The real estate industry has undergone numerous changes with time. Many changes have occurred due to technological advancements. A few years ago property selling or renting was totally the business of a real estate agent. However, now selling or renting a house privately has become easy.
Let us see some of the changes that have taken place and some that will take place soon:
This is a new concept where the prospective tenants bid for the rental of the home. The thought behind this concept is that the worth of a property varies for different tenants. For instance, a tenant may be ready to pay a higher rent for a home because it may be close to children’s school, etc.
The process entails:
- Landlord setting a rental
- Pre-screening the tenants
- Inviting the selected tenants for the auction
- The traditional concept had the landlords or their agents estimating the rental for the home.
Reduced Dependency on Real Estate Agents
Property listing portals have made it possible for landlords to rent a house privately. Earlier there was no way for a landlord to approach an agent. But now landlords can advertise their homes on property portals making it visible to potential tenants. They can directly connect to the landlords.
Rent Deduction from Tenants Paycheck
While selecting a tenant there is an element of risk involved because there is no way for the landlord to find out whether the tenant will pay the rent on time or not. Therefore, in some countries, a practice is being followed where the rental gets deducted directly from the tenants’ paycheck and deposited in the landlord’s account. This ensures the credibility of the tenant and the landlord is assured that he will get timely rentals.
More disruptions are expected in the real estate sector. It is best to be prepared to adapt to these changes. With times, the role of the real estate agent will be diluted further. And, property owners will be able to rent a house privately.