7 Ways Technology Improves Real Estate as a Business
Real estate once involved travel, phone calls, and plenty of home visits. While those things still happen, things are significantly different now thanks to technology. In many ways, technology makes the real estate game a lot easier.
Realtors should be aware of all technology available. It can make the job a lot easier while giving clients exactly what they’re looking for in a home. Here are a few ways to make tech work for you in real estate.
1. Websites and Apps
Real estate took off when websites and apps became popular. Suddenly, consumers have their pick of homes for sale at their fingertips, whether they’re browsing online or using an app like Realtor.com.
Rental properties are also very popular, and websites and apps are very useful for helping consumers find a rental that works well for them. This apartment rental website in Chicago is the perfect example of that. Realtors should use websites and apps when marketing their properties.
2. The Sharing Economy
Uber, Airbnb, Homeaway, and other sharing apps have started a revolution commonly called the sharing economy. “Communities of people have shared the use of assets for thousands of years, but the advent of the Internet—and its use of big data—has made it easier for asset owners and those seeking to use those assets to find each other,” explains an article from Investopedia.
People don’t have to worry about ownership when they can simply borrow whatever they need. This is especially poignant in real estate. The sharing economy makes rental properties and vacation rentals that much easier to market and fill. Consumers are getting used to sharing, and it often means higher profits for the seller.
Video has transformed the way realtors sell houses. According to research from Inman, it’s a realtor’s greatest marketing asset. About 85 percent of both buyers and sellers prefer working with an agent who uses video.
What’s more, homes listed with videos get four times more interactions. It also significantly increases followers on both social media and your email campaigns while promoting sharing.
Video is by far the best way to get productive leads on your marketing channels. By adopting this mantra, real estate agents can acquire and retain more leads.
4. Transparency Through Media
Before we had social media, videos, pictures, blogs, and audio files, the workings of service professionals like real estate agents were often left up to the imagination. In some cases, this was to a professional’s advantage. In others, it led to distrust and destroyed reputations.
The media makes transparency between realtors and their clients simple. Their marketing tactics are easily trackable, and you can learn a lot about a realtor’s reputation by reading online reviews. If you’re a good realtor, this transparency is very positive.
The primary goal of automation is efficiency and results. You don’t always have time to do everything you want, so you can use automation tools to publish marketing materials, communicate with clients, and streamline processes.
Automation is particularly useful in securing clients and growing your relationships. As a realtor, you probably have a knack for human relations, but you can’t be everywhere at once.
“Through the applied use of automated technology, a busy agent can be in several places at once,” explains an article from the marketing service InfusionSoft. “Marketing automation software can deliver educational emails, reminders, and text messages to interested leads while the agent is attending a closing or showing a home.”
“With marketing automation software, every lead gets funneled to an appropriate follow-up sequence, which also contains reminders for the agent to attempt contact with the lead,” the article continues.
6. Smart Homes Sell
Studies show that homes with smart technology tend to sell faster and for more money. If you’re lucky enough to show houses equipped with smart tech, it’ll be easier to move properties.
More than 40 percent of realtors said their clients express an interest in smart home devices, and also desire a smart lock on their home.
A survey from Coldwell banker also showed that about 40 percent of respondents believe that smart home technology helps a sale always or frequently. They’re also able to sell the property for more when smart tech is listed.
7. Virtual Reality Tours
Virtual reality tours are becoming a staple in home showings across America. About 77 percent of Americans said they want to take a VR tour of a house before they visit the property, according to a Coldwell Banker survey. About 68 percent of agents also said they want to use VR for their clients because 62 percent of Americans are more likely to choose a real estate agent who uses VR.
The use of VR and associated technologies could be exactly what you need to take your real estate business to the next level.