How Technology is Changing the Real Estate Landscape
Technology today is making things easier for potential home buyers and sellers alike. Being able to access thousands of real estate listings without having to rely solely on their real estate agent allows new home buyers to narrow the search on their own.
Sellers are also taking advantage of the internet and are usually able to get a fair market analysis in seconds. With this information they can work with their real estate agent to keep their listing competitive.
It would be obsurd today to think about purchasing a new property without searching the internet for homes online. Whether you are selling your home or buying a home, technology can make the process of doing a real estate transaction a little more hands-on.
Buyers Becoming Reliant on the Internet
Unlike the days when your Realtor had to do everything for you when you were eager to find a home, today, more than 90 percent of buyers use the internet as their main research tool.
This is a win for both sides because the listing agent doesn't have to spend countless hours showing the property to unqualified buyers, and it gives the potential buyer the chance to tell in a glance if this is a house they really want.
Buyers can pull up to a residence, do a search online for the property, and take a virtual tour of the inside of the house without ever even getting out of their vehicle. These tools help to eliminate time wasted in homes that do not suit the buyer, and allow the Realtor to focus on finding the right home before another buyer makes an offer.
With prices surging, the best homes go under contract within days or hours. When you are buying a home, every second counts because another buyer could bid the house right from under you if you are driving around all day with your realtor looking at houses. Buyers could look inside a hundred houses today without ever leaving their house and without having to take real estate agents away from closing more deals.
Gathering Information on the Home Quickly
Technology is blazing along faster each day, and it has impacted the real estate market in more ways than many realize. It was only a few years ago that you would have to be calling your real estate agent every five minutes with questions about local school systems or the safety of a particular neighborhood.
With so many factors that go into the ultimate buying decision, the buyers have the ability to use the internet to narrow down that search based on unique parameters. There are websites that will compare the ratings of local schools, as well as crime statistics for a city or neighborhood.
Social media sites like Facebook allow anyone to join a local group and inquire about the schools, crime, shopping, and leisure activities in the area too. Rather than have the real estate agent try to get some details, the buyers can get specific answers to the tough questions before even scheduling a viewing of a potential property.
The Availability of a Property Instantly
It was only a decade ago that sellers would have to wait until their listing hit the local newspaper or realty publications before it was seen by potential buyers. If the house was not getting any action, the seller would lower the price and chase the market, encouraging buyers to move faster but at the same time killing a large portion of potential profits. Sellers would often settle for less than the house was worth in an effort to move sooner.
Things are different today because the second a real estate listing goes live or the price is dropped, thousands of potential buyers get immediate notification via the internet.
Not only does this create a larger pool of potential buyers, these buyers can locate attractively priced properties as soon as they go live. Instead of losing the house to other buyers, these notifications can put you first in line to a property that drops within your price range.
Although technology has changed what a Realtor does, it doesn't mean Realtors are going to be losing their jobs any time soon. In fact, as more buyers and sellers make use of the burgeoning technology they are finding that they need a professional, knowledgeable and local realtor to help them negotiate the waters and ensure that when you make that purchase or sell your home you know you’ve gotten the best deal possible.