Technology is a part of our society that is seemingly going nowhere anytime soon. We are in a digital revolution – everything around us has digital alternatives, and we rely heavily on computers and technology. More so, considering we are under the thumb of a global pandemic that is shaking the world, the pandemic has left us more reliant on technology than ever, with some shops refusing to take paper money and others closing down physically but remaining open digitally. Not only shops are doing this, but real estate agents, too.
This page will hope to tell you how technology is revolutionizing and changing how real estate agents do business. This summer just passed, and we saw a massive rise in homes being sold. The technology aided in most sales, with SARS-CoV-19 restrictions preventing gatherings and strangers’ meeting from other households. If you want to learn how technology is revolutionizing and rejuvenating the real estate industry, you’ve come to the right place.
Here is how technology is revolutionizing real estate.
For a long time, real estate listings have found their home online. This is not new and something anyone who has rented or bought a house will be familiar with. What is unknown, however, is that we are now allowed to view property listings on dedicated online platforms. Usually operated by real estate agents, these systems can save time perusing home listings. Nothing is more tedious than browsing page after page of repetitious real estate advertising with poor loading times. Listings platforms are a significant component of the real estate technology revolution.
Video tours, just like online platforms, are another critical component of the technological revolution. Virtual reality has been applied to many different sectors and is now used in real estate [with great success]. A virtual reality video tour lets potential homebuyers or tenants see a house from their computer. Many real estate companies [if not all] have begun using this technology. This fantastic invention allows hardworking people to inspect houses without taking time off work. Shielded people who cannot leave their homes due to virus danger can examine properties. Video tours are now standard in real estate and are unlikely to go.
As mentioned in the first paragraph, you can also view real estate online. While not particularly innovative in our own day and age, these websites were some twenty years ago. Before their arrival, people interested in property or real estate must search through newspapers and classified advertisements in magazines to find properties. These online listings [if you cannot get the applications] are an excellent way to find properties that are still as functional as they were two decades ago. We would, however, recommend applications over websites, for websites can be terribly slow sometimes and are not constantly updated.
E-signing means customers (usually renters) can sign their contracts remotely without physically attending an office with their realtor. This allows you to pay your rent through their portal [or perform other transactions]. E-signing is an excellent solution to social distancing and means you do not need to physically attend an office to secure your tenancy. Ensure that platforms or websites are secure and that your money or documents cannot be compromised. You needn’t worry about using these, and while shifting from physical tenancy signings to digital ones may seem angst-provoking, you’ve nothing to worry about.
Deposit Protection Scheme
There was a time some years ago when shady real estate agents would fraudulently keep the deposit of renters, and the tenants would be unable to get their promises back after they left their properties. No, thanks to government schemes, landlords and estate agents must put deposits in the government-backed DPS [Deposit Protection Scheme]. This plan ensures tenants can get their deposit back. If landlords do not put deposits in these schemes, they can be subject to massive fines and find themselves forfeiting the promise and every penny paid to the property by the tenant.
Social media has many applications, from marketing to advertisement and social commerce. This can be an excellent way for real estate agents to advertise properties and bring attention to them. Most real estate agents have social media pages nowadays, and you will be hard-pressed to find one that doesn’t.
Social media allows real estate agents to advertise their properties to people who are not considering moving. In a way, it will enable them to take their critical demographics by surprise. So, social media is one of the many components of the technological revolution in the real estate industry.
Referencing applications is another way that technology is revolutionizing the real estate industry. In the past, people would have to physically see an estate agent and verify who they say they are [as a reference]. No, a connection must only sign a piece of paper through email and send copies of their bank statements. Di ital referencing has made real estate much more accessible for tenants and landlords. It is a fantastic addition to an industry already teeming with technology.
Now, with the help of this page, you should hopefully understand and know a little more about how technology is revolutionizing real estate and a few ways it is doing so. Technology is unquestionably here to stay, and solutions like those mentioned on this page make it easy to see why.