How has technology transformed the real estate sector?

Is it necessary to adapt to new technologies?

Today technology is the basis of modern society, and as it evolves, more and more companies update to incorporate technology into their businesses. Among them is the real estate sector, in Berkshire Hathaway HomeServices Nova Mallorca we deal with the concept called "proptech", which uses tools such as "Big Data" to create massive and well-structured databases that collect and analyse real estate and customer data to offer a more reliable and real assessment of a property.

Technology has reached a point of coexistence with its occupants. It has entered the homes and the so-called "Smart houses" adapt to the habits and behaviour of its inhabitants. Large technology companies such as Google, Apple or Vodafone see the real estate market, after its recovery from the crisis of 2007, as a business opportunity in effervescence.

It is a fact that the real estate sector must leave behind its analogue past in many aspects although, in many recurring aspects, such as the network of clients of a commercial, experience and knowledge in the property market, they are still essential. One just has to change the habits. You need a staff familiarized with the market but who also knows how to analyse data and take advantage of these new technologies.

Currently, one can have an idea and visual of a property very close to the reality through renders and 3D modelling even before it is finished. This evolution due to technologies is not only useful in the supply and sale of real estate, technology can stimulate future demand, locate the most profitable land, and communicate more clearly with the client and even with other real estate. All of this results in better communication and decision making.

In addition, it speeds up the process since, the client is already informed before consulting with the company, the relationship and agent-client communication is accelerated. According to a study by Aedas Homes, customers perform on average 11 online searches and know the product they are looking for or at least have a clear idea of what they are looking for before contacting the real estate agency.

It is clear that technology now plays a fundamental role in the success of creating a thriving company. It is no longer just an improvement to modernize and take advantage of new technologies, but it is essential for a real estate company not to become obsolete.

The future is already the present.