Technology has constantly been changing the way humanity lives. Nowadays, you can do almost anything with the touch of a button. Industries worldwide are continually adapting to the new technological advancements of the world. Even with technology in real estate, there are technologies used nowadays that improve how people buy and sell houses.
Both real estate buyers and sellers should know the importance of these technologies and their effect on how people sell real estate in Pittsburgh. A person who knows the ins and outs of real estate technology can quickly assist their clients. In this article, we will discuss the importance of technology in real estate and how technology has changed how people sell real estate in Pittsburgh.
The Importance of Technology in Real Estate
Technology in real estate | Photo from Freepik
The future of real estate is digitization. The only way your real estate business will succeed today is by embracing this future and doing your best to learn these new technologies. In the end, the success of your real estate business will largely depend on your familiarity with the market and your capacity to change with the times.
Combining technology and real estate can help you save time, resources, and money in the traditional property management cycle. Additionally, the advantages apply to more than one group of stakeholders. In the current market, buyers and sellers can benefit from technology in real estate.
How Can Technology Improve the Real Estate Industry?
Technology improves real estate | Photo from Freepik
Technology has made significant improvements in the real estate industry. First, technology in real estate helps sellers and buyers manage their real estate business. There are hundreds of platforms online that can cater to any person who has a real estate business. These platforms help your companies grow.
The best example of real estate platforms are sites where you can list the property. These sites give sellers a broader reach when searching for buyers. There are also online applications that sellers can use for every aspect of their real estate business, from lead generation to management.
From the buyer’s perspective, buyers no longer have to look for newspaper adverts if they want a real estate property. They can go to the website and browse for real estate properties and look for properties that suit their preference. New technologies create an exceptional user experience.
What is the Most Innovative Technology in Real Estate?
Building Information Modeling
Architects, engineers, and contractors using BIM | Photo from Freepik
Building Information Modeling systems is one of the most innovative technologies in the past decade. Computer files called building information models can be extracted, shared, and networked. They facilitate the selection of a property. Before developing this technology, architects, engineers, and contractors had to work on a different building plan. Now the software will build the 3D model for you.
Drone | Photo from Freepik
Drones are also one of the best technologies that benefit the real estate industry. Everyone knows what a drone is, and today, this technology in real estate is used to give an aerial view of a real estate property. Drones enable us to see pictures of a property through human eyes and from very different points of view. It could help not to omit certain things, like roofs, because they were not visible or hard to reach.
Virtual Reality Technology in Real Estate
VR in real estate | Photo from Freepik
Virtual reality is a world made by a computer. The computer makes everything you see look real. Augmented reality is technology in real estate that adds computer-made images to what is already there. When these new technologies are used in real estate, you can tour a property even if you’re not there. Today, these technologies are used especially on pre-selling properties.
Property Listing Apps and Sites
Property listing apps and sites are the most helpful tools for real estate sellers. Because of property apps and sites, sellers and homeowners can now put their real estate property up for sale quickly. All they need to do is sign up, create a post, and upload pictures of the property on the site. These sites are also a gateway for a buyer and seller to communicate.
You don’t even have to go that far. Even Facebook now has Facebook Marketplace, where you can quickly sell your real estate property. It’s just like uploading a status update, but with a twist of putting up prices, specifications, and details about a real estate property.
How Did Technology in Real Estate Change the Pittsburgh Market?
Selling Real Estate is Now More Accessible
One of the best changes in real estate over the years is that you can now get all the information you need in a property when selling your house in Pittsburgh. As mentioned earlier, online real estate listings give the buyer unlimited access to real estate properties available. This makes selling easier for sellers.
Online real estate platforms can give sellers more audiences than ever. Real estate agents and property sellers are utilizing this technology in real estate today through social media posts, email marketing, and digital marketing. Real estate properties can get sold faster at this age because of these technologies.
Before the internet, only realtors had access to multiple listing services. Real estate buyers would have to search the newspapers or drive across a single area and look for a “For Sale” sign posted at the gate of a house. Nowadays, you can buy real estate property with only a smartphone.
Visuals Are More Important Than Ever
Human beings have always been a creature of the eyes. Most people would want something visually appealing. Before technology, people would have to go to the real estate property themselves to view the overall appearance of the property. Nowadays, people can imagine a property’s appearance even before going to the location.
Because of social media and other real estate platforms, you should take good photos of your property more than ever because potential buyers might ignore your property if the images need to be more attractive. This is why you should never take photos of the property using your phone camera and upload them online. The better option is to hire a professional photographer.
Potential buyers will only take seconds to decide if they want to purchase your property. The gateway for your real estate sale nowadays is the photos you take. Almost every real estate seller nowadays is presenting their properties in the best possible way. Because of technology, you should adapt to this culture.
It is Easier to Compare Prices Now
Real estate sellers should now have to think of better selling points when selling their real estate property in Pittsburgh because of technology in real estate. Nowadays, tech-savvy buyers can easily narrow down their online searches when looking for a real estate property in Pittsburgh to purchase.
Most property listing apps nowadays have search filters. Buyers can now dictate the number of bedrooms, location, amenities, and price range among other categories when searching for a real estate property. Yes, technology has allowed more buyers to see your property. However, it gives buyers a wide range of options as well. Buyers narrow down specifications when searching for houses.
Let’s say you have a three-bedroom house with a pool at Regent Square and there are 1000 property buyers in the area. If 100 of those are looking for a two-bedroom house, that leaves you with only 900 buyers. But what if 300 of those are looking for a backyard instead of a pool? Then that leaves you with 600 buyers.
Among those 600 buyers, everyone has a specific price range for a house. Let’s say you are left with 300 possible buyers. There are other properties in the area that can compete against you. The question is, how does your property stand out to the point where buyers would consider buying your house?
Real Estate Sellers Now Have Real Time Data
Business presentation on a laptop screen | Photo from Freepik
Real estate transactions are now much faster and don’t have to deal with problems caused by distance because of technology. An experienced agent uses this information along with dozens of other factors to use market data. Because they have so much experience, real estate agents know how to set the right price to sell property.
Local and national market trends affect the price, as do nearby building projects and the prices of the most recently sold homes that are most like yours in size and features. If you know that your home won’t pass the inspection, there are other options and of them is selling your house as is to cash house buyers like Buys Houses.
Key Takeaways for Technology in Real Estate
Technology will always evolve and the real estate industry should always adapt. Businesses that know how to use the latest technology will grow faster than the others. Real estate sellers should always adapt and make sure that they catch the eyes of every potential buyer with their posts and selling points.
We at Buys Houses are a full-service consulting firm for real estate. We buy houses fast or help people find other ways to sell their homes. BH can help people in tough situations sell their homes in a number of different ways. Find out more about why it’s a good idea to work with Buys Houses. Contact us now at 412-561-9833 today.