How Technology has Changed Real Estate in The Past Year
Advancements in technology within the last few years have changed almost every industry, including real estate. Last year we saw several newly developed technologies break into markets and transform their traditional landscapes. Most people think of real estate as simply the process of listing, viewing, buying and selling properties, but new technologies have allowed real estate marketing to be innovative in fresh and inspiring ways. Here are just a few ways in which technological advancements have changed the real estate industry in the past year.
1. Virtual Reality (VR)
Consumers can now explore homes using virtual reality tours, meaning they can get a first look at homes even when they are halfway across the world. Real estate agents who have successfully implemented this technology immediately have the upper hand against competitors. Houses can also now be virtually staged in minutes using the AR app Curate by Sotheby’s International Realty. The first virtual staging AR app from a real estate brand, Curate allows users to preview furniture using their smartphone, cutting out expensive staging fees and allowing each potential buyer to visualize a property in a way that fits their favorite design and style.
2. Artificial Intelligence
Artificial intelligence is a cutting-edge tool that makes lead generating, customer service, and ongoing prospecting a breeze. AI provides clients and agents information instantly, and is essentially a programmed intelligent software that works and reacts like a human, delivering realistic and accurate search results.
3. Geofencing and Social Media Advertising
This past year held a growing number of social advertising opportunities for real estate. Instagram, Facebook, and Snapchat now offer targeted geofencing ads for specified target audiences and for targeting potential investors and competitors. With the growth of online social media platforms, more buyers are now going to be found online. Social media has also become a popular place for real estate brokers to create and grow an online brand presence by posting pictures and videos that adhere to their audience.
4. Fintech: Increased Transparency Through Technology
All real estate brokers benefit from receiving more information, especially when it involves the transaction process. The fintech industry has evolved to root entire markets, including digital loans and payment platforms, in digital financial access. One example of a fintech company doing this is Fundrise, a platform which includes real estate investments in stock-and-bonds-based portfolios.
No matter how much technology continues to develop, is it still just a tool, and people are the priority. It is a real estate agent’s job to provide you with these tools but to not overlook the key component of personal touch while doing so. These tools may be important, but they can never replace the human element of a real estate deal.