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Residential Tech: How Technology Changed the Real Estate Industry Through the Years

The real estate industry is one of the biggest industries in the United States. The industry’s size was about $100 billion in 2020 and is still expected to grow by one-percent every year. It’s relatively stable compared to other markets out there, and it’s one of the most invested industries. However, it didn’t simply get there because it was a mere need by every American. It got there because of technology, helping it to be more accessible and advanced throughout the years.

The relationship between the housing industry and technology is a match made in heaven. It brought us the convenience we have today in our own homes and offices. Without it, we wouldn’t have the security we have today. Without it, we wouldn’t have the comfort we know of today. It’s brought us into a life where anyone can afford to live in decadence without spending too much on our properties.

Here are some technologies that help change the housing and real estate industry through the years:

Smart Devices

The smart home market is one of the biggest growing markets in the US. The market size was valued at $33 billion in 2020 and is expected to grow with a compound annual growth rate (CAGR) of 21.7%. This significant growth in the market is attributed to Americans’ need for security and comfort in their homes. Smart devices offer this sense of safety and comfort. No one would have ever thought that twenty-five years ago when the first smart device was invented by IBM, it would become a part of everyone’s home.

When we think of smart devices, we think of smartphones. This was what IBM invented in 1994. The smartphone known as Simon had a touchscreen interface, read emails, and has a built-in calculator. These functions can all be seen in today’s smartphones and the smart devices we have in our homes and offices. But smart devices offer so much more than just a calculator and the ability to communicate with one another with ease. It provides the luxurious comfort we now know today.

Homes are now monitored by smart devices. These devices control the temperature of every room so that we no longer have to do it manually. Additionally, these devices can also be seen maintaining our offices. From automatically turning on the lights when you enter a room to closing or opening blinders, these are all functions by the smart devices we have now today.

Real estate wouldn’t be boasting the technologically-advanced homes we now today without technology. When we think of real estate, we think of comfort, and when we think of convenience, we think of smart devices or technology. That’s how well technology and real estate work hand-in-hand.

Apps

Ever since the creation of the iPhone, apps have become a staple for every smartphone. We have all kinds of apps on our smartphones. Some are meant to entertain, while others are meant for utilities. There are even some apps meant to handle our properties.

Before, we had a hard time accessing the needed utilities for our homes and offices. We used to manually schedule the residential or commercial landscaping services, the trimming of our lawns, and the HVAC maintenance we need for our ventilation systems. However, today, all of these things can be done through the use of apps. Various businesses have leveraged apps to make themselves more accessible to homeowners.

smart phone apps

This makes their services technically sell themselves to consumers, especially during this pandemic, where everyone is avoiding physical contact with one another. Apps are also being used to buy and sell furniture. The IKEA app can show customers how the company’s signature furniture can fit into their homes through virtual reality.

It’s miraculous what apps can do for us and for our properties. Without these apps, we would spend hours trying to get what we need for our homes and offices. However, because of technology, we spend very little time scheduling these things.

Online Buying

Years ago, many properties were sold through auctions or by physically meeting with a real estate agent. The process can take many months before a buyer and a seller concludes the sale of a property. Today, some deals are made online.

Online selling and buying of properties take off the hassle of seeing each available property in-person. In the time of the pandemic, this is a game-changer. Everyone can buy or sell their homes on the internet without the fear of catching the virus. Moreover, the individuals who participate in online selling can even sell more properties because they can now efficiently manage their time.

Technology has changed the way the real estate industry works. Everyone is affected by this change, from real estate agents to home buyers. In addition to this, every day, technology continues to advance and grow. Without this advancement, the real estate industry wouldn’t be in such a favorable position it is now in today.

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