The facilities generated by digital technology make the real estate market constantly reinvent itself and it is important that those involved in this sector to follow the trends in the real estate market. The constant evolution is being shaped by shifting market conditions and changes in consumer behavior and it develops at an alert and demanding pace.

Real estate brokers must follow such technological trends that influence the direction of their work on the real estate market. Real estate broker activity is linked to a large number of daily requests that need to be processed on time and with a maximum possible return.

Here are some technology trends that influence the real estate market:

• The use of smartphones to search for real estate

Internet usage through mobile devices, like smartphones and tablets, has seen strong growth. With the increasingly accessible internet and more and more widespread mobile devices, it is easier to search for real estate via your mobile device. Your client can even now move to real estate and look for more information via its mobile device.

Number of hits on real estate websites via mobile increases, leading to an incredible business potential for those who build their marketing strategy already thinking about this phenomenon.

• The improve of real estate localization

As a result of the technological trend where more and more users are using mobile devices to access information on the real estate market, there is a growing need for the property ads in a certain area to be found by geolocation, that is the result of Google searches or even commercial real estate software, real estate must contain the exact location to be located on the map.

This may lead to conflicting opinions. If a property has a disclosed location, it reveals the portfolio to the competition, or the ultimate buyer can avoid the real estate agent, and buy directly. Such a risk exists indeed, but in terms of competition, it can be solved by offering the best service delivery with personalized information and unique content with an exclusive contract with the owner.

With regard to the customer, all attention must be channeled towards generating complex services in support of both parties: customer-seller and customer-buyer.

According to studies in the field, real estate that localized the address on the map is receiving more visitors than those who do not. This is certainly a technological trend, which shows that it is more advantageous to anticipate and declare the location of their properties to buyers.

1. Innovations and digital marketing strategies

In recent years, digital marketing has grown exponentially, increasing the trust of companies, and so more and more is being invested in online marketing, although this is not new. With digital tools, the digital marketing is becoming more mature agreed digitalroo.co.uk.

One of the major limitations of traditional marketing has always been to measure return on investment. With digital marketing, this limitation does not exist, because we might know the profitability of each campaign and how it influences the business.

Thus, marketing campaigns on the real estate market become more analytical and thus show the quality of services at a more professional level.

• Increased use of digital platforms

Nowadays, the real estate market is more professional, so, digital marketing requires more complex tools – thus increasing the number of effective transactions generated by the digital environment. Whether these tools are digital real estate platforms that focus more on sales, more on marketing or on the complete business solution, it is already clear to the online market that investing in the right technology is a must.

Combining a series of incredible features that enable real estate agents or real estate agencies to promote, for example, the portfolio of properties to customers over the Internet through a single system over time.

Accessing and using such real estate platforms is not in itself the tendency, but the challenge is to choose the ideal tool for the needs of each broker or agency, with reference to the growing rhythm of digital marketing on the market.

Evolving technology companies on commercial and residential real estate products and services have moved quickly, for the past decade, forcing traditional real estate firms to rethink their core business models and embrace digital innovations.

There are companies that track and analyzes emerging trends in real estate tech for a better understanding of technology’s impact on the industry.

An innovation that is used in this field, is the customer relationship management (CRM) tool, the approach to manage a company’s interaction with current and potential customers. This uses data analysis about customers’ history with a company in order to improve business relationships with customers.

An example is REthink CRM, a sophisticated CRM, and Deal Management tool for the modern commercial broker, built for CRE brokers and agents. REthink CRM reporting allows brokers and executives to have widespread visibility into the CRE business.

1. Messaging and video communication for real estate promotions

Digital communication is so easy and, now, customers no longer want to be interrupted from their work and prefer to receive information through messages.

That’s why digital tools such as WhatsApp, Facebook Messenger, Skype, Hangouts are a high-tech real estate trend.

Another technological trend that has boosted in recent years is the use of videos. More and more consumers watch online videos.

Thus, increasingly aware of the importance of this data, it is important to invest in the production of online videos.

