With the constant evolution of technology, it can be hard to find a single industry not impacted by this powerful force. Technology has permeated nearly everything an individual does during the day. The temperature of your home, the way you order dinner, or even the way you monitor your sleep has all been changed by technology.
Many businesses are finding that their former business practices had to be changed significantly in order to take into account the efficiency and increased requirement for technology. One industry that has been remarkably changed by technology is that of real estate. The act of buying a home is no longer as simple as driving past a sign and looking inside. Included here are a few ways that technology has altered the home buying industry.
One of the greatest ways technology has altered real estate is that homebuyers are now able to view an incredible amount of available listings in much less time. Imagine if you still had to drive around neighborhoods to find homes for sale? The process would be incredibly time-consuming and nearly impossible in a cross-country move.
Technology allows homebuyers to view photos of homes, previous sale prices, estimated values, tax assessments, neighborhood appearance and crime rates as well as homes that may not even be on the market yet. That’s right, homes that are due to foreclose can actually be seen on sites like Zillow with estimated auction prices.
Real Estate Appraisers
Another area of real estate altered by the digital age comes into play when you look at the appraisal process. In the past, appraisals may be time-consuming and inaccurate, but modern technology has allowed laser accurate measurements and values offered. Additionally, Google maps offers an updated satellite image of the home for appraisers to do a quick evaluation.
For instance, if you had installed a large in-ground pool but not claimed it with your insurance company or appraisal office, they would be able to see that pool on a satellite image and increase your home’s appraisal value. Alternatively, if your home was beginning to look like a junkyard out back, your appraised value could go down based simply on satellite images.
Continuing along the satellite image theme comes the way many other businesses utilize technology for home maintenance. One way roofers are using the satellite imaging is to establish roofing quotes for homeowners without even visiting their home site. They are able to take measurements of the roof from a satellite image and establish a quote.
Have you ever received a mailing from a realtor that states “I am never too busy for your referrals”? This is because many real estate agents are highly dependent on positive word-of-mouth assessments. Technology has now allowed much of that referral and recommendation process to go digital.
Imagine if one happy client posted a review of an agent on facebook. That review would give the agent a positive referral to hundreds of potential clients. Social media allows much greater outreach to consumers as well as increased possibilities for relationship building.