Technology continues to change our world; some innovations resulting in the creation of a better society, and in other cases more are adverse effects. One effect that parties in the real estate industry argue over is the transparency that has resulted as the use of technology has become the norm. For example, the fact that information on competitors’ prices is available is useful-but also means that information from your company must also be available online too in order to be competitive. This is one of many debates regards the availability of information from the service providers’ end- but this is a positive for customers as the can now make more informed decisions than ever before.
This week we continue with our series on technology and real estate. We continue to focus on software innovations as opposed to hardware solutions-which we shall look at later on in the series.
As briefly mentioned in our previous blog, virtual reality has begun to shake things up in the real estate industry. Although progress in this sector has been slow, some strides have been made. In the near future, virtual property tours will become a differentiating factor amongst real estate brokerages as providing customers with virtual tours of various options, be it under-construction properties for purchase or for rent will become more and more important. This will lead to less time wasted touring properties and faster closes.
The improved use of predictive analytics will also result in improved efficiency in the real estate sector. The use of such algorithms will result in companies being able to target customers with the exact kinds of properties they are looking to buy. This has already started happening in e-commerce portals that are already producing personalized ‘wish-lists’ of item people have expressed an interest in buying online, or sites that they have frequented. Although there may be privacy contested issues, this mechanism has slowly started making its way into the real estate sector.
Social Media Advertising
Although this one may seem particularly menial at first, when one looks at the reach that social media has enabled companies to get, you then can see the revolutionary impact that social media has had. Social media advertising allows numerous stakeholders to be able to see all the required information regards a property, from various parts of the world and enables communications and investments across the globe. Snapchat, Instagram, Google and Facebook are offering targeted geofencing ad opportunities as well.
As the series continues, we shall turn to more hardware related solutions that technology has helped in forming. The real estate industry has entered a very interesting stage, and the trajectory of this shall be interesting to follow.