Shifting to Modern Real Estate Landscapes

by PRIME Radar Team  May 23, 2016

Technology has impacted the real estate industry a lot. There isn’t an industry on earth, sea or sky that hasn’t been change by it whether dramatically or slightly. For real estate, the transformation has rapidly changed: as the technology improves, the field has morphed one gigabyte at a time.

New forms of technology change the real estate experience for buyers, renters, and industry insiders. The transformation has been ongoing; in today’s information age, it arguably began once listings were hosted online, since which time the process of buying and renting has become even more digitalized.

Here are some ways in which technology and robotics has begun its era. It will continue to shape the way real estate is marketed, rented, sold and manage.

1. Mobile technology is heating up
This means responsive websites, mobile apps, and quick communication via text and email is more important than ever for real estate industry insiders. Potential buyers are likely to be turned off if they can’t view a property on their device, or send inquiries digitally. The entire process needs to become at once easy, quick and trustworthy or else clients will move on to the next mobile-friendly listing.

2. Marketing has-been digitalized
Marketing a piece of real estate is no longer as simple as listing your home in a local newspaper. While open houses and offices are still fairly important, quality photographs, information and descriptions are perhaps the most vital in attracting potential buyers. This is because the web offers many digital outlets to advertise property on and great photographs are the bare minimum that buyers look for.

Disseminating your advertising onto different digital platforms, complete with the information buyers and renters need, ensures that the listing isn’t overlooked. It also means that those browsing will have all the answers they want up front in terms of price and amenities, speeding up the process from first sight to lease-signing

3. Buyers and renters are more informed
With the Internet at their fingertips, buyers and renters have access to more information than ever before. There is no pulling the wool over the eyes of today’s informed buyers: with records of building’s history, neighborhood demographics, comparative listings, fees and reputation. Technology is so often synonymous with transparency, and it’s making buyers smarter.

4. Virtual tours are on the rise
Photographs are all but essential in real-estate marketing, but the next step — virtual touring — is already upon us. For larger properties, such tours are expected to give potential buyers a 360 view of various spaces.

In some ways, real estate does differ from the industries that have been shaken up by technological innovations — the basic business model is a generally stable and adaptable one. This said, real-estate has, and must continue to take technological innovations into stride if it’s to remain profitable and modern. This way, it’s sure to be amplified and augmented by change rather than left shattered in its wake.