The Digital age is the era in which an abundant and available supply of information that’s easily accessible through computer technology and various activities being processed and/or completed by a computer. All types of industries, over the past decade, have observed and experienced a challenging shift as the digital age progresses. The real estate industry has not been left out as over 90% of home buyers and renters prefer beginning their searches online; websites such as RentSeeker.ca and Zillow.com have seen quite a load of investor demand and acquisitions. This article features the ways in how real estate has been evolving in the digital age.
1. Virtual property showings
A showing is one of the most vital stages in selling property. Previously, a potential property buyer had to be physically present to view property. However, the digital age brought virtual property showings to the real estate industry, resulting in potential clients viewing the property at the comfort of their own home/office and convenience.
2. Digital Customer Experience
The advancement in technology ensured a seller/buyer wouldn’t have to book office appointments/queue in offices to have brief consultations with a realtor. A great majority of realtors have incorporated digital customer experience into their practice and workplaces. This happens when they communicate to prospects through their social media pages or via a standard phone call. Chatbots which automatically reply to a message instantly, have been one of the most widely used platforms.
3. Online Transaction Management
Since the introduction of real estate (broker) software, transactions that were exhaustingly difficult to manage are now simple to track and coordinate. From the stage of listing to legal contracts; real estate agents are now able to use computer software like Qualia to keep tabs on everything. Online transaction management in the real estate industry has impressed potential sellers/buyers by making them feel more involved in the property selling/buying process. Additionally, it has helped realtors and real estate organizations go through the auditing process much more smoothly. This is because the software provides an indelible record of every transaction made from any period.
4. Smart Property
These types of property function via internet-connected devices that can remotely monitor and manage your house/office. Imagine being able to control doors, lighting intensity, and room temperature all from your smartphone! In as much as they’ve been around, the adaptations to them by the general public are at a steady progressive stage. In the US alone, the smart home market revenue is anticipated to reach $92, 744 million and the demand will grow.
The real estate industry is not only evolving well in the digital age but adapting to the changes the advancement in technology dictate. If someone would have said that you wouldn’t need to physically attend a property showing or visit a realtor to purchase a house 50 years ago, no one would have believed them. Neither would have people believed that one would be able to (un)/lock their door from their smartphone; yet all these are currently existent and functional. Realtors will need to adapt to thrive in this new digital era.
