After four weeks discussing different niche technology applications within the real estate industry, this week we wind down our Tech Impact Series with a final summation for now about real estate investment in the digital age that is 2018.
Consumers Connect Through Tech
Consumers now approach house hunting digitally. Apps, Multiple Listing Services and Artificial Intelligence and VR make it possible to commit to the home search without leaving the comfort of your current abode. While this era of connectedness brings a lot of opportunities, it also requires realtors and investors alike to stay on their toes and informed about new listings since there are more eyes on a property, the faster it seems to sell off the market. While these advancements have expedited the rate at which we do business, it also makes it more seamless. The flip side of accessibility is more particular buyers. Consumers know what they want, and they know it’s out there.
Of course, it’s not as simple as just pushing it online and waiting for a millennial to jump on it. Effective real estate digital marketing requires strategy. As Cindy Ambuehl highlights, “The days of people only finding properties in the newspaper are over; now all generations—not just millennials—are searching online on all of the additional property websites. It is extremely important to not just understand technology, but to also understand the market.”
As described on Huffington Post, “With almost all home-buyers and renters today starting their searches online, real estate search websites and apartment finders such Canadian based apartment finder and real estate marketing website RentSeeker.ca and Zillow.com, Apartments.com, and Realtor.com in the U.S., have been seeing a lot of investor demand and acquisitions.” It’s an important distinction because now potential buyers and investors have access to a first look before they even enter a home. As a result, how a listing is represented online bears a lot more weight than it did before. Photos and descriptions matter.
Rentals at a Higher Level
The real estate bar only continues to rise and as a result, so do tenant’s expectations. Just because their stay is ‘temporary,’ occupants want to find a house that feels like home. For the younger generations – their homes include technology. As a result, we can expect to see broader applications of smart home devices across the board, including tenant occupied properties.
While this stands as an investment for landlords and property owners – it’ll pay off in the long run. Smart homes are currently still cutting edge and therefore result in higher property values and rental prices.