The Role of Tech in the Past Decade for the Real Estate Industry

role of tech in real estate industry

First, we had to struggle to get out of the bed to turn off the lights. 

Next, came the two-way switches with one switch that hung next to our beds so you could just stretch your arm and flip the switch. Enter the world of IoT.

Now you can remotely control your lights with voice commands, and even schedule them to go on/off based on your preferences. But that’s just the tip of the iceberg.

“Technology has transformed our homes so much in the past decade and we’ve welcomed the changes with open arms and smiles.” 

From Artificial Intelligence platforms to virtual open houses to online marketing, technology has taken over the real estate industry by storm and has accelerated the pace of business. Here are the various ways technology has changed the real industry in the past decade.

1. It has Helped Create a Global Virtual Market

The property market has always relied on in-person meetings between agents and buyers.

But thanks to technology, some of these archaic processes are changing. State-of-the-art technologies like virtual reality now allow buyers to “try before buying” by providing virtual tours of the property, thus eliminating the need for in-person meetings.

With virtual reality, buyers can step into a space to experience the scale of the rooms, navigate the kitchen to ensure countertops are high enough, or even walk out to check the neighborhood, while still at the comfort of their couch.

2. Better Tools for Ecosystem Players

Real estate brokers, agents, and other providers are always itching for better tools for the job and technology has made it happen. From team management to transaction coordination to task automation; most of the real estate processes have received a fair share of the automation pie.

For example, broker management tools like Paperless Pipeline have greatly transformed and improved the agent-customer communication by eliminating time-consuming processes that sucked the agents’ time. With tasks automation, agents can now focus more on prospecting and interacting with buyers.

Before technology, real estate transactions were handled manually, and this increased the risk of losing paperwork, missing deadlines, and submitting incomplete contracts.

Nowadays, using software, you’re now able to create tasks and reminders as well as set up automatic due dates based on critical milestones. This not only saves time but also ensures you’ll never miss a deadline or lose a document. Better still, you’re able to generate agents’ productivity reports and commission reports that otherwise took ages to prepare.

Other tools like DocuSign have made it easier for real estate agents to close more deals by enabling their clients to digitally sign from almost anywhere, thus reducing the time spent collecting manual signatures.

3. Changed the Marketing Game

Remember the days before the internet?

Real estate agents leveraged newspaper ads and radio advertising to promote their listings. Word-of-mouth was an agent’s best opportunity to gain attention and create brand awareness.

Today it’s a whole new ballgame.

All marketing activities have gone online, with social media advertising taking center stage. This correlates with the consumers’ behavior as the changing times have forced home buyers to hunt for houses online. Today, over 90% of house searches start online.

4. Enhanced the Growth of the Sharing Economy

It’s no secret that the sharing economy is growing and real estate is growing with it. Rather than building an office space, why not lease one?Many real estate companies exist that are accelerating the growth of the sharing economy, something that was non-existence a decade ago.

“For example, modern real estate companies, like CasaOne, allow businesses to rent furniture on a monthly basis rather than buying it full price.” 

Other companies like Zeus are allowing businesses to rent furnished homes for extended days—and homeowners to lease their spaces to businesses.

Wrapping Up

The real estate industry has historically been slow to change. But with emerging technologies infiltrating every sector of real estate, the industry is adapting faster than ever and has been described by experts as an industry that’s highly vulnerable to digital disruptions.

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