Gone are the days when people were intimidated by the complexity of the real estate industry. Thanks to technology and modern tools, finding your perfect home or a profitable property, financing your purchase, or selling your property is now easier than ever.
Online mortgages, marketplaces, and social media advertising have made buying and selling properties fast and efficient, and there is more to it.
Let’s look at 6 ways technology is changing the real estate industry.
1. Financing your purchase with digital lending.
A very successful approach to make buying property easier is the simplification of the mortgage lending process.
Getting a mortgage was once a slow and stressful process. Thankfully, this has evolved with technology. Fintech companies have worked day and night to develop online lending services and created digital mortgage platforms.
Homebuyers can now obtain a mortgage online at any time without ever going to the bank. And although they need to upload documents and signed forms, it can all be done with a smartphone or laptop.
The best part about these platforms is online tools and calculators that help estimate monthly repayment amounts and their timeline under different interest conditions.
Need to repay your mortgage? Or just want to get an estimate before making an investment? In either case, click here and access an outstanding example of an efficient mortgage calculator.
2. Finding your next home online.
Earlier, when you had to buy or rent a house, you’d call and meet real estate brokers and property agents. Your broker would then find properties as per your requirements and put all available offers on the table for you to choose.
This would take a lot of time, calls, and meetings, causing you stress and fatigue.
However, the scenario has totally changed now as online marketplaces are gradually replacing physical real estate offices. These platforms provide market values along with all the relevant information regarding facilities such as nearby schools and institutes, markets, transportation, and other aspects.
All you have to do is go online, check out the property listings on the website, and filter them out as per your needs. Choose your favorite from the list and get in touch with the owner or broker assigned to that property. Quote your rate, close the deal, and voila! The property becomes yours — fast and hassle-free!
3. Virtual reality is a game-changer.
Most of us think of games and movies when we hear Virtual or Augmented Reality. But, these technological innovations are going mainstream and on course to disrupt the real estate industry too.
Besides choosing from available listings on online real estate marketplaces, people can now access and feel properties via virtual reality and 360-degree photos.
For instance, Matterpot, a media technology company in the USA, has created a camera that can efficiently produce digital 3D models of buildings. These models allow excellent virtual reality experience with floorplans, architectural details, and ultra-high-definition photography.
Potential buyers can use this immersive visualization and high-end photographs to make crucial buying decisions.
4. Making speedy transactions with iBuying.
iBuying is an advanced, fast, and straightforward method of buying and selling real estate.
Though the technology is focused on selling from a consumer’s perspective, those in the real estate business are the real winners here. How does it work?
iBuying is actually instant buying, where iBuyers (companies) work directly with consumers and offer instant cash in exchange for their property. Prospective sellers go to an iBuyer’s website, fill out a form, and receive offers instantly.
This allows homeowners to sell their homes without involving a broker or real estate agent, saving them money and time and avoiding unforeseen challenges or costs involved in traditional real estate transactions.
Plus, iBuyers are also able to minimize their costs and speed up their deals, and move onto the next one.
5. Using data to identify trends.
Data is gradually affirming its place as one of the most crucial business assets these days. It is at the heart of most technology innovations, and PropTech is no exception.
Some online marketplaces are using the power of big data to revolutionize and shake up the real estate sector. They collect and compile data on buying and selling trends in specific areas, analyze it, and offer insights on potential market values and pricing trends.
Consumers can access this data and see real-time information about market values before buying or selling a property.
6. Pin-pointing real estate ads!
Although reluctantly, real estate agents have also adopted technological advancements.
Similar to e-commerce stores and other businesses, brokers are now also aware that their potential customers are sitting online on social media platforms, and it is the best opportunity to sell almost anything.
Facebook and many other platforms allow advertisers (real estate brokers in this case) to use perfect targeting options and reach consumers with ads for on-sale properties.
Whether you are a married couple looking for a budget place or a retiree hunting down a luxury villa, you leave your traces online. Realtors can target you using your location (exact zip codes), interests, age groups, or other demographics and show you ads for properties that you might be looking for.
As much as it is beneficial for real estate agents, it is effective from consumers’ point of view too. Direct targeting helps brokers sell fast, and buyers get properties that align with their interests easily — and that is exactly what technology aims for!