Things to consider

People are starting to see the potential of property development, and it’s not surprising. After all, nothing beats making a great deal of money while utilising your creativity in the process.

If you’re one of the many people interested in getting into this ‘lucrative’ business, my advice is to slow down.

Although property developing and putting it up for sale or rent can be done by anyone, it doesn’t mean that everybody can be successful in it. It requires a lot of money, and if things go wrong, you may just find yourself buried in debt.

Aside from a huge capital, it takes skills and research (a lot of them too). It’s not as simple as buying a random property, making improvements to it, sell it, then you get your money. That’s just not how it works.

What makes property development a viable career for many is that one, it doesn’t require any particular type of qualification. Two, you can do it anytime you see fit, and it doesn’t even have to disrupt your full-time job (if you have one). And three, it’s very rewarding which is already a given.

Let’s say you’ve already done your research and there’s a property you’ve been eyeing on. Before you decide to take the plunge, think about the following considerations first.

Define your target market

This should be one of the first things you need to pay close attention to before everything else. Know your target market inside and out.

When you start considering areas where you want to start developing a property, think about who would want to buy in that area. Is the location ideal for:

• Families?
• Young professionals?
• Students?
• Retirees?
• First-time home buyers?

All these groups have different needs. Defining your target market will establish how the whole development process goes. For example, it doesn’t make sense for you to buy and develop a property near busy roads if your target market are families. Obviously, it would be unsafe to do so.

Condition of the property

It goes without saying that you’re up to the challenge of renovating a property. But it doesn’t necessarily mean that you should jump straight away at every opportunity presented to you.

A survey done by a chartered surveyor will give you a better grasp of a property’s worth. A full structural survey is highly preferred compared to a basic one. After a thorough study of the property, ask yourself if it’s possible to do some of the repairs on your own.

For parts that need serious attention, get professionals to do the job. Again, with the power of research, get quotes from multiple contractors with the best ratings and recommendations. You’d want them to be trustworthy and be able to finish the task on time.

Remember: Selling a house with defects is unsafe to live in. You can get yourself into serious trouble because of this so keep that in mind.

Safety

Most people do not want to live in a neighbourhood that’s unsafe.

The curb appeal of a property is a significant factor in this business. But at the same time, peace of mind is something that buyers will also consider before the purchase. You would not want to skip this part.

Since you already took the time to do your research about the area, extend it a bit further by asking local police departments. Crime rate statistics will also help in knowing if the area is safe and secure.

The best location

A common mistake in this industry is getting a property in an area that’s already well-established. You will most probably pay the highest price if you buy a property in the centre of the ‘best area.’ This would take a huge chunk away from your profit which you don’t want to happen for sure.

You need to have the skills to be able to spot an area that’s on the rise. Be one of the first people to buy early. This is where the greatest chance of making a healthy profit lies.

Ideally, you’d want to develop an area located on the outskirts of an established city.

Room for growth

Locations that are just starting to undergo gentrification are the perfect place to start your property development journey. The secret to success in this industry is to ‘buy low, then sell high.’ And these are the places where you’d be able to get properties at low prices.

Look for areas with employment opportunities. If you notice large corporations moving to the area, migration will follow. You would want to seize that chance right away. If there are schools that are being constructed, students will naturally follow as well.

Future developments like hospitals, banks, shopping centres, roads, and other amenities are just some of the signs that you have to look for.

Unexpected costs

No matter how prepared you are, there will always be unforeseen costs along the way. You will not thrive in this business if you are unprepared to face such things.

Calculate how much you need to replace major parts of the house for instance. Always have an extra amount of cash as a buffer for these unforeseen renovations. Not doing so will just prolong the development of the property and worst, the value will have depreciated before you sell it.

Allot funds for the following:

• Getting a structural survey done
• Maintenance and repairs
• Hiring contractors
• Fees you may have to pay to agents
• Structural issues

Watch the market

Another common mistake that developers make is thinking that they make money when they’re able to sell a property.

Not quite.

You make money in property development when you buy, not when you sell. Losing your head over an ideal property will lead to you paying more than what you had planned. The result? You’ll have a tough time making a profit when it’s time to sell.

