When sites like Zillow first started becoming popular, there was a fear among real estate professionals that it could eliminate the need for their jobs. People had more self-serve options at their disposal, and there was definitely a sense of cautiousness felt by the traditional real estate industry when viewing these tech trends.
Now, however, that has changed. People in the real estate sector are actually looking at the opportunities new tech can bring to them, and they’re integrating this technology with traditional tactics for a more robust experience for everyone involved.
Below are some of the ways technology is changing the real estate industry.
Pricing and Financing
With the influx of new real estate technology, websites and more, buyers are more aware of the reality of pricing than ever before.
They can get online at any time and see pricing trends for a particular area, and then narrow that down to pricing in a neighborhood and pricing for specific homes. This doesn’t eliminate the need for a real estate agent.
Instead, it streamlines the process and helps buyers understand something that was previously often hard for them to understand, which is the fact that the price they’re paying is for the location in most cases.
Online real estate site Rentseeker.ca recently published a well-received piece of original content featured on sites like The Huffington Post that showed what the annual salary required to afford a home in markets across the U.S. and Canada really is.
It’s tools like these that are popping up because of technology that is helping realtors maintain realistic expectations for their buyers, so they have a more satisfying and targeted overall experience.
Staying Connected with Buyers
There is also new technology coming to the market that fully integrates the self-service online experience many buyers participate in when they’re searching for properties with their real estate agent.
For example, tools are being introduced that let realtors “follow” their buyers through their online shopping experience. The realtor stays up-to-date with what’s happening with their client, and it becomes a centralized process.
Another unique place where technology is bolstering the work of real estate agents and professionals is in how they deal with international clients.
In recent years, international clients have represented a significant portion of the high-end purchases of property in cities like New York and San Francisco, but realtors and agents have struggled to be able to show their international clients properties if they’re located halfway around the world and have a busy schedule.
Many international buyers were forced to rely on pictures and the word of an on-the-ground assistants, but with virtual reality starting to go mainstream, realtors are going to be able to provide a much more robust experience for their buyers who can’t be there in person.
Technology is undoubtedly changing most industries, and real estate is certainly no exception, but if professionals in the industry can embrace it for its offerings rather than trying to run from it, they’re likely to see great business benefits.