How Technology is Changing the Real Estate Landscape
May 7th, 2019
Most of our parents bought their first home when they were in their mid-40s and many of them didn’t even do that. But now, people buy a house as soon as they start working, some as early as at the age of 24-25 years. What has changed, you ask? Well, a lot has changed. Firstly, searching for the perfect house has become easier. Secondly, getting the required funding in the form of a loan is a much faster process. And thirdly, there are more options to choose from. All these changes in the real estate sector have come about in the last 10 years or so and it is all because of technology.
The advancements in technology have impacted almost all spheres of life and real estate is no exception. People no longer search for houses physically but on their smartphones and at their convenience. You no longer have to depend on brokers to tell you about available flats for rent or sale. You can now find them out for yourself using one of the many apps in the market.
Let us take a closer look at how technology has changed the real estate landscape.
Moving to a new city and need to find a house on rent? Just download one of the many apps pertaining to home searches like Magicbricks, Commonfloor or many more and search for the best houses anywhere and anytime. What’s more, some of these apps have listings only from homeowners, so you do not need to pay brokerage either. Online house hunting also lets you compare the rents or house prices and thus allows you the choice of renting the house which suits your budget and requirement.
Buying and Selling Property
You are no longer required to be in the same city in which you are planning to buy or sell a house. Thanks to real estate companies which have the digital reach, you can advertise online for your requirements and be assured to get a good response. All that is required is negotiating the terms. Buying or selling a house was never this easy!
Getting a home loan usually took months and beyond. But lately, with faster and streamlined process thanks to digitalisation, applying for a home loan and getting approved is a fairly fast process assuming you are eligible for the loan. Many real estate companies have bank assistance on their websites and thus it is easier for the home buyer to choose its preferred mode of financing.
Technology and digitalisation have had a big impact on paperwork. With digital signatures, online Aadhar verification, and mobile banking, you really do not need much paperwork to get your loan. Even for the legal formalities of buying or selling a home, the amount of paperwork required is fast declining.
Technology, if used wisely, can create opportunities for growth. But there is also a downside, like for real estate brokers who have spent a good part of their lives doing business the traditional way, adapting to the digital culture is proving to be difficult and they might fast move into oblivion. Still, the pros of technology in real estate far outweigh the cons.
Make the best use of technology in your search for the perfect home with Adarsh Group. They have multiple projects across the city with the best in class amenities. Find out more here