It’s no surprise that technology has changed the way we do just about everything. Travelers rely on application-based services to book trips, while some people even use virtual assistants, like Siri or Alexa to plan their days. And whether it’s online shopping or using social media for research purposes, tech has made processes more convenient for almost everyone.
But what about real estate? Most agents these days are turning to technology to close deals faster and more efficiently.
Here are five ways tech is changing how real estate works:
1) Online platforms make buying and selling homes easier
Millennials have had an immense impact on business, including real estate. According to a recent national survey of 1,000 adults by marketing agency YPulse, 67 percent of individuals aged 18-34 use the internet as their first step when buying a home. That’s compared to just 25 percent of those 55 and older.
Those who prefer online interactions for purchases aren’t just millennials — according to YPulse, 66 percent of all adults said that the internet is their preferred resource when looking for a new place to live. This means real estate agents need to do everything they can to make themselves accessible on sites like Realestate.com.au and Domain.com.au
2) Virtual tours are changing how people buy properties
Virtual reality may not be a new concept, but it’s becoming more popular in real estate. Sites like Matterport, and Google Street View have made it possible for homebuyers to explore properties without being there. And that means anyone can view homes for sale from just about anywhere with an internet connection, which is especially useful if they’re located outside of their hometown or country and if they are in lockdown for any reason.
3) Savvy sellers are embracing high technology
According to Accenture’s annual consumer survey, 68 percent of homeowners surveyed said they would use an app for buying or selling a property. It makes sense — apps like Open Door allow users to submit offers via text message, while others like Realestate.com.au and Domain.com.au have features that help sellers price homes more accurately.
4) Technology allows agents to customize services
According to a recent survey from One Reverse Mortgage, 52 percent of real estate agents surveyed said their business is attracting different types of clients now compared to five years ago. In part, this shift has been driven by high-tech tools that allow agents to provide more tailored services than ever before.
For example, mobile apps now connect potential buyers with nearby homes for sale, while others help agents communicate more efficiently with their clients. And not only are sites like LinkedIn helping agents network effectively, but they’re also creating new ways to find talent.
5) Technology is changing how people work
Regardless of whether or not you have a traditional 9-to-5 job, chances are technology has affected the way you go about doing it. Tasks that used to require an in-person presence can now be completed remotely, and communication methods have changed exponentially. So real estate agents need to make sure they’re equipped to keep up with increasingly high technology demands.
One way this can be done is by leveraging artificial intelligence (AI). Chatbots, for instance, can help agents communicate with clients and prospects. Meanwhile, virtual assistants can answer routine questions and update listings on websites.
In so many ways, technology has changed the real estate industry — from how we buy homes to how we interact with our agents — it’s important that real estate professionals stay up-to-date on the latest tools and trends. And by doing so, their businesses will continue to thrive.
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