It wasn’t long ago that realtors had to rely on fax machines and landlines to communicate with clients to get transactions done. So, what’s changed over the last few decades? The answer is the available technology. With the widespread adoption of the Internet, the rise of social media, and the increasing consumer demand for digital access, real estate agents have had to reconsider their strategies and find new, innovative ways to integrate technology into their business. So today, I’ve compiled how technology is changing the real estate industry, including some thoughts on what we can expect in the future.
Online Listings
The first and perhaps most obvious way that technology has changed the real estate game is the utilization of online listings. Previously, real estate agents would have to post flyers, mail out promotions, and individually reach out to contacts to try and find a buyer. However, today, prospective buyers can simply go online and look through a realtor’s online listings to see if any properties match their requirements. These online listings also allow consumers to gather information regarding the home, including the number of bedrooms, number of bathrooms, square footage, and more, so they can decide if they’d like to view it or not. Furthermore, many realtors have made it easier than ever to search through their online listings by adding a search bar where you can look up specific cities, communities, street names, or even MLS numbers.
Digital Marketing
Beyond the rise of online listings, digital marketing has become integral to every realtor’s marketing strategy. When applied to real estate, digital marketing simply means promoting and selling listings, leases, and other properties by advertising through the Internet, social media, and other digital formats. For example, anytime I post a ‘Just Listed’ or ‘Coming Soon’ for a property, that would be an instance of digital marketing. Digital marketing is so important because, according to Hootsuite, 96% of home buyers search for their dream home online. And the reality is that while some people will continue to look on Google, social media platforms are becoming an increasingly popular way for people to search and find properties. So, for my fellow realtors, the question remains: When was the last time you looked at your digital marketing strategy?
Virtual Staging
One technological advancement that I’ve been taking advantage of recently is virtual staging. Sometimes, my clients don’t have the time or budget to invest in professional staging, which is where virtual staging comes in. Anybody can utilize virtual staging in their marketing strategy when trying to sell their home, but I’ve found it incredibly useful with homes that are unfurnished or need a little TLC. In these cases, virtual staging can be used to show potential buyers what a property could look like with certain design elements, furnishings, and accents. For example, virtual staging allows you to transform a big empty basement into a games room, a spacious but unfurnished bedroom into an intimate paradise, and a boring common room into a space that makes people want to gather and spend time together. Virtual staging can also help a listing stand out, generate interest and showings, and ultimately help the property sell more quickly.
3D Virtual Tours
This list of technological innovations in the real estate industry would not be complete without mentioning 3D virtual tours. With the rise of the Metaverse and other augmented reality experiences, the real estate market saw an opportunity to apply this technology to 3D virtual tours, meaning consumers can now step into and view a listing before having to physically set foot on the property. This not only streamlines the house search process, but it also means that buyers can preview homes in a more ‘realistic’ manner (a 3D walkthrough versus just static pictures) before scheduling a viewing. Plus, it saves your real estate agent time and money because they will only be showing you properties that have made it through your preliminary review. Not to mention, it’s wildly convenient for buyers to be able to walk through properties virtually from the comfort of their own homes.
E-Signing
A final way that technology has helped streamline the real estate industry is through the creation of e-signing. Electronic signatures, or e-signing, has made the process of buying and selling a property much smoother because individuals no longer have to meet in person to provide their signature. But using DocuSign or Adobe Sign to complete a real estate transaction hasn’t always been legal. For example, in Ontario, home buyers and sellers have only been able to close their deals using e-signatures since July 1, 2015. Prior to that, physical signatures were required to complete a transaction. Regardless of its history, today, e-signing is a great option for out-of-province buyers, investors, or those who have limited time but still want to finalize a deal.
Final Thoughts
Looking ahead, I expect that these virtual trends will not only continue to gain momentum but will become (even more so) intrinsically interlaced with how real estate agents conduct business. Specifically, I believe that over the next few years, the utilization of augmented or virtual experiences (beyond simple 3D tours) will continue to make waves in the real estate industry. Why? Consumers want convenience without sacrificing too much of their time or effort. By creating fully immersive experiences that consumers can enjoy from the comfort of their homes, realtors can do more with less. In other words, they can ‘virtually’ show a house dozens of times using the same hosting tool or platform without having to physically go to the location and execute the showings in person. Therefore, these technologies are not only convenient for buyers but can save agents precious time, money, and effort while getting the deal done more efficiently.
So, if you’re searching for an experienced, reputable realtor in the GTA to represent you as a buyer or seller in your next home transaction, be sure to check out my featured listings and do not hesitate to reach out to me directly!
