Technology is changing almost every industry. The digital imprints are everywhere. From mundane tasks like shopping to advanced revolutions including artificial intelligence and robotics, technology is changing what we do and how we do it. Automation and digitalization have made our lives simpler and better. According to critics, these changes come at a cost to human labour.
Many industries have embraced the ever-evolving technological changes. And the real estate industry is no exception. Home buyers today are tech-savvy, well-informed and know precisely what they want. Real estate agents and brokers are adapting to the changes and many businesses are providing technology platforms to make the property buying process simpler and easier for both sellers and buyers.
The impact of the internet
The real estate tech sector is being shaped by shifting market conditions and changes in consumer behaviors. The Internet has reshaped how real estate is delivered to the consumer. There are now commercial real estate reporting software for brokers to manage their businesses efficiently and deliver on their promises.
Technology is, thus, reshaping the industry. Companies that are slow to adopt new technologies can miss out on new and young customers who access products and services on their mobile devices.
The internet remains one of the most popular resources for home buyers, with 95% of customers searching for real estate online, and a record 51% actually finding their ideal home that way, according to National Association of Realtors research.
Mobile technology
The expansion into mobile technology is just one of major trends in the ever-growing real estate market. For many older generation real estate businesses, it’s hard to adapt their businesses to how the younger generation communicates. But for many agile real estate businesses, technology has improved their business processes and administrative tasks.
Mobile administration means brokers are not tied to their desks anymore; they can work remotely from home, from their tablets, and really anywhere with an internet connection, cell service, and, or smartphone. Technology allows employees to do more from outside of the office. If used properly, real estate agents can save employees time and money.
The rise of social platforms
The rapid growth of social media platforms makes marketing and communication better for real estate agents. At the corporate level, they use social media to promote their brands, interact with agents, help their recruiting efforts, as well as distribute market trends and updates to online “friends,” “fans,” and “followers.”
And because social media is inherently relational, estate agents use it to stay connected, competitive and leverage their online relationships for lead generation and sales. Technology has significantly improved how people work. Today, almost every real estate business has either a Facebook, Twitter, YouTube, or Pinterest account. Some of them even maintain blogs. they use the many platforms to generate business, promote agents, post related articles, and share market reports.
Challenges
Two of the biggest challenges for businesses in the real estate industry is staying ahead of the competition in the face of rapid change and meeting consumer expectations. The consumer wants instant information, and the nature of the real estate business is really one of personal service. The demand of wanting information “now” has become a huge negative.
Many real agents are wary of losing “customer touch”. People are always the priority but technology can get in the way of personal touch, meeting people in person. It’s easier to send an e-mail rather than pick up the phone or meet in person or write a personal note, all of which are essential in building relationships.
Technology will continue to evolve. Consumer expectations will keep changing as tools and resources get smarter. The real challenge for the real estate industry is how quickly businesses can adapt and change with time and leverage applications for the benefit of the consumer experience. It’s a challenge to stay ahead of the curve but the key is to not fall behind.
