How Technology Has Improved Real Estate Industry

How Technology Has Improved Real Estate Industry
Photo/ Courtesy

Technology has become mandatory for any field that desires great change in their performance.

As it continues to grow, many people are getting insight into how it can aid in various fields such as business, transport, health, education, etc.

This article enlightens you on how technology has really ameliorated the field of business and more specifically the field of real estate.

Even if technology adoption in the real estate industry has been slow in more than any field but the outcome has become gorgeous.

Below are ways that technology has really helped the real estate professionals and customers now.

1. Property management using smart devices

(Photo of smart home. / Courtesy)

Smart devices are a result of artificial intelligence. Smart devices are connected to the internet forming the internet of things.

This can include everything from google home and amazon Alexa to smart sensors that do not require human intervention.

Some of these devices have been integrated into rental properties giving landlords and tenants a perfect chance to feel the effect of technology in property management.

Examples of devices that help in property management include:

  • Smart thermostats: They intelligently change the temperature in houses thus keep the right temperature in houses and help in lowering heating and cooling costs.
  • Smart doorbells and locks: They enhance security;you are able to see who is at the door without going at the door.
  • Smart bulbs: they have been integrated with cameras so as to perform a multifunction of giving light and offering security in the room.

All these devices when integrated into houses it helps in giving landlords a way to monitor potential security risks.

2. Marketplaces online for real estate

Real estate markets have depended always on in-person meetings between brokers and potential buyers but technology has created marketplaces online for real that is relatively secure and trustworthy.

This online markets are advantageous in that you can easily see a list of houses of your choice at your comfort zone.

They allow virtual tours on your mobile device or computer in the house you are interested and you do not need real estate agents in some of these marketplaces and even interactions with in-person real estate agents at any point during the process.

3. Management of repetitive tasks

Doing repetitive work can often become so boring and make you feel unhappy. Realtors fill out the same  data and across multiple properties.

This filling of paperwork can eat time that can be invested in other things in real estate that can help you improve such as time of researching new property, time spent on networking.

Technologies are all over the real estate industry. They can include:automated appointment scheduling, email and drip campaigns for marketing and general automation of commercial space.

By the help of technology we have products in the field to automate all these redundancies, updating information in near-real-time without manual input thus making work easier for realtors.

4. Price refinement.

To make price estimations brokers depend on just a few neighbourhood factors and house features to make estimation for the house.

However, technologies like artificial intelligence and mathematical modelling,they can estimate prices faster and accurate.

The use of this technology will make homebuyers make more intelligent real estate in the future.

In conclusion, even if the rate at which the real estate industry has been responding to technology has been slow, with cost-effective technology not only aiding home buyers, brokers, and real estate agents, its adapting fast, therefore, expect more transformation more than what it has done now!

In what other ways has technology transformed real estate?