The real estate industry is experiencing rapid changes due to new technology and an influx of capital. This capital increase should serve as a signal that the real estate industry is preparing to undergo rapid changes with the creation of new digital resources. Most notably, investors should be prepared for the ways online property listing platforms, smartphone apps, virtual reality, and blockchain technology will impact all aspects of real estate transactions.
Investors will soon begin to see more competition among property listing websites, all aimed at enabling aspiring or existing property owners to buy and sell with ease. While platforms like Zillow and Trulia have dominated the market for several years, similar platforms will continue to be released.
The popularity of online listing platforms means buyers and renters will have strong ideas of what they are looking for when searching for properties. Investors hoping to stay ahead of the curve will need to adapt to buyers (and sellers) who can access hundreds of property listings at the touch of a button. One way to stand out is by joining the smart home trend and adding appliances and other features that are compatible with new apps. These features are appealing to the tech-savvy demographic because of their increased security and energy efficiency.
Virtual Real Estate
Virtual reality is yet another technology that will influence the real estate world in the coming years. Though investors may be familiar with the idea of 3-D walkthroughs and 360-degree pictures, these resources are expected to increase in popularity. By giving potential buyers a new way to experience homes, investors can increase the number of property viewings without the time and hassle. Recorded 3-D property tours will allow buyers to tour homes without ever going.
Investors will be excited to know virtual reality software will not be exclusive to property viewings and may even help rehabbers plan renovations. For example, many apps could soon be aimed at allowing investors to preview staged rooms and remodels from their own phones. The future of virtual reality in real estate can help property developers and investors interested in raw land investing. According to Forbes, property developers should expect virtual reality programs that allow users to see finished properties before construction even starts.
Future Of Real Estate Agents
A growing disconnect between homeowners and real estate agents is among the biggest changes happening in real estate investing. Many find themselves asking: Is it better to list a property by yourself or enlist the help of a professional agent?
To this day, real estate agents have yet to become obsolete, and it is hard to imagine that their services will ever not be needed. They offer too much value to the average homeowner.
For starters, their negotiating skills and local market expertise will always help sellers receive the most money for their property. Homeowners that take on the task of selling a home could lose money with one single mishap. At the very least, the buyer’s agent may talk down the price. Any number of things could go wrong without a professional agent to represent your side of a transaction.
Outside of selling a home for its maximum value, agents have the potential to sell faster. In addition to marketing campaigns, there is a good chance they already have a competent buyers list. The right agent could have a buyer in place before the home is officially up for sale.
There is no questioning that a good real estate agent is worth their weight in gold, especially for those in the investing industry, but a few trends warrant your attention. Specifically, the advent of For Sale by Owner (FSBO) sites is beginning to carve out a niche among a select population of sellers.
The truth is you don’t know what is going to happen tomorrow. Life is a crazy ride, and nothing is guaranteed.
Real estate demand in India will boom in 2023
According to reports, India’s real estate market is expected to reach Rs. 13,00,000 crore by 2023.
This growth is being fueled by an increasing population, rising incomes, and growing urbanization.
There are multiple factors why every investor wants to invest in real estate. Firstly, it is an asset that is not subject to the volatility of the stock market. Secondly, it often provides a steady income stream. Thirdly, it can appreciate over time, thus creating a potential for capital gains. Finally, real estate can offer tax advantages and the potential for building wealth.
