How Technology is Changing Real Estate
Understanding the full scope of how technology is changing real estate over the past two decades is truly astounding. With the internet being a part of our daily lives, it has also proven to be an incredible tool for buying and selling properties. The different advances in technology that can help buy or sell residential and commercial property has become a vital part of the real estate agent’s tools of the trade. Technology is changing real estate on a daily basis and those who do not keep up are going to be left behind.
The Internet of Everything (IoE)
Today, internet technology is going beyond computers, laptops and mobile devices as users can switch from one mode of connection to another seamlessly. This means that the internet never leaves us wherever we are and this allows more people to stay connected and find the things they need even when they are many miles away.
Real estate is arguably the biggest market that is being served in terms of the new technology that is being developed today. When you consider that dozens, if not hundreds of smart devices will be found in homes in the coming years, the impact will certainly be tremendous to say the least. Some of the new apps that will be part of the “Smart Home” include the following:
– Refrigerators that let you know what is needed
– Lawn & garden irrigation that responds to the weather
– Heated driveways that turn on when snow hits the pavement
– Home security systems that can lock and unlock doors
– Lighting & temperature controls
– Applications that learn your habits and respond to them
The way that technology is changing real estate is towards the practical where homes will have devices that actually address certain needs while reducing the energy being consumed. In essence, technological advances will make it easier to purchase and maintain payments on homes because they reduce the overall cost of living.
Buying Houses Remotely
As time goes by, more people are buying properties sight unseen because technology allows them to fully view the home like they are there in person. Digital cameras on smart phones keep getting better so virtual house tours and videos will be standard for most listings soon. And watching a walkthrough of the home is the second best thing to being there in person.
Many real estate agents that represent buyers will be in trouble in a few years because real estate agents that represent buyers will not be needed. In the past if a buyer that only spoke Hindi from India wanted to purchase a home in Chicago, he would need to find an agent that spoke Hindi in Chicago to make an offer on his behalf. This is no longer the case! Technology is changing real estate since there are many websites out there that allow buyers from all over the world purchase properties. Online real estate auctions have tapped into this and in most cases, auctions will get sellers the most money for their property since the auction reaches an international audience vs a Realtor who only attracts local buyers. One website that continues to bring buyers from all over the world is www.RealEstateAuctions.com
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