How Technology Has Changed Real Estate Forever

We all know that today’s technology has changed our lives forever. Most for the better, some maybe not so much. But one area that has changed forever is in real estate. Buying and selling real estate is big business, and technology has changed everything!

Here are some of the questions I am most frequently asked:

Q: We all carry a cell phone, but does that relate to buying and selling or even renting a home?

A: Yes, and in a big big way! Not only are people more mobile today, they are better connected and better informed. There are hundreds of new mobiles devices launched each here. Here are the upcoming phones that will be launched in 2017.

Experts tell us that more than half of all Internet traffic is now on MOBILE DEVICES. And a lot of that traffic has to do with the way we buy, sell and rent homes.

Here are four ways that technology has made a lasting change to the real estate business:

1. Real Time Data

When I started in the Atlanta real estate business in 1978, we carried two huge MULTIPLE LISTING books listing all the houses for sale in the metro Atlanta area. They were printed on comic book paper, and each book was 2 to 3 inches thick.

And once printed, each book was immediately obsolete. This was before cell phones and before computers, so the only way to know if a house was still available was to call the agent.

Often, the listing office would say “we think there may be a contract on that house” and leave a message for the agent to call back. That was sometimes several days in coming. No, I am not kidding.

Today, almost all listing data is near real time, meaning if it shows as available, then it is. And we can usually see several dozen photos of the house inside and out without leaving our home or vehicle.

2. Marketing

Prior to the Internet, it was difficult for a small agency to compete with large companies with big advertising budgets. As a result, it was hard to make a living unless you were with a big brokerage.

Other than putting a “for sale” sign in your front yard, the only way to effectively let the world know that you had a home to sell or rent was to place a classified ad in the local newspaper. As proof of the dramatic change, that section of the newspaper no longer exists in most communities. Digital Marketing companies like Zepper have taken real estate marketing to a whole different level.

Today, free marketing tools like ZILLOW and GOOGLE allow even the most technology challenged agent (and buyer and seller) ways to reach literally worldwide with their marketing message. And it’s just as easy to get on your cell phone or a tablet as it is on your desktop.

3. Transparency

Back to early American history, when I started in real estate, we thought of ourselves as the gatekeepers of information about real estate.

What a house sold for was considered private information, and things like square footage and past damage or defects were often never mentioned to potential buyers or renters.

Today, everything has changed.

According the the National Association of REALTORS, some 98% of eventual home buyers begin their research on the Internet, and I think that estimate is low.

It is incredibly easy to find out volumes about a house and a neighborhood, starting with schools, transportation, recent sales, current listings, and education and income levels of neighborhood occupants. You can even easily check to see if there are any registered sex offenders in the area (and most people with kids do so).

Buyers and renters contact agents having already educated themselves about what is available and what they want, and that is a huge advantage for the consumer, in my opinion.

4. Speed

Home lenders and closing attorneys have moved from being stuffy and stodgy professionals to consumer-friendly one-stop shops.

I’m not saying it is actually easy to get a loan these days. But the process is much less painful and happens a lot faster than it did just a few years ago. You can close a loan today in as little as 2 weeks!

Most lenders and closing attorneys have gotten onboard the technology bullet train, but the records room of your local county courthouse still operates much the same way it did 100 years ago.

But mark my words: within ten years, we will see paperless home loan closings, all the while never needing a single signature on a piece of paper. Remember, I said ten years!

Q: Does this mean that eventually, computers will replace agents altogether?

A: I think not. The decision of whether to buy a house or how to sell a house is such a major one that I don’t see it being replaced by an algorithm. It’s just not possible to replace a human being with expertise and years of experience in helping other humans through the long and winding road to the perfect home.

The bottom line: People buy real estate emotionally, then try to justify it logically. That’s why we will always need agents. But technology has forever changed the way we buy sell and rent our homes, and the best is yet to come.

Supertech Hill Town also called Hill City – New Residential Project on Gurgaon Sohna Main Road

Supertech Hill Town on the Gurgaon Sohna road is a Value for Money Investment opportunity. There are various New Projects in Sohna and Supertech Hill Town is one of them.

