How Technology is Opening Doors in the Real Estate Market

Employing technology in real estate is not only smart, it’s a necessity. Industry professionals can shave off time from the often laborious experience of buying and selling property. Sellers, buyers, investors, builders, landlords, and other have access to a number of technological solutions to make their jobs more efficient.

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Big data and analytics across many industries particularly in real estate, where understanding the intricacies of buyer preferences is crucial - location, property size, amenities, price, and school system are a handful of such preferences. Real estate professionals are increasingly relying on big data to track and predict current and future shifts and trends regarding these variables.

Industry professionals are also using virtual and augmented reality, enabling buyers to experience the look and feel of a home without having to physically be there. Buyers can see right away if a home would be worth visiting in person, thus saving time and money from traveling to property locations that are a poor fit. Such technological tools are used heavily by those from far away cities, states, and even countries seeking to move to a new geography.

Realar Places, developed in Australia, launched as an augmented reality app in 2017. It provides 3D models that simulate the experience of walking through an actual home. Dan Swan, the co-founder of the app, explains that it feels like you are standing in front of, as well as inside, the home in order to get the full room-by-room experience.

Commercial Real Estate AR app was developed by Commercial Real Estate and Macquarie University’s Virtual Reality Lab. It enables users to scan and access listing information for commercial properties. With the app, they can also interact directly with the marketing agent.

Other tools, such as chatbots and virtual assistants, help with answering clients’ questions in real time and free up a real estate professional to concentrate on other key aspects of their business.

In all, technology is quickly advancing and becoming an integral part to the real estate industry. Professionals riding the tech wave are experiencing higher operating efficiency and improved client satisfaction. Technology may just be the key to outperforming the competition when it comes to buying and selling properties.