Every property tells a unique story, and to make the best deals and stay ahead of the competition, it’s critical to highlight and share those stories. The amazing thing about the real estate business in the 21st century is that we have an incredible range of tech tools at our disposal to help us do just that. With new technologies emerging and evolving at an exponential pace, here are some of the biggest tech trends you can consider for your agency or brokerage.
Virtual Reality (VR) and Augmented Reality (AR) Applications: VR and AR applications take you beyond the photos and walkthrough videos to allow your potential buyers to enjoy an immersive, experiential virtual tour. With VR and AR virtual tours, buyers have the opportunity to view properties remotely in greater detail and from anywhere. That’s tremendously useful for potential buyers who have to relocate a large distance and may not have the means to travel multiple times to view properties. That’s a benefit for you, too. With a broader potential client base who are looking at highly detailed immersive listings, you’ll be able to attract more serious offers.
Artificial Intelligence (AI) and Machine Learning (ML) for Predictive Analytics: Gone are the days of spending hours researching data for your market analysis. Now, you can leverage the power of AI and ML for all your analytic needs. You’ll be able to predict market trends and price fluctuations, as well as buyer behaviors. This data provides you with the insights you need to make informed decisions. Plus, the time you save letting computers do the hard work is more time you can spend on other aspects of your business.
Customer Relationship Management (CRM) Software: CRM software is another way you can reach more people and save more time. By using the power of technology to manage your leads, streamline communications, and nurture client relationships, you foster a reputation for responsiveness, promptness, and exceptional customer service.CRM software has come a long way since its early days as an ‘auto-reply’ application. These days, you can send personalized messages over multiple channels to reach clients and leads according to their preferences and needs.
Drones for Aerial Photography and Videography: If you’re not doing aerial drone shots yet, why not? Potential buyers love this unique perspective of available properties. For residential clients, drone shots allow them to visualize the potential of a backyard space. For commercial clients, a view of the surroundings, including that all-important parking lot view, helps them see the lay of the land to decide if a location works as a potential property for their business. It’s not too difficult to find a drone pilot who specializes in real estate—and once you can form a working relationship with one, they’ll be as much a part of your go-to contacts as your favorite mortgage brokers and property inspectors.
Blockchain for Secure Transactions: This technology is a bit next-level, but it’s definitely something to think about. Blockchain technology helps you ensure that your transactions are secure with digital records, self-executing ‘smart contracts,’ and more. Blockchain technology is the underlying technology behind cryptocurrencies like Bitcoin, and it can maximize the security of ALL your records, transactions, and communications.
Reaping the Benefits of Modern Tech
Integrating tech into your real estate business is just a smart decision. You’ll save time, money, and resources, and the return on investment is tenable even from the start. But increased efficiency and boosted profits are only part of the puzzle. Adding or upping your tech usage will also foster better client relationships, broaden your potential client pool, and give you a competitive edge in an already-competitive market.
Technology isn’t slowing down any time soon, and using it to your advantage is no longer a luxury but a necessity. If you aren’t comfortable with using these technologies yourself, the good news is that you can find IT folks and independent contractors to give you a hand. You can also easily find classes, webinars, and videos online to help you learn the tech skills you need to stay ahead of the curve. The future is now, and if you’re in the real estate business, leveraging tech tools is the key to boosting your sales and profits, improving your client relationships, and expanding your reach.
