In the past decades, prospective real estate buyers would visit up to nine homes before they buy one. Now, they would only visit real estate websites to see thousands of available homes for sale. This is the reason why the internet is a game-changer.
The internet has affected the real estate industry. Its impact is both positive and negative. For instance, prospective buyers are now able to see the interior of a home for sale even if they are not there. This situation offers a ton of convenience to buyers and sellers alike.
There are also some negative impacts on those who buy and sell real estate properties. What are the positive and negative effects of the internet on the real estate industry?
Some of the positive impacts of the internet in this industry are as follows:
1. It has created more opportunities for those who buy and sell real estate properties. There are job opportunities now that didn’t exist before when the internet was not yet here.
Nowadays, you can use a VR device to visit a home and look at its interior, its grounds, and its amenities. This makes selling homes easier. Virtual reality artists are responsible for doing this work.
2. Real estate marketers and brokers are now able to give high quality service by using CRM. The internet increased the frequency of seller and buyer contact. Increased contact between buyers and sellers required better services to clients. This led to the development of CRM or Client Relationship Management systems.
CRM improved the quality of service that sellers are giving to their clients. Improved service results in better customer satisfaction. This results in increased sales. That is beneficial to the real estate company and to the industry in general.
3. The internet made accounting easier and faster. It is very difficult to track all the real estate transactions that happen every day. An online accounting service can process the accounting records of real estate companies. This reduces the need for real estate companies to stay on top of their accounting duties.
4. The internet has made it easier to make big decisions. A small real estate company can access all the available data that it needs in the Cloud to make a big decision.
The internet has also affected the real estate industry in a negative way. Here are some of them.
1. Security is the number one concern. Skillful hackers have stolen sensitive information from people because of easy data access. Good that internet security experts have designed security measures to protect sensitive information.
2. Unstructured data can cause real estate companies to make wrong decisions. It will take years to correct unstructured data. It is important to be very careful in inputting data to avoid this problem.
Internet experts are at work in improving its security features and its capabilities. We can expect its positive effects to outpace its negative effects in the future.