While every field is impacted in some capacity by technological advances, it could be argued that real estate has the longest history of shifting in new directions when technology advances. Today, technology impacts every aspect of the real estate process. Before a buyer even contacts a real estate agent to look at the house, they can take a long look at the neighborhood, thanks to satellites. It has been reported that 70% of buyers look for homes online before they begin shopping. Technology continues to alter the way that we buy and sell real estate.
While many people see the blockchain as a way to potentially support cryptocurrency, but it may have even more practical applications in real estate transactions. Real estate contracts between sellers and buyers can be done with complete encryption protection and security checks that are built into the programming. Blockchain ledgers even provide the opportunity to securely save property title logs and other documents that are needed to complete a real estate transaction.
While AI sounds intimidating to some people, it can provide the opportunity for both potential buyers and their agents to streamline their shopping process. Recent advancements have created a way for prospective buyers to get a real-life, 3D look inside a home they may be interested in without having to schedule a showing, meet with their agent and drive an unknown amount of miles to get to the address. Not only is this a great deal for buyers who may have a hard time getting their schedules to work out, but it also frees up agents who may be juggling multiple clients.
Since the dawn of real estate, agents have utilized some CRM to keep up with contact information for various clients. Modern tech advances have enabled agents and brokers to plug a client’s information into their CRM and even send them an automated e-mail every so often to touch base and see where they’re at in their decision-making process. While this may sound minimal, not having to make a dozen phone calls a day to people who may not be committed to buying or selling is enormous for real estate professionals.