5 Ways Modern Technology Has Changed Luxury Real Estate
In many ways, Real Estate retains its old-school methodology compared to other industries, like retail and entertainment. The amount of time spent behind the wheel, on the phones, and speaking directly with clients has allowed the digital age to drag Realty along without completely disposing of traditional marketing and business practices. Yet, even in a field dominated by intrapersonal skills and sheer work ethic, there are many newfangled ideas and methods brought in by these winds of change. Here are 5 ways modern technology is changing real estate, and how you can be ready for the next big thing.
Use Of Big Data
"Big Data" is not a phrase used to describe the conspiratorial notion that "data" is up to no good, in the same way, we'd colloquially describe "big pharma" or "big oil." "Big Data" is simply a means to describe the sheer capacity and volume of informational intake that modern technology affords us. With larger data sets, the ability to retrieve key data immediately, and real-time statistical reporting, Realtors possess the ability to influence decisions and inform clients with information that massively exceeds what was once available.
Highly Targeted Digital Ads
The other side of big data is the use of larger data sets to narrow down a specific audience. Simply put, a data set of 1,000 allows for greater specificity than a set of 100. While bus stations, postcards, television, and billboards still hold immense value in a slowly transitioning industry, the ability to reach prospective buyers and sellers based on a myriad of factors is a powerful tool to wield. Realtors can reach clients via their location, lifestyle interests, and even purported income by zip code.
We struggle to remember the pre-drone world. One of the most significant world-changing technologies across the board is the implementation of drones. Everything from international warfare to condo photography has been massively influenced by the use of lightweight, remote flying devices that can be retrofitted with several accessories and implementations. For buyers of Boca Luxury Condos, in particular, the use of drones has forever changed how we present these beautiful condominiums. It would be veritably impossible to take such illustrious, comprehensive photos without incurring massive costs - such as helicopter photography. Now, a device that can be carried in a suitcase can successfully replicate what manned flying machines were once relied upon.
Crowd-Sourced Online Real Estate Investing
Another major innovation combining broad worldwide adoption of high-speed internet with big data is crowdsourcing. Most commonly seen in startup projects or to help individuals abate the cost of a personal strain or tragedy, crowd-funding has now been leveraged as a means to invest in slivers of Real Estate, rather than compelling an individual or small ownership group to take on the full scale. Much like the stock market, innovations in digital technology allow micro investors to take part in the Real Estate market without the previously necessary means.
Speed of Service
We as a species may be outpacing our human capability with the rapidity of information and the awe-inspiring power of devices that fit in the palm of our hands, but small tasks that once took hours now take minutes, and what once took minutes take only seconds. Think of something so small, like thumbing through a Rolodex to find the right phone number. That can now be achieved at the touch of a button or a simple phrase, and your hands never even have to move. Downloading larger files such as PDFs that are essential for contractual work is rapidly improved, and high-quality photos and videos such as those taken by our aforementioned drones are rendered and delivered in the quality they deserve. All things are made faster by the ascent of the internet and the mobility of modern devices. Don't be left behind!
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