Whether you want to say it was the COVID-19 pandemic or the market is changing with the times, real estate is embracing various forms of technology to get the job done. The combination of technology and the real estate industry has led to a new industry called proptech. This industry has appealed to investors more than the average consumer, but that could change in the near future.
Let’s take a look at a few areas proptech companies offer services and how they’re changing the housing market.
Listing and search services
If you’re like other buyers, house hunting has probably started online via house listing and search services. These services allow agents to upload properties they are trying to sell and a potential buyer can browse properties and use filters to find homes that fit their needs.
Listing and marketplace companies are fine and well, but they’re not helpful to buyers if the property’s listing doesn’t have property information. With the help of machine learning and AI, a property’s information is gathered and analyzed so that the end client is easy to consume and understand. For the average buyer with no real estate experience or knowledge, this is a godsend!
COVID-19 has shaken real estate in a way that made realtors rethink every aspect of their business – viewings being one of them. That’s where virtual and 3D tours, digital floor plans staging have come into play. Instead of the seller having agents and potential buyers walk through the home, the agent can upload a video touring the home. If a client is interested in viewing the home after seeing the virtual tour, then they could arrange a physical walk-through. Digital staging and floor plans can give the buyer a look at how their furniture will fit in the home and if they were thinking about changing the floor plan, these programs can help them do that.
You can use listing sites to find houses, but it’s always a good idea to find a realtor who is familiar with your local market. An agent matching company like Homelight can compile a list of top-rated agents in your area and uses AI to analyze an agent’s transactions and reviews to pair you with an agent. When you combine tips for interviewing a real estate agent and agent matching programs, finding that perfect agent is a whole lot easier.
Mortgage and financial tech
Mortgage and finance tech provides both buyers and sellers with tools that’ll help them figure out their finances. A home affordability calculator can be used by the buyer to see how much house they can afford in a given area, their estimated mortgage payment, and how much they’d need for a down payment. Sellers can use a net proceeds calculator to see how much profit they could earn when they sell. There are a lot of tools available that’ll better prepare you for your foray into the real estate market.
Have Proptech reshaped the real estate industry for the best?
No matter where you look, doesn’t it feel like technology has invaded every aspect of our lives? These technologies have made life easier, to be sure, but they also remove a lot of human contact that is typical of the industry. Proptech companies can start off focusing on one or a handful of services, but as more of them expand their offerings, they could be your one-stop shop for all of your housing needs.
Who wouldn’t like a simpler, more convenient real estate experience? We know we do!