Technology has affected different parts of our lives and job industries from health care to retail. Unfortunately this has caused an economic effect on many jobs across the board. In real estate, technology doesn’t necessarily affect labor but the way people tend to do things. For example, The first technology innovators to focus on real estate primarily addressed the residential market. Companies like Zillow, Trulia, realtor, RedFin and StreetEasy showcased the power that technology can have when applied to a market as large and lucrative as residential real estate.
In the real estate industry, the impact has been less disruptive, but just as powerful because of the unique nature of the sector. In real estate, “people” still perform the most essential function of providing advice, counsel and strategy to their clients. And that will never be changed. No one will actually lease space or buy a home on purely an algorithm and without consulting a real live human being that has expertise in the field. It’s just too big of a decision and there are way too many variables at play.
Here are some obvious ways that technology has or will transform the real estate industry:
- Marketing– Advertising your properties all over the internet has never become so simple. There are so many sites that assist real estate professionals in marketing their properties. Therefore the days of advertising in newspapers and magazines are obsolete.
- Transparency– With so many different websites that display information for free to just about anyone, theres no way to not know about a particular property such as the previous owners, pricing, taxes, etc. The days of going to the court house to retrieve information on ones particular is gone forever.
- Speed– It has become so much easier to close on real estate transaction like never before. There are quite a few sites that help with real estate transaction that can make closing your deals a lot sooner than before.
Theres no doubt that technology is a good thing for every industry. When you look at technology from a different perspective and observe how it can drive efficiency, transparency and ultimately make people more money as a result, you can see where the huge opportunity is in the real estate sector. Technology is already having a massive impact on helping those real estate professionals that embrace it become more powerful, more insightful and more valuable.