There are no words to explain how the real estate industry has changed. The sector experiences new trends each year, and some significantly transform. Therefore, for it to cope with this ever-changing landscape, real estate businesses need to be able to adapt quickly and efficiently. What has caused the tremendous changes? Since the introduction of technology and advancement in the real estate sector, there have been unstoppable transformations. The internet has made it easier for buyers and sellers to connect, and many online platforms allow people to buy and sell a property. With the platforms, you can view different Kenyan houses on sale and their price to select the one that fits your preferences. This has made buying and selling property much simpler and more efficient and has also helped to reduce the cost of doing business. Check out the ways real estate has revolutionized;
Today, social media has become a dominant tool for marketing property, and many real estate agents are now using it to reach out to potential buyers and sellers. New technology has made it possible to create virtual tours of properties, which is a great way to show potential buyers what a property looks like without them having to visit it physically. This has saved a lot of time and money and helped to make buying and selling property much more convenient.
Rise of the sharing economy
The sharing economy describes the growing trend of people renting personal property, such as their homes and cars, to others. The sharing economy has significantly impacted the real estate industry, making it easier for property holders to rent their homes. Platforms like Hauzisha have allowed homeowners to rent their homes and make money; this has led to many people wanting to invest in property.
Increased satellite migration
In recent years, many people have migrated to satellite towns due to the high cost of living in cities forcing people to look for more affordable alternatives, and satellite towns have become the most popular option. Besides, the Kenyan government is constructing more affordable housing outside major cities, resulting in satellite migration. This trend is expected to be active in the following years and will significantly impact the real estate market. Satellite towns are expected to experience a boom in the next few years, leading to an increase in demand for property.
People are opting to buy than rent a house
In the past, most people preferred to rent houses because they could not afford to buy one. However, this is no longer the case as more people can afford homes. This has been made possible by introducing various financing options, such as mortgages and Islamic financing. These financing options have allowed people to buy houses without paying the total amount upfront. This has resulted in more people opting to purchase homes, which has, in turn, increased the demand for houses.
Communication is an important aspect of any business, and the real estate industry is no different. In the past, real estate agents had to rely on face-to-face meetings and phone calls to communicate with clients. This was not only time-consuming but also expensive. With the internet, agents can now communicate with clients via email and social media. This is a more efficient way of communication as it is not constrained by time or location.
Fast and transparent transactions
The whole real estate business process has been improved to be fast and transparent. Selling or buying a home was a hectic process that would take weeks or months to finalize. However, this has changed since the introduction of technology in the real estate industry. The fast and secure online platforms have made it possible to complete transactions quickly. For instance, you can buy a house in Kenya within a week after finding the right platform to market your property.
In the past, real estate agents often provided inaccurate information about properties to either make a sale or inflate prices. However, getting more accurate information about properties is now possible with technology. For instance, when looking for a house, you can employ Google Maps to get an idea of the property’s location, and you can also use street view to get a better idea of what the property neighborhood looks like. You can also narrow your search by using various filters such as price, number of bedrooms, and more to find your dream house.
The real estate industry has been dramatically impacted by technology, and this has led to many changes. The most notable changes include how property is marketed and sold, the increased accuracy of the information, and the fast and transparent transactions. The industry is expected to continue to transform as technology constantly develops.