Technology is Awesome; isn’t it?
These days, there are so many technological choices in which you can can use to sell/buy your next home quickly. Apps like Zillow, Trulia and Redfin have in increased the power that consumers have to research locations, prices, amenities and neighborhoods. Virtual Reality allows Realtors® to provide a 360-degree views of homes without you ever having stepped inside the property. According To The New York Times, “Only recently have developers, architects, brokers and builders started to use the technologies to save money and time in two aspects of large commercial real estate projects: leasing and construction.” Prior to all this awesome technology, real estate brokers used the Multiple Listing Service (MLS) that came in huge three-ring binders. Auctions used to be solely based on foreclosures; not any more! Instead, with auction companies, property can be purchased without ever visiting it onsite. According to Forbes, “We are seeing a “steady increase” in homes being sold through auction platforms.” Now, at the click of an app, consumers have all the access they need to real-time real estate information. Even school district rating information is accessible through app technology.
As with any industry, real estate technology growth has its fair share of hurdles. According to a recent survey, people are less concerned with cost and are more concerned with their privacy. “For 40 Percent Of Respondents, always-on devices that are constantly watching or listening to what you’re doing and saying is a major concern for consumers considering buying smart home tech,” PCMag reports. Some Realtors® have stated that some of the real estate apps have accurate information posted regarding certain properties. This can make finding a legitimate match for their buyer/seller difficult.
Concierge Auctions, (leader in real estate auctions), is involved with several lawsuits according to a Wall Street Journal Report. The Wall Street Journal explained that “five of the 10 lawsuits filed against Concierge since the start of 2014 alleged that Concierge either failed to disclose registered bidders who had proffered lowball bids, or used some kind of phony or shill bidder to lure clients to entrust their properties to the firm’s auction process.” Another suit Claimed that Concierge Auctions had “fraudulently induced sellers of luxury real estate to enter auction contracts by making false promises and various misrepresentations about Concierge’s auction results, sales statistics and track records.”
Technology has definitely influenced buyers/sellers in the real estate market. While this technology remains helpful in some aspects, it is still critical to perform your own research and rely on your Realtor® for expert advice on a property and the market that you’re interested in. Sometimes, a human being will serve you better than technology alone.
If you have any questions, we’re happy to help! Contact us directly at BrandyCoffey941(at)gmail(dotted)com or 941.404.4737.
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