Tech is Changing Real Estate, and Here’s How
Real estate tech is changing the way brokers serve their clients.
Technology changes every industry it touches, and real estate is no exception. The tech industry is filled with startups looking to make waves in every field they can find, and competition is fierce—that’s good news for consumers! Here are some of the ways in which real estate tech is changing the game.
It’s hard to make good decisions without analytics. The ability to pull data from social media isn’t only useful to advertisers—real estate brokers can also use this data to understand their potential buyers and do demographic research. It can also be used to run highly specific ads for a brokerage, targeting audiences by household income and marital status.
But big data isn’t just about social media. Current technology gives brokers and their clients the ability to analyze vast amounts of data, such as historical pricing relative to location. If a web app can take pages and pages of graphs and convert them into a clean, readable map showing trends in real estate pricing, it could save professionals hundreds of hours over the course of a year. It’s easier to spot patterns when you don’t have to deal with the busywork of assembling your data.
3D technology has already started to make its mark on the real estate industry. As the technology improves, customers will be able to use devices like Virtual Reality headsets to tour properties for a quick evaluation before deciding whether to schedule an in-person visit. Virtual tours would make a broker’s life easier, too: imagine how much easier it’d be to convince a client to take a quick VR tour rather than to sell them on visiting a property that they’re on the fence about.
Virtual Reality could also be used in the planning stages of interior design. Designers and developers could use VR to test out different floor plans, giving them a better picture of what the final product will look like before committing too much time.
You don’t notice the convenience of the cloud until it’s gone. It’s been years since companies like Dropbox changed the way we accessed our documents on the go, and since then, it’s become an unstated assumption that our files and media should remain synced across all devices.
Bringing the cloud to real estate would cause a huge boost in productivity and convenience. As with any industry, the real estate business requires the use of plenty of proprietary programs with their own industry-specific features. Brokers can already sync their files through cloud storage, but it’s still incredibly important that all industry-specific software supports the cloud. Given the mobile nature of the job, it would be valuable if real estate brokers had access to all of their statistics and property specs on their phones, alongside their CRM.
Real estate tech won’t change the fundamentals of the business, but it has the potential to make work more efficient and rewarding for everyone involved. The less time brokers spend on tedious paperwork, the more time they spend on serving their customers.