The emergence of technology is a massive phenomenon across industries worldwide. It has changed – and continues to change – the way business is done all over the world. The real estate industry is no exception.
Real estate technology – or proptech – uses information technology to help companies research, buy, and sell effectively. Proptech isn’t foreseen to “disrupt” the industry; it isn’t completely changing processes. Rather, it is shifting them, improving existing ones to make them more effective and efficient.
For an industry known for its unpredictability, shifts and changes aren’t new. But real estate brokers are now more aware of the influence technology has on buyers and sellers.
Real estate portals have improved the search for residential and commercial real estate. They allow buyers to begin their home buying journey from their phones or tablets. This gives them options faster, but this it does not change what they’re buying or leasing or from whom or how. This is where the ability of a real estate broker to adapt is crucial, because they have the responsibility to help their clients in areas where technology cannot. Proptech cannot completely take over the responsibilities of a broker, but it can certainly assist them in their jobs.
Developing the best technology strategy requires an overwhelming number of things to consider. There are resources at hand for brokers to maximize in their work, but that doesn’t mean that each one should be used. The right tools for a broker will promise three things: increased productivity, efficiency and ease, and long-term solutions.
There’s no one-true method for picking the right technology for a business, but the decision would be made much easier by considering these three points.
Identify what is really needed
Look for technology that will eliminate existing pain points and increase productivity instead. Of course, this first begins with identifying those problems. Examine existing processes before looking at new technology. Otherwise, the technology might even interrupt a smooth-sailing system.
Does this technology help acquire more clients? Will it help reduce costs? Is it going to make work more organized? Knowing what is needed before purchasing is key to making technology benefit and not inconvenience a broker.
Make sure it’s easy to use
Brokers need to place a premium on user experience; any new technology they choose to adapt should be easy and straightforward to use. There’s no point in investing in technology that slows down one’s work or becomes a liability instead of an asset. Brokers must also consider accessibility, as their job requires them to be mobile.
Consider the future
Technology in any business should meet immediate needs. But what about the future? If the platform doesn’t have the potential to meet future needs, it may result in having to find new tools over and over. This also ensures that the investment is worthwhile. Considering the potential of a certain tool in being a long-term solution requires a look at its utility. Does it have multiple functionalities? Can it do more than solve the immediate pain points? It’s vital to select technology that can grow with you. Technology shouldn’t be static; good ones always move with the times.
Implementing the right strategy for proptech is not an easy task. When selecting the right real estate technology, brokers need to gauge its effectiveness in propelling his or her business forward. Adopting new technology is an investment, and like any good one, it should be one that pays off in the long run.