Actually, it is a good bargain at this price point. Conveniently located on the Gurgaon Sohna road, it offers very good connectivity today onwards.

Location – Sector 2, Sohna (On Gurgaon – Sohna Road) | Adjacent to GD Goenka Education City and Directly Opposite to KR Mangalam University

Area – 20 Acres | Perfectly Rectangular Site

Apartment Type and Area

• 2 BHK – 1200 Sq Ft
• 2 BHK + Study – 1400 Sq Ft
• 3 BHK – 1600 Sq Ft

Supertech Hill Town, Sector 2 Sohna

Supertech Limited, India’s leading real estate developer was founded 25 years back in National Capital Region and since then has been scaling new heights by each passing day. The company has set new trends of architectural finesse in the contemporary global scenario touching the horizons of excellence. Established under the dynamic leadership of Mr. R. K. Arora, Supertech has led to creation of various landmark projects. The leaders and skilled professionals of the company have worked towards launching out of the league projects and take the real estate sector to the next level. Supertech is the pioneer to launch the concept of mixed-use development in India and to come up with high rise constructions in North India.

In North, Supertech has a major presence in Uttrakhand, Uttar Pradesh and Haryana and down South; it is constructing a project in Bengaluru.

The company is developing projects in different verticals of real estate like residential, townships, commercial, retail, office spaces and hospitality.

Supertech Tie-Ups and Associations

For venturing into hospitality sector, Supertech has tied-up with Carlson Group of Hotels, The Leela Palaces, Hotels & Resorts, Inter Globe Pvt. Ltd, Starwood Hotels & Resorts Worldwide and has also launched its own hospitality brand – Hyphen.

To fulfill the commitment of delivering the best, the company has tied-up with the world’s best names in the fields of architecture, design and technology.

• Consultancy – Knight Frank, London
• Concept and Architecture – Benoy, London
• Geo-technical Engineer – Golder Associates, Australia
• Landscape Consultants – Cracknell, Dubai
• Structural Consultant and MEP – Buro Happold, UK
• Construction Contractors – Arabian Construction Company, Dubai
• Engineers and Contractors – B.L. Kashyap, India
• Consultants: RWDI, Canada
• Designers: Yoo Worldwide LLP (UK), Armani Casa (Italy)

Supertech Milestones

• More than 60,000 satisfied customers
• More than 12,000 residential units delivered
• Projects across 38 locations
• Over 25 years of delivering world class projects in Residential, Retail, Hospitality IT Parks, Education and Corporate Spaces
• Over 90 million square feet of real estate under development
• Projects worth INR 180 billion in progress
• Delivery target of 10,000 units across different projects for year 2014
• Total number of Units under construction are 60,000

 

Sohna Affordable Housing Projects – An Infographic

According to the recently approved Master Plan-2031 of Sohna, the population of Sohna (Gurgaon Extention) is expected to grow tenfold by 2031. The developing area will have 5,000 acres of residential and commercial development and 2,600 acres of green and open space development in over 20 sectors.

This new developing stretch has a great potential for a huge return on investment. Investors always viewed this area as a high-potential zone and started acquiring land banks long ago.

The proposed infrastructure continues to add value to the overall development making Gurgaon Extension an attractive destination for those looking to buy units at slightly lower rates, compared to the rest of Gurgaon.

Sohna has wide roads and world-class infrastructure projects. The residential and commercial projects coming up here are only about 12-13km from Gurgaon, with a price tag that is almost less than half of the prevailing rates in other parts of Gurgaon. Thus, this new developing area is in great demand.

With the latest bill being passed for 100 acres for institutions and a proposed SEZ, Sohna is steadily emerging as the latest place to be at.The Infographic below shows the current status of projects in Sohna under affordable housing Policy.

Current status of projects under Sohna Affordable Housing

About 52% of the apartments are already booked. Bookings for 3 projects are open and 2 projects are yet to be launched under the Sohna Affordable Housing Projects. The rest 48% of the inventory is filling fast.