The world has undeniably experienced a lot of growth and modernization, from areas like online shopping, banking, communication, and even health care. The real estate industry, however, isn’t progressing as much as other industries, with old-fashioned methods still mostly in use despite there being many revolutionary means of making things easier and better. How can we modernize the world of real estate?
Automation of Financial Transactions
Automation has become widespread, especially with regard to transactions that can be conducted online. One way of neatly incorporating this into real estate would be to automate the financial aspects of real estate transactions. For example, getting a mortgage can be automated by creating platforms where the process is carried out from behind one’s computer without having to go to the bank or visit a mortgage broker. Also, questions such as “How much can I afford to buy a home?” should be answered online without going to a mortgage broker or any bank.
Use of Smart Online Hiring Platforms
Historically, real estate has prospered via word-of-mouth referrals. However, smart online hiring platforms are proving even more effective than old-fashioned referrals. The major challenge here is that real estate transactions are often highly financially intensive, making the risk higher. Because of this, customers are more interested in looking through their options with a fine-tooth comb (this is the reason one-on-one recommendations are the go-to method for choosing a realtor).
With platforms like Wowa, however, you can choose suitable realtors from the comfort of your living room. The same is true for excellent freelancers, whom you can readily access through Upwork. It has been suggested that for these platforms to be maximally effective, they should have features of both online shopping and dating platforms. This is the exciting future of hiring platforms!
Invest in Photography Technology
A potential buyer should be able to get a feel for the property he/she is about to invest in. What better way to achieve this than through innovative photography? Using clear and breathtaking pictures in addition to sophisticated technology, one feels like walking directly into the building right from behind the computer (similar to Google Street View). In a couple of decades, when virtual reality has also been fully established, it will be a lot easier to visit all aspects of a property virtually.
Check the Fair Value of the Property Online
In the future, platforms should be able to evaluate properties online accurately. This would imply for both buyers and sellers that they would be able to get an accurate valuation for homes via the aid of advanced AI platforms after giving the address, answering a couple of questions (typically less than 30 questions), and uploading less than 50 photos from the property.
There are currently some platforms, e.g., Zestimate by Zolo in the US, that help real estate customers approximate property valuations.
The Use of Less Friction and Less Commission
As with stock trading, in which broker commissions have dropped significantly within the last 10 years, commissions for real estate agents have to drop to reflect the fact that buyers, sellers, and online platforms now do some of the realtor jobs. In 30 years, there might not even be real estate agent jobs as people would be making purchases from behind their laptops.
Wrapping Up
With other industries picking up the pace with regard to technological developments, it’s time for the real estate industry to become modernized, making transactions easier for buyers and sellers alike. With the automation of transactions, the use of online platforms to check out properties, less financial friction, and advanced photography, real estate can gradually become modernized.
