What is the future of real estate?
The real estate market in California was a strong and robust market until the arrival of Covid19. The pandemic and stay-at-home order shifted the market, and creative business measures had to be taken into consideration. Modifications for sellers and buyers had to be made, and virtual business operations became the new norm. Luckily for many of real estate professionals, virtual business operations such as virtual tours, online consultation, online appointments, staging, photography, remote contract signings, and closings were already put in place for a while in the industry to enhance efficiency. Is virtual reality the future of real estate? How effective is virtual real estate?
The real estate industry is changing because of advanced technology and change in circumstances. It is here to stay, and therefore real estate professionals will have to adapt and embrace the changes in order to be competitive. Nothing is ever perfect but knowing how to use the available resources will put many agents on the cutting edge of the real estate profession.
The use of virtual real estate can make the process more seamless and time-saving for all stakeholders. However, there are some drawback to the technology because not everyone is sold on the concept. Transition into a new way of doing business will take time. For some, it is believed that technology has its place. The real estate business is personal, and technology cannot get personal with a potential buyer or seller. The balance lies between technology and the human factor. Virtual real estate and technology hold incredible promises, but always keep in mind that other resources are needed to make the whole real estate experience a win-win for everyone involved.
Because of unanticipated circumstances, the real estate industry has accelerated the technological resources in order to adjust to the current situation. To be competitive and not miss valuable opportunities, it is vital to stay on top of the industry trends and be knowledgeable of the most current information and technology. The future of virtual real estate remains to be seen, but for now, many real estate professionals know that technology will play an important role in the profession.