Make yourself aware of the market trend. Take into consideration that prices may change while you’re still renovating the property. If the value goes down before you’re able to sell it and you bought it at a higher price, you’ll lose money.

Give yourself the best possible chance of making money by trying to buy below the market price.

Conclusion

Always remember this: you’re putting your money on the line in this business.

Time is of absolute importance. Faster turnaround means you’re able to make a profit quicker. The quicker you make a profit, the more capital you’ll have for future projects.

Author Bio

Emma is a part-time property developer who loves sharing how others can make their homes amazing both inside and out on her blog Fixtures and Flowers. You can chat to Emma on Twitter.

 

There comes a time in many people’s lives when they are finally ready to part with their home or simply need to move somewhere else. Selling a home is not hard business, but it is ideal that you sell it for a good price and not miss out on potentially great offers. Even though your home may already be highly desirable on the real estate market, there are some general tips that are easy to follow and that will definitely boost its value for any potential buyer:

1. Fix Anything That’s Broken

This goes without saying – when selling house, you must make sure that everything is running smoothly and that you are not passing on all sorts of faults to the next owner, thus risking to sell for lower price than what you hoped for. Check your tiles, make sure there aren’t any cracked ones, test your door knobs and your cupboard doors.

Make sure your doors don’t squeak, your walls are moisture-free and all your light bulbs are up to date. Sure, a prospective buyer will not pass on your house because of a flickering light bulb, but he or she will surely feel more like at home without any pestering inconveniences.

2. Revive Any Pale Colours

Look around your home. Does it have a fresh, popping look or does it feel like it’s been lived in for five decades? By this we don’t mean slapping on some lime-colored paint on the walls, but simply reviving already existing colors and softening too stark ones. For example, you can repaint your walls so they make the room feel brighter and more spacious once more.

If you can’t afford to replace older furniture, consider applying a fresh coat of paint – it will definitely give it a crisper look. Also make sure to check your curtains and your rugs – consider replacing them if they look beaten up. It’s so little, but it can do so much for a first impression.

3. Don’t Underestimate Smells

Just as the visual aspect is a powerful influence over someone’s first impression of home, smells are the unseen and underestimated forces that govern our perception. For example, if you are a smoker and are trying to sell your home, chances are that the tobacco smell has persisted in time and your prospective buyer may feel put off by it. This can be easily avoided by placing vinegar bowls around the house a couple of days before the viewing – this way you are allowing for both the cigarette and vinegar smell to dissipate in a timely manner. Bad smells can also come from clogged drains, old bed sheets, cooking items and so forth. After eliminating these, you can go the extra mile by providing alluring smells with flowers, incense sticks and why not, even fresh coffee.

4. Declutter, Declutter, Declutter

Your most important objective is trying to make your home appear luminous and spacious. This is also achievable by throwing out any unnecessary items that you might have kept for sentimental reasons – they won’t matter to the new person coming in to live in your house and it will only clutter the place up. However, this doesn’t mean it needs to look sterile and bare, but rather airy and in good taste, with no unnecessary stuff left around to fill up space. Leave a couple of items that define your personality, so the place can still feel like a home with an edge.

5. Update Your bathroom and Kitchen

These two rooms are so important to prospective buyers that they can make or break the deal. Of course, you can’t put in a shower cabin apart from your bathtub, just to please as many contenders as possible. But you do need to check your plumbing and inspect your sanitary ware. Get rid of rust or any limestone deposits.

Similarly, check that everything in your kitchen is running smoothly, disinfect everything and make sure the fridge has no unpleasant smells. Replace your set of chairs and table or upgrade your countertops to something snazzier, if it is required – anything your budget allows you to. You are guaranteed to have a greater return on this type of small investments once you sell your home.

These are small pick-me-ups that your home can definitely use in order to gain a fresher look and become more attractive on the market. Just make sure you think as a buyer and imagine what you would like to see when browsing for new homes. Whatever the changes you apply to your home, make sure to keep it simple and uncomplicated.