How Technology has Transformed Real Estate

Not so long ago, if someone wanted to buy or rent a new property, they would visit all of their local real estate agents, look at pictures stuck in their windows and often then discover that those pictures gave an overly generous view of that property.

Viewings take up a lot of time for both the agent and the property viewers, so when real estate websites came along, it made it a lot easier to get a true idea of the properties being looked at. Through the power of technology, property buyers and renters can cut down the searching process and find their dream home much quicker. Real estate agents who are harnessing the marketing opportunities presented to them by technology are also seeing major benefits.

Know about the techs

Drones

Drones are now being used to capture images and videos that are taken from an aerial view, which is particularly good for showing the details of larger properties and ones that have a significant amount of land attached to them. This also allows you to inspect the roof of the property in better detail. Taking aerial photos of property without drones is much more expensive and therefore used less frequently. Real estate agents can now hire a freelance drone pilot to do the aerial photos and videos, or they could take out a corporate loan and invest in a drone and learn how to operate it, to save more money over the long-term.

Virtual Reality Tours

Virtual tours of properties allow potential buyers to build a more accurate idea compared to looking at still images. There are different ways to create virtual tours. It can be as easy as using a smartphone to video whilst doing a walkthrough, but some real estate companies use sophisticated virtual reality systems. With the VR option, prospective buyers are able to put on a VR headset and take a 360° tour of the property, the most realistic way to view it without setting foot inside.

Real estate

Extensive Data

Access to more data about homes and areas has made it easier to perform valuations and also allows people to find all the information they need about properties. Websites now provide details such as crime rates, local schools, amenities, transport links and more. With all this summarised in one place, they don’t need to spend extra time doing that research themselves. Searching for and securing a mortgage is also much easier. You can now quickly look for remortgage or mortgage advice with a company like Trussle, an online mortgage broker, as opposed to going to physical appointments with mortgage lenders. This saves spending hours searching online, with buyers able to consult with expert advisors and find deals suitable for their circumstances without leaving the comfort of their sofa.

These are just three of the ways that technology is improving the real estate industry but there is also a lot of work being done in terms of using machine learning, augmented reality and much more technology solutions to enhance real estate.