With as much as 56% of buyers 36 years old and younger finding their homes on the internet, according to the National Association of Realtors, being an agent or investor on the cutting edge is imperative. More and more buyers and investors are using technology to view, review and decide what kind of a property they want to purchase.
Members of Forbes Real Estate Council share some of the technologies that have had the most significant impact on real estate transactions and why. Here’s what they had to say:
1. Purpose-Built Data Management Systems
Modern real estate software is moving the industry from paper and spreadsheets to new systems to collect, process and store critical data. The flow for financing, acquisitions, development and fundraising benefit from streamlined workflows and data management. These new systems allow firms to create actionable insights through data visualizations, task automation and more programmatic portfolio management and transaction execution. – Michael Sroka, Dealpath, Inc.
2. CamScanner App
For me, the CamScanner app has been invaluable. Being able to remotely execute the docs required to close deals and conduct business has been a game changer. In a broader sense, the capabilities of smartphones have changed everything, from the way we search for and vet investment properties, to how easy it is today to use tech to wholesale properties in any area, from any area. Geography no longer matters. – Ross Hamilton, Connected Investors
Telephony by far is the most important tech in real estate sales. From the lowly 2,400 bps dial-up modem to the fax machine to email — you name it. You most likely are reading this on a smartphone or tablet. Telephony includes anything where voice or data are transmitted: Skype, WhatsApp, Facebook and so on. – Michael J. Polk, Polk Properties
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4. Zillow, Trulia, Realtor.com