TMCnet Feature
June 24, 2021

Costa Bajjali Discusses the Impact of Technology on the Real Estate Industry

Technology is one of the driving forces in our world today. Rapid advances in hardware, software, and other products have led to revolutionary developments in every industry.

The real estate business has been positively impacted by technological change. Technology has had a major effect on how people buy and sell various types of properties. Real estate expert Costa Bajjali explains how technology has impacted the real estate industry and how it is likely to further change the business in the future.

Real Estate in Prior Decades

Traditionally, buying and selling real estate has involved a great deal of legwork done in person. Real estate agents showed their clients around town, looking at various properties. This was a time-consuming process for the buyer, the agent, and the seller.

How Technology Has Impacted Property Sales and Showings

Today, buying and selling real estate has become far less onerous. Using today’s newest technological advances, it is easy for buyers and sellers to show off their properties. Buyers can get a sneak peek of how the property looks before leaving their home or office. Technology makes it easy for everyone to buy and sell properties in every corner of the world.

The process of searching for and viewing a property has become far less complex than it was in the past. Online listings enable prospective buyers to look at residential and commercial property worldwide and discover which buildings they want to learn more about. It is easy to set search criteria and to set up emails that will immediately go to the real estate agent and client, if a property meeting these criteria is listed.

Online maps on computers and smartphones make it easy to see how many properties are listed for sale in the neighborhood, how much they are listed for, and how much they have sold for in the past. Maps make it easy for residential and commercial buyers to get the lay of the land, understanding how neighborhood factors play into their choice of property.

Virtual videos and walkthroughs can show the client the entire house or building without scheduling a showing. These video walkthroughs offer 360-degree views of the interior, and in some cases, the exterior of the building.

These walkthrough videos and photos can also include virtual staging with furniture. This enables a client looking at a vacant property to imagine what the space would look like when fully furnished.

Today, real estate agents use centralized showing websites that let clients and agents schedule showings and follow agents involved in showing the property. The websites can send automatic feedback requests on the price, home condition, and many other factors.

When listing a property, it can be unsafe for homeowners to use combination lock boxes, agents are now using  smart lockboxes that can be accessed using a smartphone. These lockboxes can keep track of who entered the home and when. Lockboxes can also be programmed to stay locked after a certain hour in the evening.

Websites Showing Property Details

Today, it is possible to get maps online that show a wide variety of features that could be important when buying a residential or commercial property. For example, websites are available that show the floodplain and FEMA flood zones across the United States. Knowing whether a property is in a designated flood zone is crucial for buying and selling the property.

Online mapping can also show the demographics of a selected area, giving businesses a good idea of the average age and income of the people who live in their immediate area. Maps online can also provide information about government opportunity zones for business growth.

The Impact of Drones

Drone technology has also been an excellent addition to the real estate industry. Drones are not only great for showing residential properties but are also a valuable tool for exploring commercial properties and undeveloped land.

A drone can provide a visual for a heavily wooded property, getting more detail than is possible with an aerial or satellite photo. They can show the overall layout and composition of the neighborhood around the property. They are particularly useful for listing ranch and farm properties.

Technology Makes the Loan Process Easier

Technology is rapidly changing how buyers look for loans and mortgages. It is possible to get multiple offers from different companies marketing their loans online and to compare their benefits before signing. This has made the loan industry more competitive, leading to more favorable terms. Costa Bajjali is excited about the advances in loan technology. As more information is made available to consumers, the more competitive the loan providers must be to attract informed consumers.

Property Investment

Technology has also had an impact on how investors in residential and commercial properties find their targets. There is a significant amount of information on how to start investing in properties, whether these are residential or commercial. People can easily find publicly listed REITs (Real Estate Investment Trusts) online.

Technology also makes it easy to find homes listed for short sale or foreclosure or require repairs. These are often properties that are targeted for flipping or renovation before resale. Technology can play a crucial role in how the industry grows in the years to come between the various investment methods.

The Impact of Technology on Real Estate

Technology has had far-reaching effects on how the real estate industry operates. As it continues to develop, buyers and sellers will find the investment process quicker and simpler to handle. Costa Bajjali believes that the industry has been positively impacted by technology and will continue to experience these effects in the future.

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