Many people either despise new technology or embrace it. Its main goal is to make life easier for the majority of us. Across all industries new advancements are destabilizing the old ways of doing business and disrupting huge companies. The real estate industry has many facets. The buying and selling of homes has been around for some time. Although many companies have tried to change the business model by cutting out real estate agents, it’s something that they haven’t been able to do.
But that doesn’t mean that new technologies aren’t already in place in the industry. Here are 6 new technologies that are helping new companies get off the ground, while making others companies and their agents more competitive.
Don’t have time to pick up a client and then drive them to a listing. If you are running behind schedule, simply open the Uber app on your phone and order them a vehicle to meet you at the appropriate destination. If you do a lot of business with out of towners, then you surely have picked up your fair share of potential clients up form the airport. Ordering them an Uber can save you time, especially when you are short on it.
Upwork or Fiverr
Every real estate business should have a website. It’s more than putting your new website address on a business card. Did you know that you can also get your own Google local business listing simply by having an office. You can even use your home as the business address too. But you still have to have somebody or something build it for you. This is where Fiverr or Upwork come into play. These are freelancers who can get your website up and running in hours. Say goodbye to to paying thousands of dollars for a website. Now you can get it down for under $100.
If you don’t want a custom site, there are plenty of available WordPress themes that are customizable. Many developers have already constructed real estate related sites. You can scoop these up for as little as $20. If you know how to use WordPress, you can have your site up in less than a day.
Gone are the days where you had to mail clients brochures. Now you can simply email or text clients an e-brochure of the listing. Many major cities like Houston, have associations whereby you pay monthly fees to access all of the homes for sale and rent in a city. Members can upload listings on their own; as well right from your phone. These are really great tools that make life easier for everyone.
What’s more convenient than actually viewing the house of your dreams? How about not having to set foot inside. VR global is attempting just that. You get to offer the viewer the actual look and feel of the space. No, this is much better than a traditional photo. Imagine stepping right into the dwelling using a hand held controller or virtual headset. It’s an incredible way to showcase property that you have never experienced before.
Not to be confused with virtual reality. The difference here is that virtual reality creates its own environment with a device. Augmented reality is similar; but delivers an artificial environment through your mobile phone or laptop. It adds layers on top of what you are already viewing.
- Suppose you are going to be welcoming a newborn into your family. You want to see if you like a particular shade of paint. Well augmented reality will allow you to superimpose a new color on top of the old. This is called superimposition based AR. Your client could be looking over your shoulder as you show him/her its particular uses.
- Or maybe you are ready for a kitchen renovation. Your contractor will be able to who you a finished product. Wouldn’t it be great to see the end result before they have even begun their work!
Now you can see how something will look without even having to get the paint wet! Think about all the potential uses for this in real estate.
Zillow and Refin
These mammoths companies have certainly help redefine they buying and selling of residential homes. Users can get so much data that used to be unavailable, and the ability to list and sell their home on their own. Some of these include the following.
- Current home listings and pricing
- Previous selling data
In many ways, consumers today could potentially sell their home without having to pay realtor hefty realtor fees. Really, do realtors really merit their commission when the homeowner could potentially do it on their own?
For example lets say you list your home for $400K. If the buyer’s agent and seller’s agent collect 6%, that equates to $24 thousand dollars in commissions you pay.
If you were able to upload photos and negotiate the selling price on your own, you could eliminate 3% of the fee!
Keep in mind that in no way is the traditional buying and selling of homes going away anytime soon. These are merely conveniences that help streamline the entire process. Real Estate agents are valued representatives, and assist buyers and sellers throughout the process.
What should technology have solved in real estate that it hasn't yet?
The big websites like Zillow and Trulia put up a ton of data and listings. But is it really accurate? What if their data is wrong? Would anybody even know? These big companies have been trying to get rid of the middle man for years. The unsolved problem is how to do so. Most customers use real estate agents to buy and sell real estate. When will a technology company figure out how to disrupt this?
Vr technology use in real estate market?
Most prospective buyers want to see the listing in person. They also want to touch and feel the layout of the dwelling. VR is just a supplement.
I suspect very few agents have been successful in seling VR as a way to make purchasing or selling decisions.
VR might make sense if you are trying to ascertain if what furniture may fit in a certain space. Or how colors may come together and affect what and how the space. But very few people are going to spend hundreds of thousand off dollars on a home without seeing it in person.