How Technology Has Impacted the Real Estate Industry

Real Estate Tips | July 17, 2019 | written by Corbin Chivers

In the past, purchasing real estate was not an easy process, especially for the buyer. With so many factors in play and information hard to find, making that final purchase decision can be agonizing. 

However, new technologies are emerging, simplifying complicated processes into simple tasks. As this trend continues, the real estate industry may very well be expecting some significant changes in their business processes very soon.

Here are the three potential advancements that technology has made possible for the real estate industry:

 

Powerful Search Platforms

Today, technology allows users access to information anywhere at any time and through a myriad of devices. With more well-informed customers roaming about, companies are faced with more difficulty in trying to persuade customers to buy their items. The same can be said for the real estate industry. 

Customers can easily do an online search to answer many of their questions. Whether they want to know crime rates, public transportation, local coffee shops, or other factors to aid in their decision, the internet (most likely) has all the answers they need. With this type of convenience, customers can even do research on their agents! 

Having a real estate license alone just won’t cut it anymore. High ratings are now vital to any real estate agent. Customers want more than just a guy with a qualification. Online reviews are easily accessible using Google, Yelp, or other review sites. Other websites, such as HomeLight, cater explicitly to such a need.

 

Transparent Online Transactions

Transactions are particularly complicated in the real estate world. It’s outdated and slow process makes it one of the last industries to be affected by the growth of new tech. In the past, agents took care of transactions from start to finish. Thanks to technological advancements, however, the buyer is gaining more control over operations. 

Through the use of online transaction tools and dashboards, customers are receiving more freedom to choose. This change allows buyers to continuously search for new estates and create offers under the guidance of their agent. 

The agent’s job here now would be negotiating and possibly finding discounts and credits the buyer could use. In a sense, the agent becomes a guide to help the buyer understand data displayed on the dashboard.

 

Swift Closing Processes

Nobody likes waiting. With technology, applications and tools are accessible in an instant. This has provided users with quicker ways to do things, such as hailing a taxi or shopping for commodities. In the real estate industry, there is a lot of waiting. It can take many weeks to complete any transaction at all.

Even if technology promises a more efficient and effective procedure, there are a few hurdles real estate transactions have to overcome. Rules and regulations, fees, and authorizations slow down the process massively. It also doesn’t help to have every bit of process under intense scrutiny. 

This is done, however, to make sure everything checks out to protect all parties involved in the transaction.

Due to ancient methods, the real estate industry will be one of the last industries to be affected by technology. To be able to turn this convoluted process into something quick, efficient, and practical, there is no doubt promises great riches anyone who can achieve this.

 

If you’re looking to buy real estate in Surrey, get in touch with us today! We’re happy to help.

 

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