Technology is advancing at an exponentially growing rate in most areas and industries. Until recently, though, that hasn’t been the case in the real estate arena. The adoption of the latest technologies in real estate has lagged behind that in other business sectors. But that’s changing now, with a huge increase in real estate tech in recent years – which looks to change this industry in big ways. So let’s take a look at the latest tech buyers and sellers should know about in Baltimore.
3D Virtual Tours
Especially since the advent of COVID, virtual tours have become big, and now there are 3D virtual tours. This is a real estate tech development that both buyers and sellers in Baltimore (and anywhere else) can use to their advantage.
“Closely associated with search applications are solutions that enable prospective buyers to take a virtual tour of properties while selecting. It eliminates the time and expense of visiting multiple properties, many of which can be removed from the buyer’s list of potential purchases through virtual viewing. . . .[T]oday VR technologies in the real estate industry allow having almost realistic virtual tours to houses where you can easily examine the property state, interior details, and furniture.”
If you’re interested in learning more about 3D virtual tours, you can do so by contacting a Baltimore agent at (443) 834-4499.
Another development in real estate tech benefiting both buyers and sellers is drone photography. Top-notch listing photos are now more important than ever, and drone photography makes unique, quality photos possible.
Photos and videos taken from unmanned aerial systems, drones, are a great tool. If a property is large and/or with unusual features, it’s difficult to display or see everything in standard from-the-ground photos. Eye-in-the-sky drone photos, however, can capture these things very well, though.
More and more agents today are using drone photography. To discover more, contact a Baltimore agent at (443) 834-4499.
Chatbots and Voice Assistants
Now we come to some really cool tech that buyers and sellers should know about in Baltimore: chatbots and voice assistants.
This tech development grew primarily out of buyers’ and sellers’ need for and demand for “24/7 assistance and instant responses to their queries. The solution for some agents? Chatbots and voice assistants, which both had a huge year in 2017. When you look at the success of Apple’s Siri, Amazon’s Alexa, Microsoft’s Cortana, and Google Assistant, users are becoming increasingly more comfortable communicating with artificial intelligence.”
Here’s how these things work . . .
“[A] chatbot can help customers save time by addressing their precise needs with rapid-fire efficiency. Chatbots gather essential information, such as whether they are buying, selling, or renting; the type of property they’re seeking or selling; price range; bedroom and bathroom preferences; and more. Once the chatbot knows what they’re seeking, they can show the customer the properties that match their search parameters. . . . Once a bot shows interested buyers which properties match their search results, a call-to-action message can get their information over to an agent in no time. Chatbots also offer 24/7 support, greatly improving customer service outside of normal business hours.”
And then there’s big data, which enables agents to better serve both buyers and sellers by allowing them “to know their properties backward and forward.”
Big data is just what the term implies: “large volumes of information that are so complex they defy the abilities of traditional data processing software.” And it offers agents a higher level of transparency.
Formerly, for example, “information on commercial real estate properties might have been limited to square footage, rent roll, and what the building previously sold for. But now, cloud-based data, [big data], gives real estate agents the ability to see a forecasted property value from one to 10 years, neighborhood trends, estimated mortgage payments, cost of ownership, property history, and the current market value of a home. . . . [B]ig data can identify previously unknown patterns and predict trends.”
Most of us think of blockchain only in the context of cryptocurrency, but it has applications far beyond that. And this means that, despite being a difficult concept to grasp, it’s definitely one of the things buyers and sellers need to be aware of.
Blockchain is important for the growing trend of remote closings because it “can be used to verify encrypted transactions and ensure that no tampering impacts financial records. . . . The technology will also enable important documents such as property titles to be stored securely.”
While mobile apps aren’t really new – buyers and sellers and agents have been using them for several years – their advancement and broadening applications are new. The main benefit of these apps is greatly enhanced efficiency.
“Databases are frequently updated, providing more timely information on new properties put on the market and those that are no longer available. Consumers interested in purchasing, selling, or renting a property can also use apps tailored to their needs. They can help you locate the house you want and put you in touch with a real estate agent to help facilitate the deal.”
How Buyers and Sellers in Baltimore Can Take Advantage of the Latest Tech
So how can you take advantage of this latest tech for buying/selling? The best step is to work closely with a tech-savvy Baltimore agent, like our agents. If you’re among the many buyers and sellers who want to effectively leverage technology, contact us today at (443) 834-4499.