There’s no doubt that technology has transformed the real estate industry and will continue to do so as more advances come about. These tech trends are some of the biggest when it comes to shaping the housing market everywhere from San Diego to Miami.
Only a decade or so ago, when people searched for real estate online, they often ended up viewing blurry, uncurated photos.
Today’s online marketplace is a whole new ballgame, with listings, especially those that are higher end, boasting high quality photography, lots of interior details and information about tax history, prices, expenses, the neighbourhood and more. Drone technology is able to provide extraordinary aerial imagery of real estate. It’s a huge benefit as homes with drone images have been found to sell 68 percent faster than those with standard images according to MLS statistics. When selling large estates, it’s especially helpful as it’s able to provide a property overview unlike anything else, improving the viewing experience for potential buyers while increasing the odds of a sale.
Big data allows individuals and companies to make more informed decisions. It’s used in real estate to extract and reveal information on multiple aspects, including current value, neighborhood details, the property’s history, mortgage payment estimates, an estimated forecast of the property’s future valuation and much more.
Data is key when it comes to investing in short-term rentals as people want to learn a lot more than just the listed price of a property when thinking about purchasing. They want to know the potential ROI, the cap rate and cash flow to make the most informed decision as possible. The data given is the same intelligent, actionable data you’d get if you were buying stock. You don’t just look at the price of the stock but the dividend, market cap and p/e ratio.
More Digital Interactions, Greater Efficiency
Until an agreement is reached, a real estate broker has to facilitate communication between themselves and their clients which requires a significant amount of time when it comes to follow up, receiving offers and counteroffers, viewings and so on.
With the incredible amount of work required, real estate brokers are often in a time crunch, with clients frequently getting overlooked in the process. By taking advantage of more digital interactions like chat apps and social media they can more easily stay in touch while taking care of other tasks at the same time. That reduces the need for face-to-face meetings and guarantees a faster response. It also enables brokers to meet more new potential customers.
There’s a boom in the global construction industry, and a need for technological advancement with the rising costs in construction. Construction technology helps one view a property’s entire life cycle from an economic standpoint.
Advancements like 3D concrete printing help to make the construction industry more sustainable and cost effective.