A History of Technology in Real Estate

As technology continues to advance, its impact on all industries becomes more significant. Real estate is no exception. Technology has been advancing for decades, but recent advancements have especially redefined the real estate industry.

Real Estate and the Internet

The development of the internet has forever changed the real estate industry. Two-hundred years ago, realtors held all the power and information. As the internet became more widely available and user-friendly, the real estate industry had to adapt to stay relevant.

• 1980’s - Even before the invention of the World Wide Web, brokerages could access listings, recent sales, tax information, and other property details through regional multiple listing services online.

• 1991- This is when the World Wide Web was accessible to the general public, but ads in newspapers and industry magazines were still a prominent way of obtaining real estate information.

• 1995 - Realtor.com was born. Real estate professionals realized that advertising through online sources was more financially viable than investing in more expensive newspaper ads. Craigslist, AOL, Yahoo and MSN were other avenues for average individuals to access real estate listings and information.

These advances were unbelievably advanced 20-30 years ago, but now we use this technology without a second thought. Since the mid-90’s, technology has become even more advanced, truly putting consumers in the driver’s seat.

In Today’s World

Components like cloud storage, enterprise software, communication applications and online marketplaces have prompted flexibility in how real estate is bought and sold. These technologies have affected almost every aspect of reality, but here are a few core impacts.

Realtor to Consumer Interaction

Potential homebuyers can find houses on Zillow or Trulia before even speaking to a real estate agent. Additionally, they don’t have to meet with the realtor in-person if it isn’t feasible. They can use Skype in place of face-to-face contact.

With everyday items being bought online, one possibility within the next decade is that the majority of real estate transactions could be completed online from start to finish, according to Rick Sharga, executive vice president of Auction.com.

Availability of Information

High-speed internet and wifi being available at increasingly lower costs means a growing percent of the population has access to the tools and services that run the real estate world today. With smartphones and tablets, consumers have everything they need at their fingertips if they have the sudden urge to buy, sell or research anything, including homes.

Going Forward

In 2018, technologies like artificial intelligence, virtual reality and data-driven insights are expected to change real estate even more. If you are serious about staying current in the real estate market, you want to keep an eye on trending technologies that could affect your business.