It’s a good idea to constantly reassess the progress of your business, from the success of your real estate sales efforts to staffing needs to your office’s use real estate technology.
Today we address real estate technology. With new platforms developing constantly, it’s key for you to know technology is changing the industry and what you might want to invest in.
Technology in Real Estate
- You’ve likely heard of blockchain but wondered what it is. Simply put, it’s the record-keeping technology behind bitcoin, but an even simpler way to define it is that it acts as a distributed, decentralized public ledger. In real estate sales, blockchain has the potential for storing old liens and debts, saving an immense amount of time and money and possibly eliminating the need for title insurance. Information about damages, construction. And improvements to the title could be added, making such a system like Carfax for residential real estate.
- Virtual walkthroughs. Virtual reality technology is affecting just about every industry, but there’s no industry better suited for it than real estate sales. Since one of the most important parts of the process is viewing the property, the use of virtual technology can vastly simplify this for distant buyers or potential buyers who want to view a property after hours. Already in use, expect more agencies to invest in the technology, allowing clients the opportunity to “walk through” a property while not being on site.
- Machine learning and artificial intelligence. Boy, it sure would be great to be able to predict early how much properties will sell for, especially for multiple properties. You’d be able to more accurately estimate your commissions and more importantly, provide service to your clients by telling them up front how much they can expect to make. Algorithms used in artificial intelligence do this by tapping into a pool of information based on past deals. This is real estate technology at its best.
- Data and personalized recommendations. You always want to make your marketing and advertising as targeted and personal as possible. A recent study showed 80 percent of consumers are more likely to do business with a company that provides a personal experience. New homebuying platforms are soon expected to be able to successfully predict what a homebuyer might want, even if it’s not been explicitly stated.
- Sales platforms.Buying and selling apps and platforms will continue to mushroom. One of the hottest is Homesnap, which houses a massive amount of information. The app allows the user to take a photo of a property instantly find out relevant information about it, including price and photos. Homesnap also allows users to contact the agent if the property is for sale.
Technology in all business sectors continues to advance rapidly, changing the way we conduct our real estate business. While some of tools we’ve discussed may not require immediate investment, keep yourself up to date periodically on evolutions that can make you more successful.