How Technology Is Reshaping The Real Estate Industry
Real estate technology is an endless realm of possibilities. There are numerous innovations that provide the opportunity for more business to take place. Though largely dependent on human interaction, real estate has greatly benefited from the development of new tools and technology.
The advent of the cellphone and its rapid rise in popularity among people of all ages effortlessly paved the way for brokers in the early 90s to keep in touch with their clients at any time of day no matter the distance. This advancement was greeted with excitement because of how it eased the work of many brokers.
Now, as more tools have begun to emerge, so have apps, websites, and other several forms of real estate technology. Technology is continually revolutionizing the work of a real estate broker, ultimately changing the face of the industry as well.
Real estate brokers have the opportunity to propel real estate sales and marketing successes further, and here are three reasons why.
Digital interactions are cost and time efficient
Until they reach an agreement, real estate brokers need to facilitate communication between them and their clients – and this requires a lot of time following up, getting offers (or counteroffers), and viewings. Because of the volume of work that needs to be done, brokers often get pressed for time, and other clients are overlooked.
By taking things online, either through social media or chat apps, brokers can keep in touch with their clients while running other errands. This lessens the need for sit-down meetings, while guaranteeing faster responses whenever there are questions from the buyer to either the seller or the broker. Communication is made much simpler and quicker.
Additionally, brokers can also forward important documents, narrowing geographical restraints to speed up the process. It’s also cost-efficient, as clients can be presented with high-resolution visual content, avoiding the cost of printing.
Digital interaction, which also includes being connected on social media, enables brokers to meet more new potential clients.
Everything is on demand
Anyone with an internet connection and a smartphone can easily have access to a wellspring of information.
It’s essential for brokers to begin to realize that their market is practically online now, with a large percentage of interested buyers searching for properties through property portals. The first thought of most interested home buyers now is to browse for their dream home on listings sites. Aside from online platforms, brokers can maximize social media sites to post their properties.
However, it isn’t enough for brokers to put their listings online and hope that somehow, one of these hundreds of potential clients comes across their properties. Instead, it’s vital that brokers ensure their listings stand out.
One way to make listings stand out – while simultaneously gratifying this urgent demand, brokers can provide virtual home tours. It isn’t necessary for these home tours to be done professionally with the use of a camera, either. Instead, by simply accompanying the details of the listing with pristine, true-to-life images of the property, brokers can engage their clients immediately.
Data engages customers
By exploring technology’s maximum exposure, brokers can act as a source of valuable knowledge concerning the industry for their clients.
Knowledge is still one of the most valuable currencies in real estate, and brokers’ grasp of the industry could benefit them in their client dealings. But at the same time, the staggering amount of data that can be accessed through the internet comes hand-in-hand with what they know. For example, pricing trends in a specific area or city can be found online, and this significant piece of data could help sellers and buyers of real estate.
Aside from finding the right property for them, home buyers equally prioritize the neighborhood that they’ll be moving into: the culture of the area and its offerings for its residence. By being able to provide engaging data, brokers not only set their service apart from the rest, they also help their clients find the right property for them.
What technology generally achieves for the real estate industry is efficiency and precision. Data pertaining to customer demographics, behaviors, and interests helps brokers closely analyze and target trends or generate conclusions and insights that could help define their strategies. Data enables objective analyses about the potential of investments, directing brokers away from potentially not bearing fruit despite their hard work.
In one way or another, brokers everywhere are probably using technology in their everyday life, like mobile phones or tablets that they are comfortably tapping on every day. Online tools may be daunting to use, especially in the field, but they can be beneficial for a broker. There is an increase in technologically adept consumers, and if brokers allow themselves to be left behind, then they lose the potential to access this tech savvy market.