How technology is changing the real estate market

Every industry is susceptible to the ever-evolving progress of technology. Even farming, the oldest of industries, isn’t what it used to be. New fertilizers constantly emerge to produce higher yields, new knowledge of the Earth changes our techniques and advancements in genetics produce higher-yield plants that are more and more climate resistant. Yes, the ingenuity of man is quite astounding if given enough time to play itself out.

And real estate is no exception. Now we live in a time where technological advances with far-reaching consequences are sending ripples around the globe and through every industry. The internet didn’t only change communications, it fundamentally changed everything about every business that had any reason to participate in anything related to communications. So, everything.

These kinds of game-changing technologies are continuing to emerge, and their effect on the real estate market is huge. If you’ve had anything to do with real estate in the last decade or two, you’ve probably noticed it already in some way shape or form. The role of the agent is changing; our access to property listings in unprecedented; social media use is resulting in new ways to market and scout for real estate; and smartphones have put it all in the palms of our hands.

But there are other major technological revolutions happening in the industry – ones that are just now taking off. We know how social media is used for real estate now, but for these newer technological developments, it might be another 5 years or a decade before we can really look back and see what an incredible shift they brought about.

The big one is virtual tours. Yes, the technology itself has been around now for a few years, but accessibility is skyrocketing. This means that not only are virtual tours of properties possible, many customers are starting to expect to have them as an option.

And why wouldn’t they? virtual tours makes it easier to see a property in detail. This kind of tour saves time and money while increasing transparency and trust. It produces a better customer experience and leaves everyone feeling more satisfied overall. VRealty makes it even easier by giving realtors the tools they need to make quality virtual tours quickly and share them out to all the right people.

Online mortgages and investing are also on the rise, enabling crowdsourcing to fund real estate investments. This financial aspect of real estate is likely to be heavily affected by blockchain in the near future and the Internet of Things is connecting all the parts and players like never before.

One thing is certain: technology is going to continue shaping the way we manage our lives and do business. What other new techs do you think are going to drastically change the real estate market?

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