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Is Technology Changing the Real Estate Industry?

Back in the early 1980s, the concept of owning a home computer was brand new. Now, some 35 years later, the vast majority of people walk down the sidewalk carrying computers in their pockets. There is no denying that technology is changing the real estate industry not only for the agents, but also for the consumer. Here’s how.

The Shift to Mobile Real Estate

The real estate industry grows more and more internet-focused by the year. Whereas just a couple of decades ago people actually drove from house to real estate industry 300x200 Is Technology Changing the Real Estate Industry?house to find the ones that they liked best, these days, it’s as simple as pulling their phones out of their pockets and perusing dozens of photographs and bits of information. Today, buyers can sell their homes more quickly by listing them online, and sellers can narrow down their selections and save time of their own by shopping for a new home on the web.

The Involvement of Social Media

Social media is important to the real estate industry because it not only helps realtors and sellers get the word out about new properties on the market, but it gives friends and family members the opportunity to share information with others. It is not uncommon for people to ask for advice about empty or soon-to-be empty homes on Facebook, and the social media technology certainly helps in that regard. In fact, there are many specific local groups on Facebook for people who are interested in buying and/or selling homes to come together.

Real-Time Information

Today’s technology gives almost everyone access to information in real time, as it happens. When it comes to people who choose to invest in real estate, this is a huge benefit. Not only can individuals keep up with Freddie Mac and Fannie Mae via their smartphones or tablets and learn exactly the right time to buy, but they can also discover valuable information about the homes they are considering. Many of today’s real estate agents list things like average property taxes, utility bills, and major repairs on the home in the past directly on an online information sheet that can be accessed from anywhere; this gives potential buyers ammunition.

The Only Caveat

Although people certainly enjoy having access to information at their fingertips, it is important to remember that real estate is a very people-oriented business. Unfortunately, with all of the technology out there, people often forget the importance of face-to-face meetings. While there is no denying the fact that technology has certainly impacted the real estate industry positively, failing to maintain social interaction can have a negative effect on buyers and sellers alike. For this reason, real estate agents and consumers who are involved in the market should avoid letting technology take the place of true interaction.

The real estate industry benefits from many different types of technologies that make buying and selling homes faster and more efficient than ever before. Technology is indeed changing the real estate industry, and experts agree that new technologies will continue to change the way people do business well into the future.

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