How Technology is Changing the Real Estate Landscape

Thanks to modern equipment, the Internet and Artificial Intelligence, it is easier, quicker and more convenient to buy or sell a house these days. In the past, word of mouth and traditional forms of marketing helped spread information about property listings. Nowadays, there is an abundance of online platforms, from social networking sites to forums, where you can promote properties for sale or rent and generate attention at the same time. Virtual tours have also become a hit in the real estate sector as they give prospective homebuyers and property investors a glimpse of the property's facade and interior without the need to put in a personal appearance.

How has technology changed real estate so far? We count some of the ways:

Data-Backed Information

Data and statistics concerning a location in Canberra, properties for sale or rent, real estate agencies and local real estate in general are more transparent and accurate now than ever. These data-driven facts, otherwise known as big data, are particularly important because they help homeowners, real estate agents, and tenants come up with informed decisions. Big data makes use of both past and real-time information, so you can better estimate property values, detect trends and patterns, and mull over the pros and cons before deciding.

Through big data analytics, you can reduce property risks and increase your chances of investing in the right property assets. It can also serve as an efficient market tracker that generates intelligent choices. Using big data, real estate providers have a better understanding of their buyers and vice versa.

Social Networking Sites

Social media is a gamechanger for many sellers and home buyers. Online social sites are great venues for marketing property listings and establishing connections with stakeholders and key individuals in the industry. Real estate brokers and specialists have managed to increase their online visibility thanks to social media. In fact, nearly 80% of brokers claim they use social media to generate leads and enquiries. Sellers, buyers and their representatives will benefit from a carefully planned social media marketing campaign.

You can also keep up with competitors and emerging real estate firms through social sites, benchmarking or streamlining practices as needed. Studies also show that most millennials and Gen Z adults prefer to search for properties online as it saves them time and resources. Social platforms like Twitter, Instagram, Facebook and LinkedIn all come with ad features you can take advantage of to boost your business market reach.

Smart Home

Digital technology is changing the face of the word. Smart home technology like CCTV cameras and automatic gates play a big role in households. Not only do they increase security and protect privacy, they keep properties in good shape without the need to expend more resources. Installing a comprehensive smart home technology in your property will also increase its value should you decide to sell it again in the future.

Buyers can also use smart appliances to stage their home prior to a site visit. If all conditions are met, the property could fetch a nice selling price. Most homes have the following smart appliances: CCTV, automatic gates, smart TVs, and smart vacuum cleaner.

Your Next Real Estate Move

Need help securing the right property listing? Want to use technology-driven real estate strategies to boost your real estate marketing? Contact our independent buyers agents from Canberra today.