15 Dec How Real Estate Has Changed
Real estate has evolved a great deal in the past few years and will only continue to develop. Marketers, sellers, buyers, and property owners alike are all seeing the impact of these changes. Trends in technology, social media, and buying power have changed the industry in tremendous ways and the future of real estate seems to have much more in store.
The way we communicate from consumer to service provider has become more advanced as technology has progressed. Industry professionals are following their audiences to the various social media platforms they frequent and now email is just one of many ways businesses keep in touch. Everything from Twitter’s direct messaging feature to Facebook Messenger offer alternative ways to connect. The reach that social media provides increases the number of prospects for a community or property and makes it easier to advertise to this audience.
Another technological advancement in real estate is the move towards text-based transactions and correspondence during the sale cycle. Many buyers favor communication through text messages or emails as opposed to phone calls. This method gives buyers more opportunities to converse throughout the day and allows agents the chance to set a precedent for response times and schedule updates.
Along with technological and social changes, buying power has also seen a shift in the past few years. Millennials are a huge demographic of first-time home buyers and their buying power only continues to grow. With the accessibility of information and research tools online, this generation has the ability to find and vet their ideal home without unnecessary labor. They can skip the in-person sales pitch, because by the time they show up for the walk through, they’ve already done the research and are often prepared to move forward. Millennials also have help from their parents for down payment costs and throughout other stages of the buying process. With higher demand for millennial-influenced amenities and upgraded finishes, the real estate market has made a concerted effort to cater to this generation.
The real estate industry has seen many changes in the way we purchase, sell, and communicate. Prospects have greater buying power and researching and communicating with industry professionals online has never been easier. With the New Year right around the corner, the industry should continue to improve on old standards and we’re sure there’s no shortage of new changes on the way.