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Technology Has Changed The Real Estate Industry

Technology has changed the real estate industry

I have worked in the real estate industry for almost 30 years. Real estate has gone through a lot of changes in that time. Technology changes have been so impactful not only for real estate agents and brokers but consumers also.

Some of the notable changes are:

Online Listings 

At one time, real estate agents used books published by their local multi-list system to find houses to show to their clients. Next came the use of computers and dot-matrix printers. We went through tons of continuous feed paper as we searched for updates to that lovely book of available homes. When real estate listings were finally shared on the internet with the public things changed. Homebuyers and sellers now had access to the multi-list. Many buyers became overwhelmed when they did a home search. Real estate agents still need to evaluate the properties to show a buyer because although hundreds of homes may show up in their search results, only a few meet the buyer’s requirements. Statistics show the average number of homes is 10 before the buyer finds “the one.” The average number of homes can be affected by the area and the market conditions.

Mobile Apps

The use of mobile devices has allowed real estate professionals and consumers to have access to the most up-to-date information in the palm of their hands. Many real estate platforms and websites provide information to consumers. The Multi-list provides agents with an app that allows them to access real estate information and open doors for their clients. 

3-D Virtual Tours

Virtual tours allowed consumers to see the interior of a home without stepping foot into the home. The original virtual tours were no more than the still pictures set to music. 3-D virtual tours are created with a special camera and allow the buyer to virtually walk through a home.

Software

There are so many software platforms that have helped real estate professionals manage their businesses better. A Rolodex or index card system were used to manage a database of clients and follow-up systems. Now automation helps agents stay in touch with their contacts on a regular basis. Writing contracts, managing closings, and a number of other tasks are easier today with the use of various software programs.

E-Signing

Contract management platforms have automated the offer writing process. All contracts and supporting documents needed to be prepared when a buyer wants to make an offer can be loaded to the platform and signed electronically by all parties in the transaction. Once signed, the contracts can be submitted directly to the title company if the title company has adopted the technology. We have come a far way from the days when an agent would be out all hours of the day and night writing offers, getting signatures, and delivering offers. 

Artificial Intelligence

We don’t have robots showing houses, yet. But, artificial intelligence is being utilized in many ways. Machine learning is utilized to help recognize patterns that can help in many areas, like predicting up-and-coming neighborhoods. AI is also used on websites to help answer questions. Title companies are also adopting AI to help keep parties updated and answer questions through the closing process.

We have come a long way in the real estate industry in regards to technology.

The SAYHAY Team is eager to learn new and better ways to provide outstanding services for our clients. Training and education are priorities for all team members including our administrative staff. If you are thinking of buying or selling, contact us at 412-755-3600 for a free consultation.

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