Real estate is always innovating and it is due to its industry’s overall culture.
The industry is an old one and has been able to keep up with the times. Currently, it is undergoing a new technological revolution, one that was catapulted in momentum during 2020. In 2019, The National Association of Realtors recorded that 78% of Generation X found their home on a mobile device. This tells us that the market drivers are going more digital, so real estate professionals are as well. Those looking to buy a home are beginning this process online and therefore more tools and resources need to be available for consumers. Here some that have completely transformed the market and helped buyers with their journey.
Virtual property tours
- Virtual property tours are one of the biggest technological advancements in the real estate market. A virtual tour allows potential buyers to explore properties privately, at their own pace, all while at home. Buyers have more time to research homes and determine if it is a purchase they wish to pursue. This is a benefit to real estate professionals as well, because buyers may come to them with a clear vision of their home wants needs and overall desires that can make home shopping easier and quicken the process.
- Drones are currently restricted to operating in an open area. This means that drones cannot navigate inside of a property, but drone technology is being updated rapidly, and it may not be long before compact drones can maneuver effortlessly inside of properties. Until then, drones are a cost-effective way to gather visual data to share with potential buyers.
- Real estate firms are leveraging Big Data and AI to get more insights. They are also using it to be able to tap into buyer’s home shopping process to assist in primary decision-making processes. It can help buyers to have more relevant options sent to them in a timely fashion, as well as expand home shopping conveniences.
The adoptions of these transactions also are important for sellers. By making their homes available to a broader buyer audience, there is a higher chance of finding well-suited buyers, even if they are not in the community!