Technology is evolving faster than ever, and it is becoming one of those things that if you don’t embrace it in your industry and dealings, it can easily be the end of your business. Data has become one of the most valuable assets any business person or client can have. Beyond the hard bits and bytes, though, technology itself has come leaps and bounds beyond the standards of even a decade ago. Real estate is on the front lines of the technology revolution; here are some things making big waves for sellers and buyers of all kinds of real estate and some of the Factors Disrupting Real Estate.
Environmental issues are one of the hot button topics every week it seems like. Savvy homeowners and real estate professionals are taking advantage of the opportunity to make improvements that use less resources and provide healthy benefits. Green buildings have also been making headlines because they have begun outperforming traditional buildings in the real estate markets, both in terms of longevity and initial value making it one of the top Factors Disrupting Real Estate.
The traditional real estate approach involves massive amounts of phone calls and time spent meeting face to face for viewings and tours. Social media has begun to be one of the primary Factors Disrupting Real Estatet industry on both ends of the spectrum. Those professionals who have embraced the avenues of interaction that social media offers have taken advantage of an entirely new demographic, and some have found dealing with clients via social media to be easier than the traditional methods. Those who have refused to take the plunge into social media may be feeling a pinch; the traditional methods will not remain popular for much longer, and they may need to jump on the train before it runs them over.
Just as regular interactions are becoming more of an online task than one completed in person, the actual buying and selling of goods and services is moving more and more into cyberspace. From investing, to locating temporary lodging, to grocery shopping, more and more business transactions are being completed entirely online, and real estate is not far behind. With the advent of 3d, panoramic virtual tours, a prospective buyer could actually view the home or land they are interested in without ever having to leave their desk.
The hospitality industry is not the only one struggling to adapt to the increased demand for house-sharing options. Companies like AirBNB are also impacting the real estate industry, in both good and bad ways. While there is an increase in self-made landlords seeking new properties to flip into house-sharing offerings, there is also a reduction in the number of homebuyers seeking to purchase homes outright and right away. Since there is a newer, more affordable option than traditional apartment-renting, buyers can afford to wait longer to close on a home they really want. This can leave real estate agents hanging indefinitely.
While all of these evolutions in the real estate game have their good sides, there are always two sides to every story. Things may not settle out anytime soon, but it looks like technology is here to stay; embrace it, and change the world!