No industry has been untouched by technology and that includes real estate. Technology has become an instrumental part of real estate transactions in the past decade. It has never been easier to market a property and have investors tour it from abroad, make transactions with little professional help, or even compare and contrast different investment opportunities. Real estate entrepreneurs who know how to leverage technology to their advantage can reap major benefits.
One such real estate entrepreneur is Chris Lamb of Niagara Falls, Ontario. He is a first-generation builder with an eye for style, design, and efficient building processes. He currently works under Revel Realty in the Niagara Falls region and his passion lies in building affordable housing communities and investment opportunities in the Niagara Region. He provides his insight into the different ways that real estate entrepreneurs such as himself are leveraging technology to their advantage.
The first way that technology has transformed real estate is that it provides a way for people who can’t visit a property in person to tour it remotely. Now, it is easier than ever before for global investors to set up a 3D, 360-degree tour of the property that allows them to see the ins and outs without actually being there in person. Similarly, augmented reality and virtual reality (VR) have helped people check out properties no matter where they’re located in the world.
The onset of virtual reality is not just useful for tours of existing properties, shares Chris Lamb of Niagara Falls. Rather, it can also be used to help potential investors visualize a space that is not yet finished. Using VR, custom design elements can be brought to life, helping the viewer catch a glimpse into what the finished project, with all of their customizations in place, would look like. Virtual tours have undoubtedly made a huge difference to real estate entrepreneurs who are marketing their properties to foreign buyers.
According to Chris Lamb of Niagara Falls, another important way that real estate entrepreneurs such as himself are leveraging technology to their advantage is through the ability to provide real-time data. Various technologies have made it possible to provide potential investors with information far greater than the mere price of the property.
Now, important data such as projected cash flow, return on investment, and the capitalization rate is available at one’s fingertips. Having access to this data provides investors with the bigger picture regarding the potential investment, which in turn leads to more security. This real-time data has also served to make the real estate industry more regulated and transparent, shares Chris Lamb of Niagara Falls.
Chris Lamb On Apps
Finally, Chris Lamb claims that the creation of real estate applications has revolutionized the way people shop for real estate. He says that mobile apps and other digital portals have made it easier and more convenient for buyers to search for and find properties. Rather than the good old days of driving around neighborhoods looking for “for sale” signs, potential investors can now log into apps or portals that use predictive analytics to offer personalized and customized data.
Such apps are rapidly gaining in popularity and have helped real estate entrepreneurs market their properties to a much wider range of people than ever before. Ultimately, such technology makes it far simpler for investors to connect with entrepreneurs and property developers looking to sell their properties.
If you are interested in even more technology-related articles and information from us here at Bit Rebels, then we have a lot to choose from.