The Power Of Technology In Real Estate Business

In the past, the real estate business was all about sales, persuasiveness, and personal charisma. Today, it’s far more data-based. The tools that you have available are available to the customers, as well. When you meet, they have the same numbers you have, so good luck persuading them that the property in question is worth buying at that price (if it isn’t really).

The power of technology has changed the game forever but these changes were overwhelmingly positive. Why? Well, because of the many new options, tools, and tricks you have available. Here are four ways in which technology is transforming the real estate industry as we know it. 

  1. Online listings and property search

While this is incredibly revolutionary, a lot of people dismiss it because it’s so common that they don’t even remember what things were like before. Today, all properties are listed on property listing sites. No real estate agents are going through newspaper ads or driving around town looking for “for sale” signs. 

This is the way things work, and the bulk of real estate research consists of going through these sites and picking properties that fit your criteria. 

This is a huge technological revolution, but it happened years ago, which is why a lot of people assume that it doesn’t belong on these lists. The difference, however, comes from the fact that these tools are constantly evolving. The algorithm and search features of these tools are getting more potent by the minute.

Not only that, apps and widgets can help you go through these platforms a lot easier. This way, you automate the process and get the results you’re looking for. 

The thing is that this is the starting point of the process, which is why it can be a major bottleneck or a great initial boost. With the help of automated platforms, you can turn this into one of your biggest resources. 

  1. Remote assistants

Remote work is currently almost as good as on-site work. In some fields and in some ways, it’s even superior to its traditional counterpart. Now, since it’s no secret that a real estate agent needs help, hiring an assistant is always a good idea. In 2024, there’s no reason why this assistant wouldn’t work remotely. 

In the past, this might have been a bit more difficult, but today, it shouldn’t be that hard to find and hire a real estate virtual assistant. Since this form of employment is so big in the real estate field, there’s actually no shortage of people with this very specific experience. 

Real estate specialists and real estate businesses mostly operate in a digital environment, and most of the tools used are cloud-based. This means that there’s no downside to working remotely.

Even functions like cold calling via company phone can be made up for with the help of functions like VoIP. This way, working remotely has no downside when compared to its on-spot alternatives. 

This way, you can get your help and do so in the most convenient way possible. Not only that, but you can cut so many costs by not having to get a bigger office. A virtual assistant can do almost anything that a traditional assistant can. With so many delivery services out there, they can even “pick up” your clothes from the dry cleaners. 

  1. Virtual property tours

One of the biggest revolutions in the world of real estate is the option of taking virtual property tours. In the past, property tours were a huge part of the industry, and there were two major bottlenecks (one for the agency and one for the buyers).

When it came to the agency, a property tour had to be well-organized and well-executed. Therefore, it took a lot of time from the real estate professional (this is not a task you want to delegate to someone with less skill or experience since closing the sale depends on it). It took preparation, and even then, the outcome wasn’t always the same. 

With a virtual tour, you prepare it once, and it’s always the same. In fact, by making it interactive (which should be the default), you have a way of creating an experience that’s fairly similar.

As for the client, they used to check out a number of properties, but they would only go see the property in person if they were very interested. In other words, out of 20 places they liked, they would check out two or three. This is because going to visit these places took a lot of time and effort and potentially even cost quite a bit (in gas).

With virtual property tours, they can take a look at the place in a matter of minutes, with no need for preparation. 

  1. Smart contracts
  1. AI-driven analytics

AI-analytical tools have the power to process more information and take more factors into consideration than any other predictive software before. This makes their insights more dependable, their reports more accurate, and their use more logical.

First, they can make a massive change in the field of predicting market trends. Thanks to deep learning and machine learning, with enough data, these tools can analyze previous trends and learn how to pick up on new trends early on. They can be used to identify neighborhoods on the rise or even pick up the best time to list a property.

The valuation of property is essential in real estate; unfortunately, this is one thing that a lot of human appraisers get wrong. Thanks to its incredible responsiveness, it can give you updates in real-time.

Perhaps most importantly, these tools are amazing at handling the risk assessment. Since these investments are always substantial (higher than average), it’s good to know that your money is going toward a good purpose. This is especially the case when you have to get into debt in order to make an investment. Market stability, property conditions, and even the crime rate in the neighborhood need to be taken into consideration before making an investment.

Your ability to recognize good investments early on can ensure high profitability. In this field, early adoption is the name of the game.

Wrap up

In the end, the industry is evolving, and the process is completely irrevocable. So, the specialists in the field need to embrace and adopt the changes to avoid getting outcompeted. It’s that simple, but it’s a test that a lot of specialists end up failing. Sometimes, early adoption is the only way to stay afloat.