The real estate industry dates back to the 1800s, with some of the most basic technology of the time used to negotiate successful property deals. While we know what we’re capable of without technology, it has made the real estate industry far more advanced today than we could have ever imagined.
Whether you’re a real estate investor, realtor, a tenant, or a family looking to buy their first home, you may find yourself using some of the following tech and tools to bring your deal over the line.
Data Analytical Tools
Leading Orange County real estate experts like Jeff Tabor Group use a wide variety of real estate tools to help their clients negotiate successful property deals. However, some of the most helpful are data analytical tools.
With such tools, they can hone in on the most suitable properties for your needs based on their financial suitability, space, size, and other factors. The easier they can compare properties and run the numbers, the quicker their clients are able to move into a residential or commercial property that meets all of their needs.
Process Management Tools
Most of the best realtors in Orange County, CA, and other property experts from around the world will use data analytical tools to their advantage, but you may also find the majority have found process management tools of equal value in their daily work.
Process management tools are software that helps you plan, manage, and organize nearly all facets of everyday tasks. You can use such tools to improve services, track information, and follow key processes that make your line of work more efficient.
Some of these process management tools are general for nearly any industry, while others are specifically targeted toward property owners, developers, brokers, and realtors.
Something that started life as a space for friends and family to connect has been transformed into a multi-faceted platform that allows you to meet your personal and professional goals. Social media platforms like Facebook, Instagram, and even Snapchat, are now commercialized so that businesses can generate leads and increase sales.
Surprisingly, social media is now becoming one of the most valuable tools in the real estate industry, even though it’s vastly underutilized in the commercial property industry.
In residential and commercial real estate, realtors create social media pages and share their listings. Some might even turn them into ads so that they can benefit from a broader reach. Everyday people in search of both commercial and real estate property may then find those listings in their newsfeeds if they fit into the realtor’s target market.
While more traditional marketing methods like newspapers, billboards, and bus ads, still have their place in this industry, there’s no denying that social media is becoming one of the most powerful tools to take advantage of.
Virtual tours in the real estate world consist of an agent using an ordinary camera to walk around a property and capture it on video. People who can’t make it to view the property can then gain a general sense of what it’s like from the virtual tour.
If a prospective purchaser or tenant is still interested in a space after seeing that video, they can align themselves with a property broker or specialist who can tap into all data related to that property and ensure it’s right for them. All of this can take place without the need to step foot into the property until moving day arrives.
Virtual tours are growing in popularity, particularly for time-poor business owners who need to view multiple commercial spaces but don’t have the spare time to visit each one.
Three-dimensional tours are more popular in residential properties, but there’s potential for them to catch on in the commercial space to benefit those who can’t visit every property in person.
These tours are made with unique technology that allows you to view a 3D floorplan of a property, then enter each room as if you were really there. There is an abundance of specialist technology available for this real estate tool, and it’s only a matter of time before it becomes a suitable option for nearly all listed properties for sale, rent, and lease.
It’s getting harder to find an industry that blockchain technology hasn’t thrown on its head and the real estate industry is no exception to the rule. Real estate transactions used to take place offline in face-to-face engagements, but blockchain has ensured that no longer has to happen.
You can tokenize and trade assets like cryptocurrency thanks to the introduction of smart contractors, and you no longer always need intermediaries like banks. In recent years, blockchain technology has even enabled new, innovative real estate trade methods, with online marketplaces and trading platforms facilitating transactions as if real estate was nothing more than stocks.
Real Estate Apps
Investors, first-time homebuyers, and even business owners wishing to lease a new space can now make use of real estate apps to speed up and simplify the process. These apps generally boast machine-learning algorithms, meaning they come to understand your property preferences, right down to size, location, and returns.
The more you use such apps to identify properties that suit your needs, the more fine-tuned such apps can become and know what you want. This technology essentially allows you to expedite the real estate hunting process, which may mean you’re able to acquire the properties you desire much quicker.
Websites aren’t exactly new technology, with the first-ever website going live in August 1991. However, what we’ve been able to do with them since is nothing short of incredible.
We can customize the findings to suit whoever is viewing the site and personalize content with a few clicks of the mouse. Those working in the real estate industry, alongside prospective tenants and purchasers, can enjoy a highly customized experience every time they visit a site with properties for sale.
Websites also allow you to keep up-to-date with the latest property information simply by signing up with your email address. This is a mutually beneficial tool for real estate buyers and sellers.
It’s hard to believe just how far the real estate industry has come in just a short space of time. It’s clear to see that buying, selling, renting, and leasing has never been easier than it is today.