Technology has influenced our lives as never before. It has generated a revolutionary change in almost every aspect. It has made remarkable strides in industries like healthcare, financial services, tourism, public service, hospitality and many more. The real estate is no exception. Except for the uniqueness of this industry, which has been substantial in the way that technology hasn’t been able to generate a “revolution” as such.
The advent of blockchain technology and artificial intelligence has pioneered the creation of algorithms benefitting the end-user. Blockchain plays a significant role in intensifying cybersecurity in the real estate industry. And as you must be aware, in the Digital Age, securing our data is of utmost priority. This cannot be compromised at any cost. There’s no denying that.
Artificial Intelligence (AI) is one of the most important game-changing inventions of the 21st century. It is the ability “infused” in a machine to function as the human intellect. Suggested “watch lists” and ads displayed on your screen based on your taste, are examples of the same. There is no doubt about the effectiveness of this blessing but this has also created a concern regarding loss of jobs. It can easily replace an average realtor. But the good news is that artificial intelligence is designed to work alongside human beings.
When it comes to the real estate industry, however, the opinion and advice of a live person with regards to your newest buy are ineluctable. There are still certain things which only humans are capable of. And better at.
Since we’re at it, let’s not forget that technology can and has been an incredible tool in assisting us to do our jobs. Here are the top 5 ways how it has made certain “disruptions” in the realty industry.
- Prompt Service: The very second we consider buying a new house or selling an old one, a simple click is all that is required to satisfy our demands. Good realty services like Treasure Coast Real Estate are available at our fingertips. It takes less than a minute to connect with sellers and/or buyers. The speed at which technology has enabled us to achieve and provide services is commendable.
We no more have to ask around our friends and family to find us a good broker, a compatible seller, or an enthusiastic buyer. Artificial intelligence curates personalized recommendations to us. This resolves the job of painstakingly looking for clients who would be interested in what we have to offer. It can then be followed by personal interaction with the customers to get to know them better. Nonetheless, there is still the requirement of the personal presence of a realty agent to show properties to the clients and answer telephones.
But we cannot be indifferent towards the amount of time technology has helped us save. This has enabled us to come up with better and more creative ideas to bring about an evolution in the real estate industry. What would otherwise take us months, technology has enabled us to achieve in seconds. Isn’t it too good to believe?
- Functioning Potency: The seamless efficiency of technology has enabled leasing out spaces incredibly easier. Technology provides professionals with tools which helps them provide services in a far more effective manner. This has taken customer satisfaction level to an all-time high. We have mobile apps to show us the availability of space, pricing, offers, and the like, all in one place. And the best part is that it is so easily accessible to everyone.
The relevance of social media in this industry deserves to be emphasized. It has facilitated staying connected with clients whenever the need arises. There are bots which can do the talking with clients when you’re asleep. This has made available services online 24/7. So clients from anywhere in the world can have access to your networking profiles even when you’re not available.
Further, there is no requirement of printing huge volumes of property-related documents anymore. The advent of cloud services is brilliant when it comes to sharing and storing documents. This way we can save tonnes of paper too. Talk about being environment-friendly and making money at the same time!
- Avant-garde Modeling Systems: The advanced mechanism with which technology functions in this age has established transparency to unprecedented levels. There are multifold websites providing relevant information. We only have to type in a keyword, and voila, everything’s right there in front of us. We no more have to make any subscriptions or pay unnecessary bills to obtain information. Statistics are readily available to make comparisons and form conclusions. There’s a high possibility that decisions which are made based on facts and figures are foolproof.
Technology has provided us with such tools which have helped save a lot of time. The advent of big data in this area has been deemed to be of immense help when it comes to networking. One of its myriad usages is the prevention of fraudulent property agents from making a fool out of the investors. The same benefit can be expected when it comes to clients.
We are way past the days when such important data was only accessible to just a few individuals and particular companies. Gone are the days when we had to pay stacks of money to obtain even a marginal amount of information. In addition to that, professional studies are available free of cost for us to view. Besides, we don’t have to worry about being deceived. Also, if we do find ourselves in a litigation rut, we can view and amass further information about relevant laws of our state effortlessly. Not to mention, the availability of a lawyer online if the need arises. What a time to be alive!
- Virtual Access: Technology has made it possible to have a real-time experience of relevant space. We no more have to run around looking for that perfect house. Realtors in Miami, for instance, has an incredible online presence which lets clients view houses before actually taking a look at them personally. For the extremely busy folks out there, this is a brilliant way to buy and sell houses. It saves us the pain of running around with real estate agents trying to find that perfect fit.
With the help of artificial intelligence, people are shown the type of house they’d prefer. This helps save a lot of time which would otherwise be wasted in scouring through thousands of houses until we find the best. We don’t have that kind of time. Such tools have proven to be incredibly helpful and have eased the way we do business.
Technological advancements have warranted its users with access to the newest and the most updated information online. Any new action in the industry is updated to the users within seconds. The latest sale, priced offers, discounts, etc. are available to us on our fingertips. This prepares us to get a real-time experience of the latest strides in the industry. Also, to get you that property on sale that you’ve been eyeing for years – before anyone else gets it. Technology, in this way, has even helped us to stay ahead of time. Ahead of indifferent people, at least.
- Easy Marketing: Technology has been a game changer when it comes to marketing. It has never been as cost-effective and painless. Gone are the days of “spraying and praying” in this industry. With so much information being accessible, the global digital presence of people has reached unprecedented levels. According to The Statistics Portal, total internet users in the world, as of July 2018, is 4.1 billion and it is only increasing.
With such an incredible global presence, marketing our products and services has never been easier. One can use technology to enhance the business and engage the customers using infographics outreach.It takes seconds for an ad to reach its target users. You can even make your services available to the public in a click. All that it does take is the will to do it.
Although a lot has been changed by technology in the last decade, there is still a bearing of the traditional way of doing realty business, such as the relevance of the good old brokers and dealers. Technology has not yet brought about an alternative to this. And this is the beauty of the uniqueness of this industry. However, big data might be a precursor to doing away with this practice. Or at the most, it might reduce their importance. Questions are being raised on the relevance of big data on the industry, by the real estate agents. Regardless, based on the multitudinous facilities it offers, its relevance cannot be undermined. So the real question is if we are ready to face this challenge and make the most out of it.
She is a blogger who loves to write in different verticals. She co-authored Supercharge Organic Traffic: A popular course focusing on Organic Traffic for Ecommerce.. Her hobbies are traveling and reading.
November 5, 2018