As with any industry, the evolution of technology has caused dramatic changes in the way the real estate industry works. There are a variety of new technological advances and web platforms that have ultimately disrupted the way the real estate industry functions, which are discussed below.
Zillow, Apartment Finder, and other Online Platforms
Rental listing websites have provided a new, no contact platform for potential renters and buyers to review and consider property from the comfort of their own home. As the virtual marketplace has grown in the last few years, individuals are more inclined, first, to want to review property online and determine if they want to move forward with a proposal of interest from there.
AI, VR, and Machine Learning
Machine learning and advanced technology that allows individuals to visualize the area in which they will live, as well as target ads to potential buyers, have created a new and specifically targeted demographic for renters. Specific and targeted ads based on expected interest are now displayed online for individuals to peruse, potentially influencing their rental decisions.
Drones and Mapping Software
The use of drones and advanced mapping software allows potential renters to view, from the comfort of their home, the state, and condition of the neighborhood in which they are considering living. This will often heavily influence the decision of potential renters and buyers, as they are able to see what day to day life may be like in the neighborhood they are considering moving in to. This will often heavily influence their rental and buying decisions and provide them with an overview of what type of neighborhood they would, potentially, be moving in to.
While these are certainly only a few types of technology that have caused waves in the real estate industry, they are forcing those who work in the industry to change methods and adapt to current and changing technology. In most cases, this means moving rental and purchasing pitches to online platforms, increasing the quality of photography and staged homes, and ultimately trying to improve neighborhoods as potential buyers are able to see the reality of living in any area of any town.