“Do you know that online real estate listings through dedicated sites started with Realtor.com in 1995?” For millennials, the very idea of limiting access of listings to one outlet is absurd. It’s Millennials that make up the largest portion of entrepreneurs who are uniquely skilled in using technology for marketing, education and finances.
Let’s face it, the industry is in the midst of a changing-of-the-guard and the innovations that the Y Generation is introducing will change the way property is presented, researched, marketed, sold and how agents roles are bound to be redefined.
Here are 5 ways that technology will impact the Real Estate industry:
1. Virtual Reality
Probably the most exciting and useful tool that will be joining the real estate industry is VR. Clients will be able to view a property by walking around virtually inside a property.
They’ll be able to experience the scale of rooms, locations, sizes of windows, look into cabinets, climb into showers to make sure the shower head is high enough and walk out onto the patio or deck to check out the neighborhood.
2. Online Mortgages and Investing
Already there are several companies providing complete online mortgages. Not only does this save on paperwork, a client is able to know how much money he will have for a mortgage and what kind of down payment will be required.
Additionally, investing in real estate can be made easily through such companies as Wealth Stake and crowdsourcing. Over the last year, crowdfunding sources have invested more than $215 million in properties.
3. Internet of Things
Technology has gone to the level of hype- connectivity affecting local and global real estate markets and the expansion in the IoT field already is occurring rapidly. Companies in New York City are enabling realtors, agents and owners the ability to monitor a premise in real time. Buildings are able to send out reports on the status of equipment, utility interruptions, security features and control building temperature.
Technology can directly call the police or fire department, contact companies to schedule repairs and automatically lock down a building or portion of a building when specific triggers are established. Other technology is sending data when there are openings from the size of one seat to an entire floor in commercial buildings and malls that are available for sale or lease.
4. Apps and Instant Notification
Mobile apps are the latest of tools that are used to notify both agents and clients of the latest properties to hit the market, including the comps for the area and the ability to virtually check out the neighborhood amenities.
Apps can also direct a client to a particular agent who can arrange a tour- on-site or virtual – at a time convenient for the parties concerned.
5. Changing the Role of Agents
Since Realtor.com went online in 1995 for customers and agents across the world to learn about properties to buy, lease or invest in, the role of agents has been gradually and continuously changing to remain relevant.
What this means to the realtors is more directed customer responsiveness and service. Currently, many clients are still dependent on agents to assist them with the best options in financing, closing deals and negotiation.
This doesn’t mean, however, that agents can neglect doing the same research that they would if clients lacked access to all the information about a property that most are doing on their own already. Agents will need to be as informed as their clients in order to gain their trust and establish a relationship.
The changes that technology is making have made locating, financing, investing and overseeing any property readily accessible to clients, investors and agents.