Real estate has always been a sign of wealth, and this is particularly common for many homeowners in the U. S. Many areas of business expand as technology advances. In comparison to a decade ago, real estate marketing platforms have changed significantly, introducing alongside them a slew of emerging innovations.
What Impact Has Technology Had on Real Estate?
According to studies, more than 90% of purchasers use the Web for their property hunt! Unlike previous generations who relied on newspaper advertisements and “For Sale” banners, today’s customers have exposure to thousands of properties with the swipe of the touchscreen device.
The following are ways in which technology has prompted the real-estate sector to grow over the years;
Then: Calls or going into a brokerage were the viable options.
Now: Even today, some folks use phones or go to the office. They can also connect via text, mail, Skype, Messenger, or Twitter.
2. Property Search
Then: The agents worked with large, thick books that agents updated daily.
Now: Searches are conducted on third-party platforms such as Realtor.com and Zillow.com, and agent websites.
3. Property marketing
Then: It was as easy as snapping a few photos, noting down the property details, and organizing a slew of buyer exhibitions.
Now: Marketing takes place on websites like MLS or Zillow, Youtube, Facebook, etc. Promoting property on social media always results in new customers, making it a huge factor in marketing. Because of the Covid 19 epidemic, more agents are embracing social media to cover the services they offer to their buyers.
4. Real estate education
Then: Clients had limited knowledge of the market, desired properties, and the purchasing and selling procedure. Their agent handled everything.
Now: A simple Google search yields a wealth of info.
How Did COVID 19 Impact the Real Estate Sector?
As many would not know, the pandemic has also affected the real estate sector. What caused this to happen? Let’s have a peek at it. Malls, restaurants, and businesses got offloaded in record time in March 2020. The stock market plummeted, and employment vanished almost overnight.
The Delta variety gained hold in early 2021, and COVID-19 infections skyrocketed. Many people canceled their travel plans and were hesitant to dine in a restaurant or go to theaters. Employers postponed their intentions to return to work. However, the long and terrible economic decline that most people anticipated did not happen. The real estate market and the economy have recovered at record speed by early 2022. Output and jobs were back to pre-COVID-19 rates.
To most, the real estate demand may appear relatively unchanged and widespread. That isn’t the case. Some industries and enterprises have been permanently transformed. Buildings and other investments have outlived their usefulness, and property managers must now consider repurposing them. Hyperinflation of goods, manual labor, and supply chain bottlenecks (which hinder or stop manufacturing) is another economic stumbling block of the pandemic.
What should we expect now? One thing is sure: businesses must develop flexibility and respond swiftly to market developments.
Climate Change: Is It Worth Worrying About?
The west of the US has been troubled by catastrophic wildfires, record temperatures, and drought. Heavy floods wreaked havoc in New York City, Louisiana, and other parts of the globe, including China and Europe. Homeowners in high-threat places have had to pay extra for homeowners insurance due to climate change-related incidents.
Insurance firms are raising costs for individuals who are at risk of harm from climate change, similar to higher premiums for people in regions with high crime. What does this signify for the real estate industry? A lot. The industry is the leading source of global warming and greenhouse gas emissions. Buildings are responsible for up to 40% of worldwide energy consumption and carbon output.
Real estate managers and investors are privileged to help mitigate the most destructive outcomes of climate change. Climate change might appear to be an insurmountable issue that is impossible to overcome. Many people, though, are not convinced. It’s past time to stop denying climate change and start acting on it. The goal is to produce long-term benefits and value, not just sign a regulatory check.
Setting performance-based requirements in zoning rules are one approach to get somewhere, and then letting investors and other stakeholders sort out the practicalities is another. This is done by incorporating the current architectural green building designs.
From environmentally-hazardous architecture to sustainable designs, this is the route real estate is taking. Technology led to the massive development of the real estate sector. However, the environment suffered.
Fortunately, mitigation measures are being incorporated to combat the effects of climate change. This is a promising step towards a sustainable real estate future.