Is The Real Estate Sector Moving Towards API Technology?
This pandemic has opened the doors of technology to a number of sectors. From simple day-to-day activities within the communication field with applications like Zoom and Skype or Google Meet to complex machine learning and automation features, the usage of APIs within businesses has become a staple. Will this work for real estate environments as well? What are the potential disruptions in using such pieces of tech? Let’s break these points down.
What Are APIs?
APIs are applications built for the web which contain a database that can be accessed externally. Although it may sound extremely complicated, you can see them as canvases which you can use to obtain specific pieces of data for your personal application (if allowed, of course). APIs are the core of today’s internet (or Internet 2.0) and they are set to become even more prominent in 2021, given how many companies are using them to quickly build functionalities.
How Do They Apply To The Real Estate Industry?
Let’s say you’re a commercial property agent or a commercial estate agent: you want to access a financial database to determine whether if the person who’s applying for a mortgage is eligible for such loan. In order to do that, you’ll have to dive through endless calls with your bank/your broker and that entity will also have to call upon a number of offices to get that piece of information for you. With simple financial APIs, publicly accessible in a commercial environment, you will be able to instantly process such data, simplifying your life and your client’s.
Is This A Tangible Future?
Although very experimental at the minute, with just Paypal Credit offering something remotely similar to these services, the usage of APIs for the real estate sector is a potential development route which companies should take into consideration. Given how long and bulky financial processes may be, it’s mandatory to embrace new technologies which are very likely to speed up these processes and improve customer success. Many analysts are saying that these API will be fully implemented in a number of new resources, leading the market to a more technologically driven approach.
The need for a change within the real estate sector is mandatory. There are dozens and dozens of companies who are actively looking into new, tech-savvy ways of improving their businesses especially ahead of the high competition which will naturally escalate once this virus will leave.