The fast-paced real estate world has come a long way from the days of paper and pen signatures on documents. As technology evolved, the process of buying, selling, and managing properties became more accessible and efficient. From the introduction of online listings to newer technologies that haven’t shown us everything they are capable of; we are looking at how far technology has come and what that means for users.
Pre-digital
Before the digital era, real estate transactions relied on traditional methods. Real estate agents were the go-to for property deals, and any information on listed properties could only be found in newspapers, classified ads, and brochures. If you were interested in buying a home, you had to spend the time sitting down and looking through physical pages for information, and when you found a property, you were interested in, you had to schedule a face-to-face viewing. Ready to buy? The contract is pen and paper and requires you to set up a time to physically sign everything.
Internet Rises
As the internet rose in popularity, the real estate industry shifted more and more to a digital presence. Online property listings emerged and grew in popularity, and eventually real estate agents could easily share listings across multiple platforms thanks to Multiple Listing Services (MLS). These digital listings are easily accessible to prospective buyers and renters. With photos in the listings, you could also get a good idea of the property before physically setting foot there. It was even possible to take a virtual tour for a more detailed look into the property.
Mobile Tech
Smartphones entered the playing field, and the real estate industry saw another change. Interested buyers and renters no longer had to be tied to a desktop or laptop to search for properties. You could be on the go and looking at your dream property right on your smartphone. Quicker communication was also possible now, and potential buyers could have the answers to their questions quickly via text or an on-the-go phone call.
Big Data
The rise of big data analytics has been a game changer for the real estate industry. Real estate professionals now have access to vast amounts of data, allowing for more accurate valuations, and market trend predictions, and can overall make smarter investment decisions. These data-driven insights enable stakeholders to navigate the market with confidence and precision.
Real Estate Software/Tools
As technology continues to advance, new real estate software has emerged. This ranges from property management programs for landlords to lending software solutions like Bridge Loan Network’s Loan Management System for brokers. No matter what the software is for, the goal is to make everything as simplified as possible, with all the information you need in one place, and accessible anywhere you are.
Artificial Intelligence
AI-powered tools have begun emerging and will continue to as we learn more about where to use them. You may have already seen AI in use, ranging from property search recommendations to predictive analytics. Popularity will continue to grow with this tool, and as AI is continuously being adopted professionals can use it to analyze property photos to add tags to the listing, assist landlords with rent pricing, and even identify potential fraud in real estate transactions. AI continues to advance and is expected to change how we buy, sell, and interact with properties and other real estate professionals.
Looking Ahead
At Bridge Loan Network, we recognize the advantage of staying at the forefront of technology. As the industry evolves, so do we. We push to incorporate cutting-edge technologies, such as virtual customer support, comprehensive rehab budget analysis, and secure payment collection to ensure seamless and transparent transactions for investors. As we look ahead, we are excited about the possibilities that lie ahead and the positive impact they will have on real estate professionals.
