Technology and real estate – a well-made match, or not?

real state technology
real state technology

Technology, once touted as revolutionary, is now also being touted as a menace. Thankfully, state governments around the world are doing their best to maintain a balance between life and technology. In all honesty, there are many who are not completely Luddites yet but are despising how tech has hurt their lives, especially bosses calling after work hours to get something done.

Toronto is a technologically advanced city. Unfortunately, like the rest of the world; it was brought to its knees because of the COVID-19 pandemic. Though the city is open but not completely because strict COVID-19 regulations are place; technology came to the rescue of businesses. Yet, many are still closed and are facing permanent closure.

This has hence created controversy in the government’s decision to keep cities shut as thousands of lives have been devastated as well as livelihoods. The real estate sector survived thanks to technological advancements. Now let us discuss them in brief detail.

How did real estate industry of Toronto save itself during the COVID-19 pandemic through technology?

When people could not visit properties in person, they had to see them through video calls. For some properties, only their virtual layouts were shown to people. This hardly could convince the normal buyer but those who were in need bought properties after careful monitoring.

For real estate professionals, it wasn’t that easy; constant sanitizing, face masks and a lot of rounds to make sure the property is properly staged and locked, plus the daily reporting made their routine all but stressful.

Video conferencing, social media, remote working have helped real estate survive the harshness of COVID-19. Though real estate technology will never be able to completely replace a real estate agent, there are certain resources that can be utilized to narrow down the search of technological options helping real estate agents.

Social media networks and their marketing modules

This has become one of the primary targets of real estate marketing professionals and needs. Undoubtedly, social media marketing has been (and continues to be) effective in raising brand awareness with billions of active users around the world.

Social media is also an excellent platform for communication with target customers and generating leads for real estate business. Keeping up with the latest trends is an important factor when it comes to having an online presence standing out from the rest.

Facebook, Twitter, Instagram and LinkedIn are among the most popular social media platforms that are used when promoting brands. Social media ad campaigns on Facebook and Instagram are gaining popularity as it helps marketers set a target audience based on age, gender, location etc.

LinkedIn and Twitter are platforms that give focus on the business to business aspect in searching for and connecting with the correct individuals in this aspect.

Virtual Reality platforms for Real Estate

There are numerous different virtual reality platforms shaping real estate marketing for the good. Their development has helped make the lives of buyers and sellers as easy as possible. Here are some of them

Virtual Staging

Buyers should understand that not all homes are guaranteed to be staged. They often look for properties that they can see themselves living in and when the unit is empty, they feel no personal connection. An array of cost-efficient websites allows people to import pictures of an empty unit and furnish it themselves with virtual furniture to get a better idea of how it could be decorated.

As a seller, virtual furniture is not as appealing because not only is it not present when clients come to see the property themselves in person but also is not real.

Virtual tours and virtual private tours

Virtual tours are videos that showcase the best features of any home. A lot of tech companies have added virtual tours to both websites and apps. In fact, these videos soared in popularity in the past few months.

A lot of buyers also prefer walk through tours recorded by real estate agents because it provides an authentic in-home experience classified as a virtual private tour. These showings are one-on-one viewings for individual buyers either via FaceTime or another smartphone video software and have proven to be cost effective for both sellers, buyers and real estate firms in the industry.

Smart homes are likely to have more value

The term itself is a broad term used to describe any form of home automation. Home automation indicates the ability to control certain items around the house using either a voice command, a smartphone or another handheld device.

The National Association of Home Builders and Consumer Electronics Association reveal that homes having a certain smart home technology either fully automating their home or doing it to a certain extent can help homeowners raise the sales price of their property anywhere between 3 and 5 percent.

p class=””>Also, 81% of people having smart home devices said they are more likely to buy a home (be it a townhouse or a condo) having similar smart home technology.

Real Estate and other relevant Apps

People driving through neighborhoods or looking through newspaper classifieds to check property listings is now out of date. Searching for listings is now done online and with emergence of apps, websites are now left behind.

Apps have made the process simple, smooth and easy. Other than that, numerous real estate firms have developed processes making the search for a home much easier. Among them are Calculators and Maps for Average Monthly Sale Price.

Conclusion

At the moment, technology is going along nice with real estate. However, such technology is unable to completely replace the physical real estate journey a customer goes through to purchase a home. We all are hoping that the pandemic ends soon so everyone can be back on track.