6 Ways the Internet Has Changed the Real Estate Industry
According to Pew Research, 90% of Americans under the age of 65 use the internet. Nearly every aspect of how Americans work, shop and play has been impacted by this technology and the real estate market is no exception. Here are six of the ways the internet has changed the real estate market.
Real-Time Updates
When print media, such as the local newspaper, was the primary medium for real estate listings, a listing could only be changed whenever the next copy of the paper was printed, which might be as much as a week in some markets. Most online listings can be updated at any time, making it much easier to modify ad copy that isn't attracting buyers, update the price, announce an open house or let potential buyers know that the property is no longer for sale.
Whether you choose to work with this commercial real estate marketing agency or do some research online, you will be able to receive real-time updates on properties that fit your needs and preferences. This increased speed of information has made the process more efficient for both buyers and sellers.
Mobile Information
Smartphones allow buyers and sellers to access a wealth of information from almost anywhere. This means that if a buyer is driving around and spots a for sale sign, rather than having to jot the number down and then call during business hours when they get to a landline phone, they can immediately access the price, features and other information about the home on their mobile internet. Mobile internet also makes it easy for real estate professionals to look up information on the fly when showing a home to a prospective buyer.
Buyer Access to Online Listings
Before the internet, buyers were largely reliant on newspaper classifieds and real estate agents to find out what homes were for sale. Real estate professionals relied on printed copies of MLS listings to look up information for buyers and come up with suggestions. Today, buyers can easily access real estate listings through a variety of online resources. This allows buyers to get an idea of what properties they are interested in looking at and bring a list to their real estate agent, saving time and reducing the chances of agents showing buyers properties that they have no interest in. Most online listings have the price, features of the home, tax information, photographs and other useful information that allows buyers to prescreen a listing, increasing the chances that any home they go to look at will be one they are interested in buying.
Increased Productivity for Real Estate Professionals
The internet has made the process of selling real estate more efficient for real estate professionals. Because it is so much easier to communicate with potential buyers and sellers, the internet has taken much of the footwork out the process. Agents no longer need to get in their car and drive to someone's home to present an offer or get paperwork signed. They don't have to search through ponderous books to look for listings. They can easily take digital photos of properties and immediately put them on the internet for potential buyers to view. They can use the Internet as a Leasing Tool, an advertising medium, a way to pre-qualify buyers for financing and much more.
Beacons
The Internet of Things is a network of interconnected devices that communicate with each other. One of the tools the IoT has brought to the real estate industry is beacons. Beacons are small, Bluetooth enabled devices that can transmit a URL. Whenever someone with a smartphone comes in range of a beacon, they get a notification that a beacon is available and can choose to interact with it. This means that by placing a beacon in a home that is for sale, anyone within range with a smartphone can be alerted that the house is for sale and receive information about the property if they choose to interact with the beacon. This essentially allows a home to sell itself to potential buyers.
Social Media Marketing
Social media platforms allow real estate professionals to reach thousands of potential buyers for free. Agents can post links to their listings, announce open houses, answer questions and find potential buyers through social media. They can also share photos and videos of properties for sale to entice buyers.
The internet has made the process of buying and selling homes easier and more efficient than ever before. With new advances in technology happening daily this trend is likely to continue for the foreseeable future.
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