How technology is changing the face of real estate

The rapid pace of technological evolution is extremely obvious to even the most oblivious of individuals, and our reliance on digital devices means there has been a surge in the production of smaller devices, such as smartphones and tablets, which allow us to stay connected at all times.

Our daily lives and interactions have become intertwined with technology and it now also dominates the majority or our professional and business transactions worldwide.

Businesses and companies have had to adapt to the constant changes in technology to keep on top of market trends and demands. Technological advancements have had an effect on many industries but one of the most profound comes in the real estate sector.

How has the real estate sector been affected?

The real estate sector has felt the effect of mobile device and internet advancements in three main ways.

1. Marketing and advertising

In the past, many real estate companies relied solely on signboard advertising and the odd well-placed magazine and newspaper advert, but in the wake of our increasing use of technology they have had to adapt their marketing and advertising strategies.

To rank well on Google, real estate companies have had to resurrect dormant websites and create search engine optimised (SEO) content that will help them rank better on the search ranking systems, and recent research showed that companies whose sites are not optimised for mobile use will rank much further down.

2. High street estate and letting agents

Our increasing use of the internet to find real estate has had a knock on effect on traditional high street estate and letting agents, with buyers able to do much of the research online. However, many people still prefer to have an agent involved in the process when making a decision to buy a house, and agents who build up an online presence are still expected to have high sales.

3. Buyers

It is now much easier for buyers to research the areas that they want to live in and many apps have been created to make the search as easy as possible. One example is Salford University who have recently introduced a Tinder-like app that allows students to find their perfect accommodation match.

Should I use a real estate agent or the internet when I buy my house?

This is entirely dependant on your personal preferences, however using a combination of online research and the help of a real estate agent may be the solution to buying the best option for you.

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Ben Rossi

Ben was Vitesse Media's editorial director, leading content creation and editorial strategy across all Vitesse products, including its market-leading B2B and consumer magazines, websites, research and...

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