Before the real estate industry shifted online, the process of buying and selling a home looked radically different. Sellers and buyers heavily relied on real estate agents, as they were the only people that understood the ins and outs of the industry.
With the development of online property portals, real estate became more accessible. Nowadays, the process of buying, selling and renting a home has become more transparent, where customers have become more educated and informed than ever before, allowing them to make better decisions in the long run. In this digital era, young start-up companies have helped revolutionize the industry and move real estate into the future. Here are the main ways that tech startups have helped transform property industries around the globe.
Streamlining property management: Startups like Hightower help building owners to manage workflow by allowing owners to determine their valuable agents, as well as keep track of tenant interactions. Building owners also have the freedom to centralize their marketing materials and budgets. This makes it easy for various departments to log-in and access requested information. Users are also able to manage their work on the go with mobile devices via updates and notifications.
Eliminating boundaries :No longer are property-seekers restricted by local or national borders when it comes to looking for real estate. Companies like the number one property portal Lamudi Ghana, operates in a similar way to more established players like Zillow or Right Move, Lamudi gives house-hunters, investors and developers access to residential and commercial properties across Ghana.
Cutting out the middle man : Could a world without real estate agents be the way of the future? Startups such as Faira aim to link buyers with available homes directly so that sellers do not need to go through real estate agents. Faira handles the purchasing contract from beginning to end, by taking care of the contracts and certified appraisals.
Supporting investors: Institutional investors, real estate investment trusts, hedge funds and private equity firms also need a helping hand when making wise investment decisions. This is where Compstak comes in, a startup that provides information to these institutions to allow them to easily analyze comparables. Compstak is free for real estate agents. When they require access to a specific comparable, the agents must provide information about their own business deals.
Author: Fidel Amoah, Content Manager Lamudi Ghana