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Articles / Real Estate

6 technologies that changed the real estate industry

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The real estate industry is an old and established one, dating back to the early 1800s, which is why it can be viewed as somewhat of a laggard when it comes to technology. Nevertheless, over the past few years, it’s evident that real estate has changed at a rapid pace thanks to technological advancements.

Here are some of the key elements of the industry’s evolution:

CRMs

Customer relationship management (CRM) systems for real estate brokerages are among the biggest game changers in the industry. With this type of software, you can simplify and automate various tasks involved in both recruiting and retaining agents. These include appointment and interview scheduling, lead segmentation, as well as social media lookup, among many others. Ultimately, this contributes to your brokerage’s efficiency and productivity.

If you’re still on the lookout for an ideal CRM for real estate, BrokerKit is a great option. Aside from the above-mentioned features, BrokerKit also has various campaign templates that you can customize and automate for more effective, efficient outreach. It also has integration features that seamlessly connects SMS and email, as well as provides access to reliable data sources such as BrokerMetrics.

Virtual Reality Engines

Virtual reality (VR) engines have been around for some time; in fact, video game companies have released VR headsets as early as the mid-1990s. However, the technology skyrocketed in the 2010s as next-generation innovations were developed by big-name companies like Sony and Oculus. In real estate and allied industries, the technology proved to be valuable when it comes to showroom viewings and house tours.

Through the help of VR and other technologies, real estate agents can take prospective buyers on a virtual tour of multiple properties. This saves the brokerage a lot of time and money, as well as creates a frictionless experience for the customer. (Just imagine visiting three properties in a day, only to end up not liking any of the three.)

Do note that most buyers will still want to visit a property in person before making a purchase; nevertheless, virtual tours can help speed up the initial process of determining what the client wants. VR has also helped many brokerages cope with the COVID-19 pandemic, particularly during the early days when in-person meetings were highly discouraged.

Messaging Apps and Chatbots

Real estate agents need to stay in touch with multiple people every day. It’s a repetitive task that can nevertheless get exhausting; it can also be prone to error, especially when the agent is keeping track of different conversations at the same time. There are also clients who end up messaging at odd hours, but still expect to be accommodated.

Thankfully, messaging apps and chatbots can address all the previously mentioned concerns. With customizable questions and preset answers, chatbots can help ensure that there are no missed messages. Some chatbots can even help with scheduling interviews and appointments, freeing up even more time for real estate agents to handle their other responsibilities.

Social Media

Most social media platforms were designed with people-to-people connections in mind. Soon after, however, both social media companies and brands realized the potential of these platforms for real-time and genuine engagement. Thus came the transformation of social media as primary channels for content creation, sharing, and brand communications.

For real estate companies and agents, social media provides an avenue for engaging with clients: home buyers, property sellers, job applicants, and even passive candidates. For brokerages, in particular, social media sites are great for showcasing company culture. This is a crucial element in recruitment; with the right content and messaging techniques, top agents can be enticed to apply.

E-Signature Services

An e-signature service might seem like a “minor” technological innovation, but it’s something that real estate agents can really appreciate. Considering the number of documents required in real estate, this kind of software or app can make transactions go faster and be more organized. It can also spare both agents and clients from tired hands.

Even better, because everything can be signed digitally, e-signature services can also lower carbon footprint and thus help protect the planet one signature at a time.

Big Data

Last but certainly not the least, Big Data has had a big impact on the real estate industry as a whole. The huge volumes of data gathered from both companies and customers can be used to predict changes in property prices, rent costs, and valuation. All these details can help consumers make better investments.

Internally, brokerages can also use data and analytics to improve their recruitment efforts. With the right set of information, real estate companies can better allocate their resources so that they can find the best agents to join their team. At the same time, data can also be used for agent retention. It’s common knowledge that it’s more expensive to recruit rather than retain employees; thus, knowing the factors that affect retention can help cut costs and improve productivity.

With the speed at which technology develops these days, it’s probably not long before another innovation arrives and changes the game. All real estate companies and professionals can do, then, is learn how to adapt and make the most of these technologies to improve themselves and their services.

Author Bio:
Brokerkit is a platform for growth oriented real estate brokers to automate and accelerate agent recruiting

Read Next: How the real estate market has changed and how to prepare for what’s next

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