Technology has profoundly impacted the real estate industry in recent years, changing how we buy and sell homes and how we think about the housing market. From virtual tours to online mortgage applications, technology has made it easier than ever to navigate the buying and selling process and has opened new opportunities for both buyers and sellers. One of the most significant changes brought about by technology is the rise of online real estate platforms, such as Trademe Property, Realestate.co.nz, and Oneroof.co.nz. These platforms make it easy for buyers and sellers to search for homes and connect with agents and have revolutionised the way we find and purchase properties. They also provide detailed information about local markets, including home values, recent sales, and neighbourhood data, making it easier for buyers to make informed decisions.
Virtual tours have also become increasingly popular in recent years as a way for buyers to explore homes from the comfort of their homes. With virtual tours, buyers can walk through a home, room by room, and get a sense of the layout and features of a property without ever having to set foot inside. This has been especially useful during the COVID-19 pandemic when in-person tours have been challenging to schedule. Technology has also made it easier for buyers to apply for mortgages and get pre-approved. Online mortgage applications and digital mortgage platforms have streamlined the process, making it faster and more convenient for buyers to get the financing they need. Many lenders now offer digital loan approvals, which allow buyers to get pre-approved for a mortgage in a matter of minutes rather than days or weeks. Technology has also had a significant impact on the way real estate agents work. With the rise of online platforms, agents can now reach more potential clients than ever before and can use digital tools to manage their business more efficiently.
Platforms like CRM, for example, allow agents to organise and manage their contacts, schedule appointments, and track leads, saving them a lot of time and effort.
In addition to these changes, technology is also helping to create new opportunities in the real estate industry. For example, drones and 3D mapping technology make it easier to create detailed, accurate maps of properties and neighbourhoods, which can be used to market homes and attract buyers. Virtual reality technology is also being used to create immersive, interactive home tours, which can showcase properties in a way that wasn't possible before. Despite these advancements, technology contributes to the affordability crisis and the housing shortage in many areas. Online platforms have made it easier to find and purchase properties, but this has also led to increased competition among buyers, which has driven up prices. Additionally, many of these platforms rely on data and algorithms to determine the value of properties, which can lead to inaccuracies and can be harmful to sellers. Sure, technology has undoubtedly made it easier for buyers to access information about properties and to view homes virtually. Still, it’s important to note that there are downsides to relying solely on virtual tours and online images when it comes to buying a home. One of the main downsides is that it is difficult to get a true sense of the condition of a home from virtual tours and online images alone. Things like the condition of the walls, floors, and ceilings, as well as the state of appliances and other features, can be challenging to assess from virtual tours. Additionally, virtual tours and online images can also be misleading, especially if they need to be updated frequently. For example, an online photo of a home's backyard may show a lush, green lawn, but in reality, the lawn may be overgrown or in poor condition. Similarly, an online image of a room may show it to be well-lit, but in reality, the room may be dark or poorly lit. Another downside to relying solely on virtual tours and online images is that they need to provide a sense of the home's location and surroundings. For example, a home may look great online, but it may be located in a noisy or busy area, or it may be located near a commercial property or industrial area. Furthermore, virtual tours and online images can't give you a sense of the home's layout and flow. A virtual tour may show you the rooms in a home, but you need a sense of how the rooms are arranged and how they relate to one another. This can make it challenging to envision how you would use the space and whether it would work for your needs. For these reasons, it is vital to physically view a property before making an offer. It's essential to walk through the home, take note of the condition, and take a look at the surrounding area. This can help you get a better sense of the home's condition, the layout and flow, and whether it would be a good fit for your needs. Additionally, it's important to get a home inspection to ensure that the home is in good condition and that there are no hidden issues. In conclusion, while technology has made it easier for buyers to access information about properties and to view homes virtually, it's important to remember that virtual tours and online images can be confusing, and they can't give you a complete sense of the condition of a home, the layout, and the surrounding area. In order to make an informed decision, it's essential to physically view a property and get a home inspection before making an offer.