Has Technology Changed the Real Estate Market Forever?
Technology plays an important part in all of our lives. That may be on a personal level or it may be in terms of business, one thing is for certain, things are very different from a decade ago. Most businesses, large or small, have a website – it is fundamental to the way in which we operate. The days on reading the Yellow Pages or other directories are long gone. Now the information is at our fingertips, we just have to search for it on the internet.
The real estate market is definitely an industry that has benefited from developments in technology. Those companies who are willing to embrace the technological advancements and move with the times are reaping the rewards. They offer clients and potential clients greater choice as well as providing accurate and transparent information that previously wasn’t available.
The idea of data aggregation whereby information is widely available is perhaps one of the most interesting developments. In a country such as Thailand, information that comes from official sources can be unreliable and there is certainly a lack of transparency. However, as tracking and collating data becomes easier the quality of the information available has improved. This enables buyers, sellers, real estate agents and developers to make more informed choices regarding what is available in the marketplace.
The improvements to the quality of the information available means that the market is under greater scrutiny. This will inevitably raise standards with less reputable companies coming increasingly under the spotlight. Reputable companies will thrive and this can only be of benefit to the client, consumer and the industry as a whole.
The developments with Virtual Reality (VR) are significant in that clients and other interested parties can get a feel of a property without the need for a viewing. In many cases, VR is used to show prospective buyers what a property WILL look like once it has been constructed. Developers use floor mapping to show interested parties the appearance of units, the facilities that the property will have on offer, as well as the views from different floors and different parts of the building. VR when is used in conjunction with data aggregation it makes a huge difference to the real estate sector in terms of increasing accessibility.
Of course real estate agents and developers are delighted by these advancements as it opens up the potential to attract a new audience and therefore client base. The marketplace is no longer restricted to those people who may be in town at the time or are planning a visit, it effectively becomes a global market. One of the huge advantages of this is that fluctuations in the local economy have little or no impact to the clients that you can access.
The fact that you can connect with an increasing number of potential clients, means by definition, that your chances of increasing sales also rises exponentially. Developers and real estate agents will have a stronger pipeline into which they can tap into. This, as with the point above, means that local economic factors play less of a role and indeed this can lead to greater investment from overseas. This will then naturally lead to a boost in the local economy, making it a win-win situation for all concerned.
Another advantage that technology has brought to real estate sector is that it has effectively removed the need for buyers to visit properties. This is probably more the case with property investors as opposed looking to those looking to buy as the end user, but even so it has the potential to dramatically reduce travelling costs if the buyer can view progress online.
Even those who are undecided about a purchase can view availability and prices in real time. This can help agents close the deal if the buyer has serious fears that the unit they are looking to purchase could be sold, or alternatively prices are starting to rise. All this plays perfectly into the hands of reputable agents and developers and is certainly not at the expenses of the client.
Technology has led to remarkable changes in the real estate market. Companies such as Love Pattaya Property, a company who embraces technology and uses it to benefit clients, are reaping the rewards. It appears that the real estate sector has changed forever and for the best. If you would like more information about buying or investing in properties in Thailand, why not contact us today?