The real estate industry started in the 19th century, but it has majorly changed since then. Technology is perhaps the most significant factor behind the changes in the real estate world. Real estate has now become a global market, where a person sitting in Chicago can easily purchase a house in Fayetteville, NC, thanks to innovative technology.
Here’s how technology has impacted the real estate market.
Online Listings
In the past, people posted their real estate listings in newspapers, trying to find suitable buyers for their properties. However, that has changed massively! Now, sellers prefer posting their listings on different real estate websites and apps. But these aren’t the only platforms sellers use to reach homebuyers. Online platforms like Facebook are also commonly used to post different real estate properties.
But why do people prefer posting their real estate listings online instead of sticking to newspaper advertisements like before? Well, it’s because buyers prefer looking for houses online. According to surveys, almost 93% of buyers in the United States agree that they start looking for a new house online. Therefore, it shouldn’t be surprising that online real estate listings are the new norm.
Digital Marketing
Another technology that has massively impacted the real estate market is digital marketing. Instead of marketing houses through flyers, sign boards, and word of mouth advertising, real estate agents and home sellers are marketing their houses through social media platforms like Facebook and Reddit.
Moreover, real estate agents also use digital marketing techniques like SEO, email copywriting, and blogs to sell houses to more potential buyers. When we said the world of real estate marketing is entirely digital, we really meant it!
Virtual Tours
During the COVID-19 pandemic, like all other industries, the real estate market, too, took a hit. Due to SOPs, it became highly challenging for buyers to visit houses and see them in person before signing the deals. Moreover, real estate agents from most sellers’ side couldn’t host open houses like before, which impacted the real estate world. However, like other life fields, technology presented a solution: virtual tours.
Instead of buyers having to visit houses and real estate agents having to arrange open shows and private visits, real estate agents can record videos of a house and show it to potential buyers. This way, potential buyers can look at a house’s features and structure without ever setting foot on the property. This method turned out to be a lifesaver for people who couldn’t leave their houses due to the pandemic restrictions.
However, despite the worst of COVID-19 being behind us, many real estate buyers still prefer to visit houses virtually. But why is this still a trend despite the COVID-19 threat not being severe anymore? People relocating from one state or city to another can quickly check a house virtually without having to visit for a day and attend an open house. This saves people time and money and is a hassle-free experience.
Moreover, sellers also don’t have to arrange private visits. They can record one video and show it to multiple potential buyers.
Virtual Reality (3-D Technology)
If you thought online tours were limited to recording and showing videos of houses, think again! Virtual reality has also become a vital part of real estate. Real estate agents can upload 3-D and 4-D pictures of houses on different websites, social media platforms, and apps.
Moreover, real estate agents use different software to make their videos 3-dimensional. With this technology, potential buyers can have a real-life 3-D virtual tour from the comfort of their homes. These 3-D virtual tours give buyers the feeling of walking through a house.
Data Analytics
Do you know that data analytics have entirely transformed the real estate market? Many real estate agents can use data analytics and artificial intelligence to collect data about real estate trends, pricing, etc. This data allows real estate agents to make informed decisions when helping clients buy or sell a home.
For instance, through data analytics, real estate agents can do predictive analysis and find the best time to buy or sell a house in Fayetteville, NC. Machine learning algorithms are also a part of different real estate websites, helping buyers filter houses and allowing them to see houses that match their desired features.
E-signing Services
In the world of real estate, both buyers and sellers have multiple documents that they have to sign. However, it can be a hassle for real estate agents to meet the buyers or sellers every time they want signs on a document. Moreover, buyers and sellers that live in separate states or cities especially face trouble traveling to sign offer letters, closing deals, etc.
But thankfully, real estate agents can now use different e-signing software. As the name suggests, these applications allow buyers, sellers, and real estate agents to add their signs to a document online. Technology has made real estate transactions more efficient than ever before.
Get Innovative Real Estate Services in Fayetteville, NC
With the latest technology, you can sell or buy a house in Fayetteville quickly and efficiently. Therefore we recommend trying the real estate services of Phillip Fehler Realtor Northgroup Real Estate. Their experienced real estate agents in Fayetteville, NC, use the latest technology and techniques to ensure that buyers and sellers are satisfied with their real estate transactions.
Reach out to them to learn more about their residential real estate services in Fayetteville.
About the Author
The author is Phillip Fehler Broker, the founder of Phillip Fehler Realtor Northgroup Real Estate. With over 20 years of experience, this Fayetteville Realtor has helped many buyers find perfect dream homes and sellers find the right homebuyers.
