Technology has been touching almost every industry nowadays—financial services, food production, transportation, telecommunication, agriculture, and many more. Real estate is no exception. It’s now more convenient for home buyers and sellers to find what they need to secure a property or sell one. Here’s how technology has been transforming real estate businesses everywhere.
Digital Real Estate Listings
It’s not just printed ads in newspapers and magazines anymore. You can find dedicated websites for properties on sale. If you’re looking for a home or a place of business to lease, you can easily find online listings of available properties.
With real estate listings, you don’t even have to browse the inventory one-by-one. All you need is to use the filter feature to look for the square footage, the number of floors, rooms, amenities, and your preferred location. The listings will also include landmarks and how close the properties are at specific vital points such as hospitals, schools, police stations, fire stations, supermarkets, and more. Some will also include a virtual map of the property’s location.
With all the information already available online, all that’s left to do is contact the seller. Simultaneously, by creating an online listing, the seller can eliminate reiteration of all the property information with a client.
Online Home Buying Companies
Selling your property sometimes doesn’t come easy for lack of interested buyers. You could also have a property facing foreclosure, needing minor and major repairs, code violations, orbankruptcy. When you’re under these situations, there is an urgency for money, and that’s where home buying companies can help you.
These companies scout properties in specific locations to buy properties. You can also call the company to visit your property, where, after observations, will make you an offer depending on the current state of your home. It’s also why it is essential to research the best home buyers in your area to be sure that you can find a legit home buying company. These home buying companies are using the internet to market their services so that sellers can easily find them.
Virtual Or Augmented Reality
Showcases are standard for buyers who want to see the property first. But for those who cannot make it, sellers, brokers, or agents can use companies that offer real estate virtual tours. It is an innovative way to separate you from other property sellers, still using the old way of showcasing the interior, exterior, and specifications of a home. In some cases, prospective buyers can view the same property at its pre-construction stage.
Virtual reality tours also eliminate the need for agents to be present. The virtual solution allows a 360-degree view of the property. It gives the potential buyer a preview before booking an onsite viewing. That way, the buyer knows what to expect and would be more interested in taking a closer look at the home.
Technology is not solely for the buying and selling of properties. More importantly, it is improving the way construction companies are building structures and add-ons that make a smart and innovative home. This type of development is alternately called green or sustainable construction. It is a technology-based solution that aims to build environmentally-friendly properties using durable, cost-effective, and safer materials for the health of future tenants. The technology includes the following:
- Using solar panels to generate electricity
- Cooling roofs that deflect the heat of the sun and lowers heat absorption in the home
- Biodegradable materials containing bamboo, mycelium, timber, and other organic materials that are processed instead of wasting away at landfills
- Blocking solar radiation and minimizing costs on ventilation, heating, and air conditioning through the use of electrochromic smart glass
- Efficient water-conservation technology by harvesting rainwater
- Saving surplus electricity by looping it back to the source through the usage of wind power technology
- Prefabrication construction that allows workers to build offsite that helps lessen injuries and residue through controlled conditions
Homeowners and commercial property owners can benefit from financial technology. Construction projects and mortgage loans are not possible without alternative financing sources such as what online financial platforms can offer. Compared to banks, the documents they need as not as strict. Fintech solutions are not only a good source of capital, but they also have a quicker processing duration in response to the online applications that borrowers send in. There are fintech platforms that make it easier to start construction projects by providing loans to buy supplies and leasing heavy machinery. Such fintech platforms offer financial help to do a business project a reality.
Social Media Marketing
Various businesses are taking to social media and for a good reason. People are spending more and more time on their profiles. When companies are taking advantage of Facebook’s Business Manager, they advertise products and services as users scroll down their newsfeeds. The real estate business is no exception. Any company can create a business or community page where they can showcase what they have to offer. People can join these pages or community groups to read about the latest updates or news. It engages potential customers to provide their opinions or asks questions. Both real estate companies and brokers can utilize the power of social media anytime as it is a cost-effective way to advertise.
Electronic Document Signing
Some transactions don’t need to be face-to-face. Online solutions such as e-signing can allow users to upload documents and draw their signatures onto the designated spaces. E-signing services let you upload different formats of documents. Some platforms will allow you to sign a document in multiple ways. You can draw your signature, scan or upload your signature to paste onto the documents or type your name using the text feature. A technology-based solution that is secure and legally-binding simplifies administrative tasks and provides convenience to the employee or customer.
Technology covers much of the real estate industry – drafting, financing, construction, and marketing. There are many solutions today that offer convenience to both property sellers and buyers. These solutions are cost-effective and offer both parties the chance to connect at a level that was impossible decades ago. Not only is it making it easier to do business, but it also allows you and your brand to build relationships with the masses.