Technology has been seen by many as an easier solution in replacement of the traditional ways things were done in the past. Tech has taken over every aspect of our lives and the real estate sector is not an exception as a new rush of technology threatens the real estate market.
The existing role of real estate agents is taking a turn as some online dealers and beginners are using technology to make a simpler job of house hunting.
In the past, the issue of technology in the real estate sector was taken as a minor matter and agents still maintained the usual method of finding properties for their clients.
But 2017 will bring a halt to this irrelevant debate as over the years there has been an increase in the investments on real estate technology business and in 2012 and 2015 investors spent about $300 million and %1.5 billion respectively on technology advancement.
And not quite surprising enough, this amount is expected to increase in the future as investors are trying to make the home buying process much easier.
By virtue of the rapid advancement in technology, buyers and homeowners are not able to have a detailed understanding of the market. Furthermore, buyers can now have wide range of options when it comes to selecting an agent.
Homeowners and buyers are now treated to a wide range of information on the internet and can also make comparison between various housing data.
Gone are the days when agents can get any information to prefer to buyers or even depriving buyers from getting the best.
But home buyers are not the only ones benefiting from the new developments. Businesses are also incorporating technology into their systems. Online listing service providers are also taking advantage of the new changes in the market thanks to technology.
And by the look of things, the days of home buyers going in for agents will soon come to an end as all the information they require is right in front of them.
Traditional agents are now faced with little task and homes are now being sold at a faster rate. The Toronto Real Estate Board is also making things easier by cutting down on the restrictions on the type of information to be made available online.
But the good news for real estate g=agents is that unlike other agents, homebuyers definitely require the help of an agent when finding a house because it is one of their largest investments in their entire lives.