The real estate industry has always been reliant on technology even if the extent to which it was used has varied throughout history. From early forms of land surveying and mapping to more modern innovations like 3D virtual tours and online listings, technology has always played a role in how we buy, sell, and develop land.
As we enter into a new era of technological advancement, the role of technology in real estate is only going to become more pronounced. Here are five ways that technology is currently impacting land investing and how it is likely to continue to do so in the years to come.
One of the biggest effects that technology has had on land investing is increased transparency. In the past, it was often difficult to get accurate and up-to-date information on things like zoning regulations, property ownership, and past sale prices. This made it hard to make informed investment decisions.
However, thanks to technology, this info is now readily available online. Websites like Zillow and Realtor.com have made it easy to get detailed information on just about any property. This has leveled the playing field for investors, both big and small.
In order to sell land, you need to be able to market it effectively. This has always been a challenge, but technology has made it easier than ever before.
Nowadays, there are a variety of online tools that you can use to market your property to a wider audience. Sites like Lands of America and LandWatch make it easy to list your land and reach buyers from all over the country. And with social media, you can target your advertising to specific demographics with just a few clicks.
One of the most powerful selling tools that technology has made possible is the virtual tour. Thanks to advances in virtual reality (VR) technology, potential buyers can now visit your property without ever leaving their living room.
This is especially helpful for land investors who are trying to sell property that is located in a remote area. With a virtual tour, buyers can get a feel for the land before they ever step foot on it.
Drones are another piece of technology that is starting to have a big impact on the land investing industry. Thanks to drones, it is now possible to get a bird’s eye view of any property without ever having to leave the ground.
This can be helpful for things like assessing the layout of the land, checking for potential hazards, and getting an accurate estimate of the acreage. And as drone technology continues to improve, the potential uses for drones in land investing will only increase.
Last but not least, technology has also made it possible to collect and analyze vast amounts of data. This is often referred to as “big data” and it is starting to change the way we do business in a variety of industries, including real estate.
With big data, investors can now track things like market trends, demographic shifts, and economic indicators in real-time. This information can be used to make better-informed investment decisions and capitalize on opportunities that might have otherwise been missed.
Technology has had a big impact on the land investing industry. This is likely to continue in the years to come. Thanks to technology, we now have access to more information than ever before. This has made it easier to buy, sell, and develop land. As technology continues to evolve, the role it plays in land investing will only become more pronounced.