Technology and Real Estate

Technology and Real Estate

technology and Idaho real estate

 

Technology is advancing, and with it, business. Especially real estate. This is because real estate is the largest commodity in the world. It has to keep up!

Homes are becoming more modern, and so are marketing tools. Many agencies are upgrading their technology alternatives and paying for customized software. But the advances don’t stop there. Here are 5 ways technology is advancing in the real estate market:

1. Buying and selling platforms

There have been many advancements in the structure and approachability of real estate websites and other platforms. Social media has also become a prominent platform for many real estate agents. These platforms have great functionality and are easy to use for the agents, buyers, and sellers. It’s now easier than ever to search for your dream home and get in contact with an agent. And if you’re selling, your listing can reach more people than ever before.

virtual tours in real estate

3. Virtual reality

One application that’s growing more popular among consumers and companies is virtual reality (VR). Forward-thinking realtors are already moving beyond photos—and even 360-degree movie—and offering customers 3D virtual property “tours” directly on their devices. One of the most important steps of buying a property is viewing the property, inside and out. In the past, this has been difficult and expensive for those moving to a far away city. But now, VR can easily allow prospective home buyers to walk through properties before buying, and it’s going to become more popular in the next few years. Accel Realty Partners has even offered VR tours for some of our homes in Idaho.

machine learning

4. ROI calculation and algorithms

Property investors and real estate agents need to know that the work they’re putting in is in turn benefiting them, and technology can help them see that stats. Data collected online and complex algorithms allow real estate agents to gain more knowledge about the ROI of each of their (and their clients’) transactions. The vast data across the internet will aid agents in making more accurate predictions for what properties will sell for, how much money their clients will be able to make, and how much they’ll get in commissions. These algorithms can also be used to spot better real estate deals, leading to smarter investments for investors and clients.

5. Big data and personalized recommendations

Personalizing marketing and advertising hasn’t been fully utilized in the real estate industry, but it can be. Real estate agents have the ability to personalize their clients’ recommended properties based on personal wants and needs (like number of bedrooms and property location). And in the future, big data will be able to make even more intelligent recommendations.

The real estate industry still has so much potential when it comes to technology. If agents can utilize this technology in its fullest potential, they will be able to serve their clients more efficiently then ever before. But this is only the beginning. As the technology continues to become more ubiquitous, home buying will never be the same again.

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