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How is Technology Changing Real Estate?

Advancement in technology has benefited many industries. From education to supply-chain, almost every sector has reaped the benefits of employing high-tech systems and codes, and the world of real state is no different. Technology advances in real estate have made the process of home-buying and selling more reliable and less time-consuming.

Now searchers don’t have to personally go and look for houses for months in hopes of finally finding one that will fit their wants and needs. Because of the internet and its ever-increasing impact, homeowners, tenants, investors, and dealers can easily access all the information they need quickly and in their own time.

The details available on any one property are much more extensive than before the internet and generally more updated. Now searchers can find a property’s asking price, dimensions, selling history, amenities, and a lot more from their personal computer.

Even though there have been many changes in how the housing market works thanks to technology, there are a few that have had the biggest impact. Here are the top four technology advances in real estate that have changed the landscape of the field.

 Real Estate Big Data

The real estate business depends on information. From recent updates to the neighborhood water supply to walkability, there is a large well of data that property buyers and agents want to get their hands on before making a purchase decision. Traditionally the only way of getting this information was requesting paperwork, making phone calls, and making personal visits, which is labor-intensive and time-consuming.

Thankfully the internet has changed all that. Now gathering very detailed information on many properties can be done quickly and from the comfort of your own home. Agents no longer have to place multiple phone calls and visits to find answers, they now can simply search an online report by reputable data-gathering agencies such as Zillow or Redfin.

Due to the online presence of data on housing communities, investors, property managers, and potential home buyers can find out historical and real-time trends of a district in a fraction of the time. People can now learn about a place’s crime rate, building systems such as HVAC, utilities, and other necessary intel to help them make an informed decision.

Furthermore, real estate systems allow property managers and agents to stay more organized with clients’ contact information and specific needs. Having a database of all the clients together makes verification easier, and property dealers also get the added advantage of getting references on any potential clients if need be.

Unified data makes the real estate market one unit, which reduces the chances of property frauds and scams and makes the process overall much easier.

AI and Machine Learning for Real Estate

Artificial intelligence is another advancement in technology that seems to have touched every sector of business, and real estate is no exception. AI technology in real estate had been doing the rounds for a while, but in the last few years, it has made some breakthroughs. Previously interested potential property owners were targeted through ads based on price, location, and the size of the property alone, but now due to advanced algorithms and machine learning, prospective clients are attracted based on many different aspects of their personal tastes and value.

Proptech is using AI marketing, which allows it to match with customers on their unique needs and preferences rather than just the general dimensions or location of a property. Thanks to the survey technology, people can enter their likes and dislikes into a real estate portal once and then be notified every time there is a listing of their interest.

But that is not the only impact of technology in real estate. Going forward, top real estate agents expect AI systems to predict future pricing trends accurately that will allow buyers to make informed choices to promote good investments. By carefully analyzing current market conditions and past trends of an area, code-driven systems will be able to make more accurate price predictions, helping investors and community owners in decision-making.

Virtual and Augmented Reality

In-person, house tours are what hold up the housing business, but at the same time, they can delay transactions. Thanks to virtual tours, now property dealers can show houses to potential buyers via the internet. Scheduling issues, conflicts, and distance can make visiting a property in person tough and can prolong the entire house-buying process. For those that are unable to schedule an in-person visit, virtual tours are a great option. Interested buyers can view their future homes via screens and forgo the idea of visiting the place in person.

According to a survey by the National Association of Realtors, most people look up properties to buy online as a first step. By getting the option to view a place online as well, people get to speed up their house hunt and come to a decision faster. They don’t have to wait for an open house or coordinate schedules for a tour; instead, they get to go through properties by just clicking on a button wherever they may be.

Virtual tours are exceptionally beneficial for people planning to move to a new state or city. They can look up, view, and purchase a house online without having to even visit their future state of residence.

The Internet & Boston Condos

The internet of things refers to a data-sharing system in which all the appliances and devices are connected. IoT is remarkable at disseminating information and keeping users updated regarding relevant matters everywhere.

In the world of real state, IOT keeps property owners and dealers updated on any development in the neighborhood, which allows them to take necessary actions in real-time. By knowing about a glitch in their property systems as soon as it happens, property managers can fix the issue before the issue advances.

Apart from all these, block-chain driven smart contracts are also giving the housing business a new dimension. Thanks to this advanced system, real estate properties can be tokenized and used as cryptocurrencies like bitcoin. It’s an excellent way to liquidate housing assets in no time and make quicker transactions.

The traditionally ‘pen and paper’ business is getting digitalized due to technological advancements. Now all real estate transactions can be done online from start to finish because of the use of high-tech systems. If the experts of the field continue to rely on technology, then the chances are that the industry will become computerized entirely soon.

Buying  a Boston Beacon Hill condo is a decision like few others that you’ll make in your lifetime. In fact, you might even say it’s the first step in a new part of your life – especially if you’re doing it with a significant other. This goes for couples in any Boston neighborhood ; irrespective of the source you use to find that dream Boston condo for sale. You can use top-tier real estate agents in Boston, or technological means via the website either way,  – you’ve got a wide range of technical options at your disposal.

The Mobile App Revolution

If you’re like most people, then your smartphone is pretty much a constant presence in your everyday life. And with the technological explosion that these phones have experienced in the past decade or so, the availability of software applications has changed the way we shop for nearly anything – Beacon Hill condos included. In fact, there are some statistics that show nearly 70% of prospective Boston condo buyers use one or another in their search for new abode.

With that said, let’s check out some of the top apps that are in use by this new technologically-savvy generation.

Trulia Real Estate App

Trulia is one of the top apps used by consumers as judged by the eye-opening number of downloads on both android and iOS mobile devices. It’s also very user-friendly, and allows you to search for Beacon Hill condo, apartments, and Beacon Hill townhouses using any number of features. You can enter in your preferred location, the minimum and maximum size, your price range, and the availability of attributes that other people might find surprising.

Trulia offers a vibrant community – in which members compile pictures of the best Beacon Hill homes, and even provide contact details of their favorite listing agents. The detailed presentation extends to the general neighborhood surrounding the homes of interest. This includes schools, information on crimes in the area, and interactive maps that display up-to-date traffic information.

Digitally Build Your Own Home

This option isn’t as crazy or rare as it first appears – especially given the existence of complicated photo modeling software that can actually take images from a photograph and re-render it in three-dimensional fashion on a monitor. What’s the utility of this in so far as house hunting is concerned, you ask?

Well, what if you find a house in a magazine or somewhere else, and decide that this is what you want your next house to look like? Then, you can just take a picture of it with an ordinary camera, and try out the Accurate and Affordable 3D Modeling by PhotoModeler which will establish a realistic take on your vision – personal amendments included. It’s yet another way that technology is making things possible in our world that would have been difficult to imagine just a couple of decades ago.

Homesnap MLS Mobile App

One of the best online tools we’ve been using in the Boston condo market is the client-facing MLS, the Homesnap application.  The Homesnap app is a great resource, full of helpful information and real-time updating of properties. This app pretty much offers everything the other ones do, and more.

All in all, although the above apps barely scratches the surface of Beacon Hill condo search, it gives you the general idea of what’s available in order to begin your search. Good luck in your search for a Beacon Hill condo search.

Whether you’re buying a Beacon Hill condo or a Boston high rise condo please let me know if I can be of assistance. Feel free to stop-by my office located in  Beacon Hill at 137 Charles Street.

Boston Real Estate Search

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