An in-depth look at the evolution of real estate industry over the years

by **Admin** Tue Feb 27, 2018 3:56 pm

Evolution is inevitable and the real estate industry represents the perfect example that proves this statement. The most suitable word to describe the real estate sector in the past decade is undoubtedly “transformative” if we consider the multitude of trends constantly coming and going. However, the real estate industry is not only ever changing but also extremely profitable because it provides great business opportunities for people who wish to pursue a career in this field. Those born with a natural inclination towards entrepreneurship and vision to become leaders and perfect examples of success for others who aspire to evolve from a professional point of view surely make great amounts of money. Moreover, their situation becomes even more fortunate if we think about the technological developments implemented over the years that have the purpose to facilitate communication and connection between individuals all over the world.

The perquisites and struggles encountered in the real estate industry

Becoming part of the real estate industry allows you to live independently and secure your future thanks to the great earning potential and to enjoy autonomy, freedom and schedule flexibility. Nevertheless, the profitability of the real estate sector led to a fierce competitiveness. This means that you must always stay up to date with innovations and upcoming trends if you want to stand out on the market and leave competition in the dust. In addition, you have to improve yourself constantly. Having extensive knowledge, getting involved in various projects and knowing exactly how to use the right tools will help you to thrive. Concepts like “1031 exchange real estate” should become basic information that you stored in a certain part of your brain and you are able to access it whenever you need and you want.

The impact of technology on the real estate sector

Both individuals and businesses are fully aware about the perquisites offered by technology in their personal and professional life. For the real estate industry, technology ensured its smooth and much-needed evolution. Famous entrepreneurs strategically used social media platforms in order to build a name or a brand and create product awareness while reaching a huge number of people simultaneously and offering opportunities for those who show determination and ambition to grasp the nettle and change their career path. Furthermore, technology also facilitates the communication or interaction between real estate agents and clients as well as transactions management. It does not matter if you are on the other side of the world, but you must to close a deal urgently because technology allows you to do it quickly and easily.

Innovations that transformed the real estate field

Everyone noticed the changes experienced by the real estate industry throughout time but this article has a greater purpose, which is to identify and discuss some of the major innovations that made possible its evolution.

Online marketplace: First, we will approach the “online marketplace” concept. In the last years, the real estate sector practically moved online. This is because people became more and more familiar with technology and learned how to use it in their benefit. More specifically, consumers now prefer to navigate online and visit websites that allow them to explore different offers and make comparisons before making a decision. Furthermore, because these online portals made possible a direct interaction between homebuyers and developers, the presence of a third-party agent became irrelevant but fortunate for the buyers because they no longer have to pay additional money for his services. The portals also provide the necessary information regarding the houses for sale.

Home automation: Secondly, we cannot help but discuss about home automation, which became more and more popular among both residential and commercial owners. This technology allows them to control electronics and appliances just by pressing a button, not to mention the top-notch security it offers. Big companies like Samsung and Apple strive to change their customers’ lifestyle with the help of commercial devices and prototypes.

3-D walkthrough: Another critical technology that enhanced customer experience dramatically and took the real estate industry by storm is 3-D walkthrough. Developers did not hesitate to design superior walkthroughs for homebuyers visiting online portals. These allow potential buyers to explore every aspect of the property virtually just by using their computers or mobile devices. The industry uses computer graphics to create a carbon copy of the real property or a project and present it to homebuyers. Due to its efficiency and popularity, the construction industry decided to use 3-D walkthrough technology as well.

Green homes: Nowadays, people are purchasing more and more green homes or homes with green updates. We are still not sure if this just represents one of those come and go trends or if it represents a drastic change for the real estate industry. In the near future, probably everyone will live in eco-friendly houses, which will undoubtedly have a great positive impact on the environment and human health. Developers acknowledged the harmful effects of building products used in the past and they are willing to make a difference by directing their attention and money towards green building technologies.

The part vs. the present vs. the future

Even though the impact of technology on the real estate sector is quite visible for all parties involved in the industry, a short comparison between the past, the present and the future of real estate is worth making. We all know that in the past, phones represented probably the only way of communication between real estate agents and consumers. They had to answer inquiries and clear doubts from the other end of the line. In the present, things are different because everyone is counting on the internet to save the day and by that, we mean to facilitate the process of purchasing a home. Moreover, the internet represents a limitless source of knowledge for real estate novices. We also discussed about the amazing innovations that changed real estate and we cannot help but wonder: what will happen in the future? Will the real estate industry experience even more changes?