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Technology and Real Estate

Techandreal

 

Investing in real estate has always been a way to secure wealth. That hasn’t changed. With the advances in technology and communication you would think that the opportunities that were and are discovered and acted upon, have changed. But not really.

Today there are countless websites, smartphone apps, and innovations that make it extremely easy to locate and research real estate purchases and investments. Everyone is trying to build a better mousetrap. From the franchise real estate companies, to independent investment firms, all are utilizing technology to entice us to refine our purchase/search choices and then provide us an ever increasing amount of information related to buying real estate. And why not, as the population grows and ages, more and more real estate purchases are being transacted. However, ultimately we will end up working with a variety of persons in following the path to a purchase.

The reason there are Real Estate Agents, Mortgage Brokers, Appraisers, Notaries and Lawyers in the real estate transaction is because they have expertise. While some of today`s real estate technology will incorporate referring links to these professionals, it is in the person to person conversation where the real opportunity happens. And, in the investment scenario, those conversations can be the start of something much more than just “a transaction”.

Every real estate purchase requires expertise. As suggested above there are at least four or more professionals in the purchase of a home as a principal residence. In purchasing investment real estate there can be that many and lots more if you’re working with larger purchases like multifamily properties. The quality of each professional can greatly affect the outcome and decision making process that the buyer will go through. Like a lot of our day to day purchases, when someone does a good job for us, we are likely to take their recommendations on futures purchases. And the opposite is also true.

Technology gives us quick access to a lot of information. Did you know that more than 90% of the documented data on the internet was created in the last two years? And it`s growing fast. So how we apply the technology to searching for real estate opportunities is a bit of a quagmire. The reality is that while we may find a tempting property to buy and be able to determine many things about that property from the technology delivered information, it is the hands on, see it with your own eyes, and get the real story from the agent that helps us determine the quality of the opportunity. And, the inspectors and appraisers can help us confirm our understanding of opportunity vs. risk.

So back to the top. Where do those really good investment opportunities come from? The same as it has always been, relationships! Professionals in real estate became that because it’s something they do every day. They live the work they do, over and over until what they know becomes second nature to them and in a lot of cases they really don’t realize how much they know. They share opportunities with their family, friends, contacts and network. That’s where the opportunities are. So while it’s fascinating to be able to make a few clicks on a website or a few swipes on a smartphone, it’s the discussion and conversation with these real estate professionals where you will find more profitable buying opportunities than you can probably afford. But give it a try for yourself. Call a real estate professional.

 

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