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Ways Technology Can Help the Real Estate Industry

Real estate sales increased during the pandemic after the government reduced interest rates to spur the economy. But the high demand for homes and low housing supply caused home prices to go up. This tempered demand and sales went down a year after the start of the health crisis.

Despite the situation, real estate stakeholders continue to leverage technology to increase sales. Technology helps them stay safe amid a surge in the number of cases in different parts of the country. Here are some ways real estate stakeholders can use technology to increase sales in the middle of a pandemic.

Use Mobile Technology

Mobile technology revolutionized many industries, allowing consumers to access services using their mobile devices. The increasing number of smartphone users highlighted this situation. With around 85 percent of US adults owning a smartphone, it’s safe to say that many of them use the device for personal transactions.

Many businesses created apps that allowed them to connect with their market. These apps facilitated access to the products and services they offer in the market. These apps’ convenience also encouraged consumers to use them for their daily needs.

Potential property buyers are also using apps to look for houses in the market. These apps allow them to connect with property owners who want to sell their homes. They also allow buyers to check properties before they reach the online marketplace. Using these apps makes it easy for buyers to look for properties they want to buy.

Conduct Virtual Home Tours

The pandemic forced people to stay home to avoid getting infected by the virus. The situation affected the real estate industry since many potential buyers prefer to check a house before buying it. But technology helped the industry to hurdle this obstacle.

Real estate professionals can conduct virtual home tours to allow potential buyers to check a house before deciding. Virtual home tours increased since many people were wary about going out in the middle of the pandemic. And even after the situation improved, virtual tours remained popular due to the convenience they offered to buyers and sellers.

The technology also allowed buyers to check properties located at the other end of the country. It can also facilitate home tours in the middle of winter when people would rather stay home than go outside into the cold.

Conduct Virtual Home Staging

Aside from virtual tours,virtual home stagingalso became popular during the pandemic. Home staging allows potential buyers to visualize properties with furniture. It continues to play a significant role in the home buying process.

In the past, real estate professionals physical home staging. But the pandemic made it impractical since it increased the risk of getting infected by the virus. Due to this, real estate professionals shifted to virtual home staging, where they used digital technology to add furniture to pictures of bare homes.

Virtual home staging was also cheaper and convenient. It also increased the chances of selling homes in the market. The practice was also faster than physical home staging since it did not require moving physical furniture inside a home.

Use Drones for Images and Videos

Developments in technology helped the real estate industry as it made it affordable and efficient to take images and videos of properties from a bird’s point of view. In the past, real estate professionals used aircraft to take these images and videos. But the entry ofunmanned aerial systems or dronesmade it easier and affordable.

Showing an image or video of properties from the air is a good way to make the properties interesting in the market. It also attracts potential buyers who want to see the property from a different point of view. Using drones also increased the trust level of real estate professionals in the market, especially if they use the images and videos on their property listings.

Automate Administrative Processes

Automation is another technological innovation that increases productivity and efficiency in different industries. It allowed professionals to focus on other aspects of their business since they do not need to work on repetitive administrative tasks.

The real estate industry alsobenefitedfrom the technology as it allowed them to work on tasks that required critical thinking. They can use automation in different areas in the real estate industry, including sending promotional emails, lead generation, leadsynching, and transaction management.

Some online tools even help real estate professionals with property inspection tasks. Additionally, automation can help manage repetitive financial transactions within the industry.

The use of technology in the real estate industry increased during the pandemic since it allowed professionals to promote properties in the online marketplace.

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