social media. Many of the technological advances within the real estate world are a huge component for both buyers and sellers. Here is how technology is driving the real estate industry.
New Virtual Tours
Virtual tours were a thing long before the pandemic, but have become especially prevalent recently! These types of tours don’t require the participant to leave their homes, and are excellent at showing off a house via video and photographs. Note that there are several types of virtual tours. The first, and most personal, are when the homeowner or realtor shows off the home in real time. They can use applications like Zoom or FaceTime and the video on their smartphone. Other virtual tours consist of pre recorded videos that can have animations and background sounds attached to them or 360 degree photos where users can scroll around to see the room.
Selling a house ten years ago is drastically different than how it’s approached nowadays. Via online marketplaces, users can both list their homes and browse others throughout a variety of different websites and apps. This changes the game drastically, as millions of people from all over the country can view a listing instantaneously.
In addition to the online marketplaces, there are also a ton of investment companies who can purchase homes rather quickly and then sell them using their own proprietary platform. These companies change the game of real estate, and take the long selling process out of the equation!
Online calculators developed for people in real estate are also a significant game changer. For example, a net proceeds calculator will factor in how much your house is valued at, real estate agent commission, your mortgage, and other numbers to give you an estimate on how much you’ll make after you sell your house. There are also calculators to help you estimate your budget for a home and what your home is worth. All of these calculators are designed with algorithms made so that you can sell your house faster!
Digital marketing is one of the more popular forms of marketing these days because you have the opportunity to reach a huge base of people. Real estate agents use digital marketing to reach potential buyers as well as new clients. Digital marketing can include Google ads as well as a variety of social media ads. Using online ads effectively can help sell a house quicker than you can imagine!
Technology is constantly evolving, and we can expect the landscape surrounding the real estate industry to be changing with it! Digital marketing, calculators, and online marketplaces are just the beginning!