technology real-estate industry changes

Technology at the Center of Real Estate Industry Changes

August 17, 2018

The real estate industry is said to be valued at about $217 trillion. In such a huge industry, one would think that they would be ahead in the technology department. However, the real estate industry has actually been reluctant to incorporate technology to its full potential. It seems that this industry preferred to go the traditional route. This is changing though, as many real estate agents are starting to realize the advantages of this technology.

Here are a few technologies that have sparked changes in the real estate market:

Virtual Reality

As more millennials are entering the housing market, many real estate agents are realizing that photos of a property are no longer sufficient. Homebuyers want to see 360-degree photos of the space, allowing them to get a better idea of what the property is offering. Some realtors are taking this a step further, by incorporating virtual reality. This provides clients with immersive 3D virtual property tours, allowing them to actually navigate the space as if they were there in person. This eliminates the need for clients to schedule and go see the property, since they can just use a virtual reality device in their home. As a result, this shortens the time it takes to complete the home buying process.

The Cloud

A technology that is streamlining the closing process is the cloud. This makes it simple for clients to submit important documents, fill out applications, and even sign the lease. Rather than finding a time in which all tenants in a property can meet with a realtor and sign documents, they can use their electronic signatures. This makes the entire process faster and easier for everyone involved.

Blockchain

By now, everyone has heard of bitcoin and other cryptocurrencies. This is a technology that has just started making its way into the real estate industry. It makes sense, since it provides security, transparency, and efficiency, which is definitely important for all parties involved in a real estate transaction. It would allow clients to track the progress of their application for a property, making it less likely for agents to do anything shady. In addition, it would make clients feel confident that their private information, such as social security numbers and bank statements, are safe.

Change is Good

While the above technologies are just starting to make their way into the real estate agency, we can expect them to be incorporated in more ways in the future. Thanks to advancements in technology, the real estate industry is changing for the better.

Lakeside Title Is Here to Serve You!

Lakeside Title provides title insurance and numerous title-related services, all while making sure your transactions and funds are protected and secure. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers, and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!

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