Invention and innovation changed the world economy from the minute the first computer landed in an office, yet again, mobile technology is reshaping the industry – especially in real estate. In 2016, real estate technology companies raised a record-breaking $3 billion across 209 deals: to put this in context, that is ten times the funding that happened four years ago. These numbers keep growing every day. Real estate technology is an emerging sector that has seen a rise in investment, innovation, and demand in recent years. New technologies are going to change the way we do business in the near future Computer visioning has the potential for understanding the consumer search experience at a higher level.
A lot of cash is being sunk into real estate technology firms that are changing the experience of purchasing a home, from listing services to virtual viewing to property management software. However, numerous aspects are yet to be completely digitized which will turn the real estate sector a less stressful venture and more enjoyable experience.
Technology is data, and real estate agents have a property value proposition by owning this data. With data now available online through www.knockwise.com website and app, consumers are taking that value, and this is creating more efficiency and transparency in the industry. Real estate agents are now shifting from being purely sale people to being experts in their field.
Technology has forced real estate agents to reinvent their specific roles. Agents have the opportunity to become better facilitators by adopting new technology platforms in order to remain relevant in the market.
The continued rise of the web as an essential source of information and advertising has provided broad opportunities for those in the real estate industry to expand in the online sphere.
The real estate industry rotates around individuals, and innovations and advancement in technology have led to an opportunity for greater communication between agencies and clients. Where in the past agents may have invested their precious time playing phone tag with their potential customers or having face-to-face meetings, many now use email or online contact forms as their first port of call and primary form of communication. In turn, consumers are finding it easier to access information about listings, specific real estate offices and contact information for particular agents.
Online listings have additionally helped to streamline the communication process. If a listing is adequately detailed and has great imagery, potential buyers would not need to contact agents with initial queries about the property – and their first contact will likely be to arrange a viewing. Clients can do their own research, from looking at a satellite view on Google Maps to viewing the original listing, to searching for past sale or rental prices of the property. Agents have an opportunity to steer clients in the right direction using their inside know-how of their local market and particular property to pass on further information and close the sale.
Not only does new technology and digital advancements mean that agencies can remain in contact with clients and colleagues using smartphones and tablets – but it also means that they can present information to potential buyers or tenants in new, innovative ways.
Technology has revolutionized the way that real estate agencies and their clients can operate and communicate. Agencies that enjoy embracing new technologies and incorporating different processes into their workflows have the chance not only to impress customers – but to remain a step or two ahead of the competition.