Perfecting Property – How Technology is Improving the Real Estate Market
Few industries have experienced anything like the growth and innovation that surrounds real estate. As the market peaks and dips, real estate operators continue to ride out conditions through utilising key technology. If you haven’t yet benefited from the technologies improving the real estate market, let’s take a look at what’s making waves and ensuring a streamlined experience for sellers, buyers and renters alike.
Despite every individual requiring an agent at one point in their life, the process has remained un-automated for some time. When a rental application is accepted and the tenant moves into a new home, you can expect the same procedures to follow. Back and forth phone calls, inspections and document verification are all part of the deal. Fortunately, leading names in affordable property management have identified these inefficiencies and have designed a user-friendly app to facilitate easy communication. It also keeps records and documents readily available, with no need for back and forth emails.
The usability doesn’t end when a rental lease is signed either, with the app allowing tenants to find trade professionals should the property require a fix or service. For property owners who may have a few homes that need tenants, they can simply approve or reject applications through the app, rather than entering a phone conversation with the agent every time an application is submitted.
Selling off the plan has never been easier
As property prices soar and land becomes more valuable, buying off the plan is an option that many of us turn to. Whether it is apartments, units or townhouses – real estate agents have always struggled to demonstrate how the property will look and feel when it is built. Some innovative technologies have been created to simulate the views, design choices and layout of a property, presented to buyers in virtual reality or an immersive property experience.
What does this mean? Buyers can plug in the specifics of the home they are having built, right through to the level, facing direction and wall colour choice – only for the technology to cast the unique renderings onto a white wall for the buyer to accurately get the picture of what their home will look like. No longer do buyers have to make a huge life decision based off an A4 2D floor plan.
An alternative approach to owning
No one could ever have predicted that fractional property investment platforms would be embraced by such a cautious market. It’s an indictment on the market prices we are exposed to today that owning a fraction of a home is a more viable option for some. So, how does it work? If you haven’t heard of BRICKX, DomaCom or CoVESTA, they are platforms that allow individuals to invest in a ‘brick’ or a small portion of a home being built. All the investors who buy a stake in the property essentially own the property, taking their share of rental income and capital returns.
Social media is far from solely a social tool. Real estate operators are now taking advantage of the attentive market and choosing to advertise their properties on these platforms. Realestate.com listings are of course very effective, but some agents and owners can be priced out of the market. Through geo-targeted campaigns, you can make sure that your property is seen by the right people every time, drawing them to your property and converting with an open inspection.
Technology and real estate were always destined to merge, with so many individuals looking to break into the market on their own terms. While a different landscape from the generations gone by, fusing technology and property only serves to improve the market.