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How Technology Impacts Buying Real Estate

In today’s world, we are all tech-dependent, if not all tech-savvy.

Some industries were quick to embrace the ever-evolving landscape of technology while others were more hesitant. For a long time, the real estate industry fell into the latter category. 

The increase in advancements and people’s everyday use of technology has quickly brought real estate into the fold now, too.  The opportunities created by technology have shifted how both realtors and their clients operate.

Here’s a look at three main ways technology impacts real estate currently –

1. Buying Real Estate Anytime, Anywhere 

Most people are constantly using mobile phones or tablets. These little helpers can be of use in very wide variety of life situations, and buying or selling a house is no exception.

Thanks to online listings, people can view the most current inventory and details about it with the click of a button. These online listings can also come in the form of mobile apps, so a quick overview of new listings can even be done away from the computer.

3-D tours and satellite imaging also make it easier than ever to experience a home tour from across the country.

This level of accessibility means that buyers, sellers, and real estate agents are interacting more consistently without limitations for time and location. As a result, many home sales are now happening without even seeing the property.

Homebuyers feel a great sense of confidence in their new property because of the use of images, video, easy access to public records, and online reviews of neighborhoods.

2. Repaying Your Home With A Cell Tower 

With increased connectivity comes increased demand for cellular network services, coverage, and reception. 

In order to meet these needs, more cell phone towers are necessary.  In fact, more and more property owners are being approached about renting space for cell phone towers. 

These towers are often masked as trees or chimneys and go unnoticed by neighbors, and the property owner can earn quite a bit of passive income when negotiating the cell tower lease contract.

Innovations in cell tower technology mean that these towers can often be upgraded and maintained for many decades. Landowners who are able to secure a great lease can benefit from it for a long, long time.

3. Greater Accessibility To Your Entire Property

Another way technology has impacted real estate is accessibility.

With more and more realtors turning to drones, properties or parts of properties that were once inaccessible are now uncovered to potential buyers and real estate developers.

While it might not seem like a great idea to own real estate that you cannot access, there are often properties that have some pockets of land that you just cannot walk or drive on.

For years, these areas have been included as “part of the package” in a transaction. Drones give great access and insight into exactly what that means, which has prompted some creative developers to think of new ways to use the land.

Drones also provide aerial views of expansive estates or properties, allowing buyers to investigate entire locations prior to purchase.  This is particularly beneficial for commercial real estate endeavors where it’s not reasonable to expect a person or even a small team to be able to cover every inch of a property before buying.

Final thoughts

Technology is an ever-evolving force in our lives and its reach is far and wide.

The impact it has had on real estate should not be underestimated. On the contrary, tech trends should be followed in order to gain maximum value of your future property.