In the best or worst way, technology has revolutionized the way that business is done, and there’s no doubt that the real estate industry has seen improvements in efficiency. If you’ve been through the years before the introduction of online listings, internet tours and e-signing, you’ll know how much the world has changed. With the advent of mobile technology, the emphasis has changed from efficiency to a different dimension. Paperless transactions are becoming the norm, and the mobile-centric revolution has completely changed the world.
Information accessibility and customer expectations, as well as the customer experience, are vastly different from the way they were just five years ago. There are many more to be made.
While there isn’t much resistance to the change, there are a lot of lessons to be taken away. Self-described tech lovers embracing technology for the past couple of decades acknowledge that technology can be an unwieldy sword. According to a knowledgeable broker I spoke to, technology-driven dependence can create problems in a “people-oriented” company and “losing contact with customers” is a significant concern.
Another problem is that older agents often have difficulty “relearning” how to conduct business in a mobile-first world. It’s not just a different way of communicating and interacting but a fundamental shift in how things are conducted. Finding a successful real estate agent without a smartphone or tablet is often tricky. Still, the current mobile technology is packed with applications and features that are, in the words of Kathy Connelly, SCRP, executive vice director of corporate services at Prudential Georgia Realty, “may be as significant as the internet itself.”
Others agree that even though the internet changed consumerism in insignificant and vital ways, how consumers live their lives with the pervasive mobile technology surrounding them remains a mystery.
Apps, Search & Social Media Have Become The Landscape Of Today
The world is evolving. The most apparent new trends include:
- There is a significant increase in mobile searches for information about real estate. Brokers and agents who don’t invest the time and resources to improve their websites and create a mobile presence are left behind when it comes to being able to attract and serve clients. The ability to narrow searches based on specific areas or neighborhoods to homes that use eco-friendly technology is now the norm, not the only exception.
- The capability to connect to information remotely. When you’re selling real property and checking comparables, establishing the condition of your property or looking over documents from a lender, chances are you’ll be able to locate, access, and respond to requests and data without ever stepping the foot inside an office or calling.
- Timelines for transactions can be streamlined and reduced.
- As mobile applications are developed and interfaces are more secure between desktop machines and handheld devices, requirement for support staff and office space will diminish. Is the future entirely online?
- Moving, as well as the purchasing and selling of properties in remote places, isn’t as tricky. Although the benefit of “local expertise” is unlikely to disappear, it could be that regional firms, and maybe even national or statewide firms, are likely to take a more significant part of the market for real estate.
- Branding gains by online exposure through social media. The top choices among real estate professionals are LinkedIn for its social networking features and YouTube because of its aesthetic appeal, as personal blogs that permit agents or associates to display their personalities and concentrate on their own specialties. A lot of agents and firms have websites on Facebook and Pinterest profiles, as well as Houzz boards. Each serves a specific goal, but they all improve visibility and can be part of an effective marketing campaign.
- Brokers associated with international and national companies are also using social networks. Social media enables colleagues to “connect” informally, share their experiences and know-how, and create connections.
- Personal development includes continuing training, advanced learning demonstrations, webinars and conference calls. It is an aspect of mobile technology, and the future will likely bring even more advanced opportunities.
Is there a Downside?
Many observers recognize the advantages of mobile technologies, but they might not be seeing the future through entirely rose-colored glasses. There are some issues. Pam O’Connor, SCRP, Leading Real Estate Companies of the World, talks about the need to continue to develop personal connections. The company’s motto is “Technology is an instrument, but people are the most important thing.” Many others agree. Social networking can be beneficial but shouldn’t be used to substitute for conventional networking, which is where it is possible to have a face-to-face chat.
Another factor to consider is the expense of maintaining the most recent technology, which the majority of people agree will remain a challenge for the foreseeable future. All agree that the objective of making real estate transactions “cheaper, quicker, more efficient and simpler” is going to cost money.
Though there are different opinions, almost everyone agrees there’s no turning back. The genie has come out of the bottle, and the only thing to do next year is to “stay ahead of the curve,” according to Marc Krebs, CRP at Coldwell Banker Residential Brokerage. Krebs believes Cloud technology will be the next major technology, and he says, “The key is to not be left in the shuffle.”
