How Technology is Changing the Housing Market

It wasn’t long ago that purchasing a house was a difficult and strictly local endeavor. Homebuyers had to either live in the area and see a “for sale” sign, travel ahead of time to the community and hunt for a house for several days, or call up a real estate agent. Otherwise, there was really no way for someone living in Boise, Idaho to know about a home for sale in Little Rock, Arkansas.

Well, we are no longer living in those days. Technology plays a role in everything we do, from building a house to signing the papers.

While there are many technological advancements, here are four of the most significant:

Landlord Services

In the past, landlords often found it difficult to collect money, whether by mail or in-person. But recently, many landlords have moved to online platforms where residents can pay for services entirely online, as well as reserve amenities and create maintenance requests. Aside from making the process easier for them, it could also make someone more interested in being a landlord.

This kind of service has even begun to appear in neighborhoods where HOAs are using them to send out updates, reserve amenities, and collect annual fees. Being an HOA president isn’t always fun, but these services at least make it much more manageable.

Landlords also have the ability to hire property management companies to assist with some of the really tough jobs. Most agencies will handle evictions and other resident concerns in addition to collecting rent and managing maintenance.

Drones

In recent years, drones have evolved from being little more than a fun toy to now being a valuable resource for almost every industry. Before building a house, drones are used to scope out the property. They are also used to take pictures for house listings.

Potential home buyers often complain that backyards are portrayed as being larger and more spacious than they actually are. A drone is able to take a bird’s-eye view photo or video that provides potential homebuyers with an accurate idea of the size of the yard, as well as the location of the house in relation to the rest of the property and nearby homes.

A drone also provides a good aerial view of what’s near the house, such as natural water sources, neighboring homes, and trees.

Home Buyer Options

Today, you could find every two-bedroom/three-bathroom home with a pool in San Antonio, Texas in about two minutes of searching on Zillow, all while sitting in front of your computer or phone.

Increasing competition has forced websites to include demographic features such as transportation options, school districts, and HOAs. These online property search services have gotten so competitive that some companies such as Realtor offer services and links to get pre-approval for a home loan.

A buyer can now do pretty much everything online, from the initial search to the actual purchase.

Construction

There is a direct relationship between building costs, the final price, and the value of a house. Maintenance of vehicles and equipment is one of the hidden construction costs that often gets overlooked and undervalued.

Using new technology and software, supervisors can now predict when maintenance should be performed. In theory, these resources reduce the cost of major repairs, which could reduce home prices.

Conclusion

The process of listing, renting, or buying a home has never been easier due to recent technological advancements. They can help you, regardless of your needs, to feel confident that you are getting the right coverage and services provided.