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Technology adds value to real estate business
Real estate is the largest investment industry in the world. Spread across the world, it basically exists by organising and managing the business. Decades ago, real estate business was done by word of mouth, which gradually shifted to advertising and other forms of media and communication.
With technology entering the common man’s realm, now it is by the ‘World of mouse.’ Technology essentially means smart phones, computers, customer management software, internet, intranets, global positioning systems, online mapping, printers, scanners and many more devices/aspects that have made jobs faster and easier. Effective speedy interaction is the backbone of any business. Though real estate business requires a lot of manpower, ‘virtual assistants’ with special skills such as web design, html, brochure layout, graphics design, document management, intranets and more, enhance the quality of real estate service, as they save precious time of the sales team.
To begin with, Internet itself is a powerful tool for real estate today. Most people today start their search for a home online. Numbers vary, but realtors estimate three out of four homebuyers start their search on the Internet or begin by gathering information online. Buyers go online to community message boards, discussion forums, blogs and even Google Earth, which allows the users to view online maps and get a bird’s-eye view of a neighbourhood before zeroing on property agents.
Websites are the most popular way to display and gather information. Search engines such as Google and Yahoo display data of thousands of real estate websites. Day by day, the consumer is becoming well-informed, thanks to the Internet.
Online property exhibitions with pod casts and virtual tours are also gaining popularity, and irrespective of time and location, properties can be viewed on videos. Displays are supported by audio clippings, pod casts are carried out by prominent personalities in the industry, and there is also facility to discuss online! Every link in real estate activity chain is connected by technology, giving clarity and transparency to the deal.
Technology is also being used in real estate for advertising and communication, for online surveys, comparative market analysis, and e-newsletters. According to a survey conducted by NAR (National Association of Realtors) on the use of technology in real estate, there is significant rise in real estate firms opting for technical support in the last two years. Websites, emails, smart phones, CRMs and blogs are a few tools which are very popular among the real estate fraternity.
However, online real estate transactions are still a dream. Though technology has added value to the business, thorough understanding of the core real estate business is required.
R. BALAJI
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