We are living in an era where technology is reshaping lives. Like other industries, technology is revolutionizing real estate industry as well. From gathering data to analyzing real estate market trends and consumer behaviors to development of platforms to connect buyers, sellers and agents with one another, technology has changed the outlook of buying and selling a property. Here are 5 most common ways how technology has revolutionized the real estate industry.
1. Property Buying / Selling Platforms
Thanks to modern technology and easy access to the Internet, there are many useful applications where buyers, sellers, and agents can create their profile and start looking for property in their desired areas. The basic idea of these platforms is to make buying, selling and renting a property easier and more convenient. Making buying and selling property available to a maximum number of potential buyers and sellers, these platforms are a great way to do easy negotiations along with connecting directly to the buyer, thereby eliminating the agent from the process.
2. The Blockchain
Launched in 2009, Blockchain emerged to be one of the biggest platforms with the potential to support crypto-currency. When applied to the real estate industry, it is sure to give endless possibilities. The tokenization feature of Blockchain can be harnessed by landlords to sell portions of ownership in the property. Selling and purchasing contracts between buyers and sellers can be done with solid encryption and legitimacy validations.
3. Virtual Simulations
Thanks to the powerful Virtual Reality industry, sellers can now get a real-life view of their desired property, especially useful when they are moving out to a different geographic location or are unavailable during visiting hours. For example, if a buyer wishes to buy Dubai Marina Apartment for rent but is located out of the town, they can easily make use of such technologies without intervention.
5. Big Data Analytics
Big Data is another breakthrough in the technology sector. With the world slowly turning into a global village, data storage has become vital and useful for analyzing customer behavior. Harnessing the strength of Big Data Analysis, real estate agents can personalize recommendations to their potential clients according to their preferences obtained through search.