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Executive report describing how information technology impacts the Real Estate Industry
Pages 2 (502 words)
Information Technology has embedded itself in all areas of life including how one shops, communicates, learns, explores, negotiates and earns, with the real estate market being no exception. This wave that has swept across and engulfed several industries has resulted in greater transparency of operations, a larger platter of choices, quicker transactions and easier negotiations…
Online purchasing for instance has reduced the number of agents, retail stores and warehouses needed - these very services were thriving a couple of decades ago. On the other hand, access to the most unusual information, the most uncommon places, the rarest of books and even personal web logs are now just a click away. Hence, the value of a product, service or piece of information has undergone an overhaul since the onset of the Information Technology revolution. Added, these values even after changes are not static but yet in the process of stabilizing, allowing for large potential differences between current value and future value.
Traditionally, real estate value has been known to depend upon criteria such as size, location, amenities, and even climatic environments, and now, information technology is an added consideration. Cyberspace technology enables interested clients to browse through properties of their choice using various search options such as zip code, size, amenities and budget. It is also possible to take a virtual tour of the property, its interiors and its neighborhood. ...
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