Is Modern Technology About To Overhaul The Real Estate Industry?

Technology is evolving at a considerable rate. By 2020, it’s believed that 90% of cars will be able to connect to the internet, something which just a few decades ago would have been unimaginable. The real estate industry previously relied on the importance of location, with buyers and renters willing to pay considerably more to live in popular cities, close to public transport and secure parking facilities. However, with the rise in driverless vehicles and similar smart modern technologies, could the real estate industry be about to face an overhaul?Driverless vehiclesWith vehicles no longer needing to sit unoccupied in car parks and on roads for hours on end while people are at work, a mountain of land will become defunct and will be top pickings for property developers across the States to pounce on and build multiple new homes and businesses. Currently, commercial underground parking lots add an additional 10-12% onto the cost of the average office construction, but self-driving vehicles could see selling prices dip and the real estate industry working in a whole new way.Social mediaSocial media has long been used by businesses to advertise their services, keep abreast of the latest news and trends and to communicate with customers. With more than 1 billion active users, Facebook is the one app which really facilitates a real estate agents needs. New filters have recently been put into place allowing users to filter property searches by the things which are most important to them. Agents are currently twice as likely to advertise properties on a listing portal rather than on social media, however with Facebook’s improvements and with agents utilizing many of the app’s hidden features, such as the 360 degree video and photo setting and the option to send money and share maps via Messenger, this could all be about to change.Other changes It’s not just technology that’s turning real estate on its head. 2018 has already seen an increase in reverse mortgages, a product solely for the elderly, being taken out. With demand soaring, it’s vital that real estate agents and financial advisers are educated in this new trend so that can advise on the service, such as how the elderly can calculate the cost of a reverse mortgage.Modern technology is one of the fastest growing industries, therefore businesses should ensure they keep a close eye on its progression to adapt their practices to allow them to educate themselves and their customers.