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The Evolution of Real Estate Technology

By Zach Parker | September 14, 2022

Many are aware that the real estate industry boomed in 2021. While there are many reasons as to why that is, technology in real estate certainly played a major part. 

Real estate technology has come a long way in a short time. It wasn't long ago that real estate professionals used fax machines and landlines to communicate with clients, and real estate transactions were handled with paper contracts.

Today, real estate technology has evolved to include smart phones, real estate robotics, and a host of other innovative technologies. In this article, we will discuss some of the most important advancements in real estate technology over the past few years.

How Technology Changed the Real Estate Industry

From how homes are bought and sold to how agents market themselves, real estate technology has made its mark.

One of the most notable changes is the way consumers search for homes. In the past, buyers had to rely on print ads and word-of-mouth to find properties for sale.

Today, they can easily browse listings online, getting a detailed look at properties without ever leaving their homes. Another big change is the way agents market themselves. In the past, agents would place ads in newspapers and hand out business cards to potential clients.

Today, they use social media, SEO, and other digital marketing techniques to reach a wider audience. There's no doubt that real estate technology has changed the industry's landscape - and it's here to stay.

Areas the Real Estate Industry Thrived

The real estate industry has long been considered a laggard in technology adoption. However, that is quickly changing as new technologies are increasingly being used to help streamline the real estate process.

From search and discovery to contract negotiation and closing, real estate technology plays a big role in making the industry more efficient and effective. Here are just a few of the areas where real estate technology has a significant impact:

Search and Discovery

In the past, finding a new home or piece of property was a time-consuming process that involved combing through classified ads, driving around neighborhoods, or working with a real estate agent.

However, today's homebuyers can easily search for properties online using tools like Google Maps and Zillow. They can also get instant access to detailed information about any listing, including

  • Photos
  • Price history
  • Property details

Contract Negotiation and Closing

Once a buyer finds a suitable property, they still need to go through the process of negotiating a purchase contract and then closing on the deal. This can be a notoriously paperwork-heavy and time-consuming process.

However, many real estate startups are now working to streamline this process by providing digital contract management tools and electronic signing capabilities. This makes it easier and faster for buyers and sellers to complete transactions.

Property Management

Another area where real estate technology is having an impact is property management. There are now many software platforms available that offer landlords and property managers an easy way to track:

  • Rental payments
  • Maintenance requests
  • Tenant issues
  • And more

These platforms also make it easier for tenants to submit maintenance requests or pay rent online. As a result, real estate tech is making it easier for everyone involved in the rental process to stay organized and on top of things.

Real Estate Technology to Keep an Eye On

As real estate technology continues to evolve, there are a few key trends that you should keep an eye on. First, virtual reality is starting to be used more and more in the real estate industry.

This technology allows buyers to take "virtual tours" of properties before they ever step foot inside them. Real estate agents also use it to create immersive listing videos that give potential buyers a real feel for a property.

Real Estate Robotics

Another big trend to watch is the rise of real estate robotics. These robots are being used to help with tasks like:

  • Property inspections
  • Showing houses to buyers
  • Delivering keys to new tenants

While they're still in the early stages of development, real estate robotics hold a lot of promise for making the real estate industry more efficient and effective.

Smart Phones

It's also worth noting that smart phones are playing an increasingly important role in real estate. More and more real estate apps are being developed that allow users to do things like:

  • Search for properties
  • Get real-time market data
  • Complete transactions

As the real estate industry continues to go digital, smart phones will become an increasingly essential tool for buyers, sellers, and real estate professionals alike.

The real estate industry is evolving rapidly, thanks in part to the increasing adoption of new technologies. From search and discovery to property management, real estate tech is making it easier and more efficient for everyone involved.

AI and Big Data

Two other big trends to watch are AI and big data. These technologies are starting to be used more and more in the real estate industry to help with things like:

As real estate companies increasingly adopt these technologies, they will be able to gain a competitive edge and provide even better service to their clients.

All of these real estate technology trends are worth keeping an eye on, as they are sure to have a big impact on the future of real estate technology.

Internet of Things

One final real estate technology trend to watch is the rise of the Internet of Things. This refers to the growing number of devices that are connected to the internet, including things like

These devices can collect data about a property and its occupants.

This data can then be used to help with things like:

  • Energy efficiency
  • Security
  • Maintenance

As more and more real estate companies adopt the Internet of Things, it will become an increasingly important part of the real estate ecosystem.

Real Estate Technology: Get Started Now

Now is the time to start if you're not already using real estate technology in your business. There are several different real estate tech platforms and solutions out there, so it's important to do your research and find the one that best fits your needs.

Are you looking for more news on technology in real estate? Browse our technology section now!

Zach is a digital marketing expert, solopreneur, and Owner of ProSource Media. As a crypto holder and owner of several investment properties, he closely monitors market and data trends in both real estate and blockchain. Zach covers Market Watch at Realty Biz News
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