Real estate industry has made a significant comeback after facing a financial crisis of 2007-08 and has become a booming industry not only in the USA but also across the globe. With an increase in income and improvement in the living standard of people, more and more people are yearning for a better home so that they would be able to live a good life in their dream home.
The reason behind increase in demand for rented properties is because of the advent utilization of the technology in the given industry. It has made life easier for sellers, homebuyers as well as agents alike. Here, we would present five ways through which technology was able to reshape the real estate industry:
Buyers displaying more Reliance on the Internet
Those days are gone where the agents use to show different properties to the buyer which was a cumbersome process for both the parties. Now, this is not the case as today’s world is dominated by the internet. It has been found that more than 90% of the buyers use the internet to find a suitable house which meets their expectations. With the help of technology, the realtor has been able to develop a best real estate website design where all the properties with their virtual tour are displayed to the home-seekers who could choose a suitable property from among the given prospects. A win-win situation for both the parties!
Rise of Virtual Tour
The technology has allowed the realtor to help the prospective buyers to take the right decision with respect to the property. Realtor now has drone technology and 360-degree camera which permits the home-seekers to view the rented properties from different look thus negating the process of clicking the picks and uploading them on website. Therefore, both the buyers and agents can narrow down the options and select those which would be able to meet the expectations of the buyers.
Instant Availability of the Property
Decade ago, the sellers have to enlist their property on publications and have to wait for the potential buyers for many months. If they were unable to find a suitable buyer, they have to lower the prices of their property, which would affect their profitability. Now with the guidance of the Real Estate Web Development Company, they could prepare a good website where all of their properties could be listed and displayed to their potential home-seeker without much difficulty. Besides, the users would also get a notification via the internet immediately so that the seller would not have to lower their property’s prices.
Secure Funding from Banks
Previously, it was difficult for a buyer to get loans from the banks for purchasing the house easily. For this, the realtor would recommend mortgage broker who in turn would exploit the buyers, thus rendering them hopeless against the broker. Now with the advent of the internet, these relationships have become obsolete, and the potential buyers could get instant approval from banks or any other financial institutions within a short time in a secure manner via online.
Role Changing of the Agents
With the dawn of technology-related services, the agents have changed their working to suit the present scenario. They have become more customer-responsive and duly interact with their clients via means of social media platform to gain their trust and establish a cordial relationship.
Today’s world is dominated by technology. Those who succeed in utilizing it would get a good result in their business, and the real estate industry is no such exception. It has significantly changed with the implementation of technology. Due to this, not only the relationship between the buyers and sellers have improved; it has also resulted in the selling of the property within the given time-period.