SAS 70

Aug 17 2019   5:08AM GMT

How Technology is Changing the Real Estate Market

Keith Harrell Profile: SAS70ExPERT

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Technology has changed every facet of our lives. We use it to communicate, find products and services we’re looking for, and make informed decisions. The widespread use of technology has fundamentally changed the way consumers and businesses connect.

While all industries have been impacted by technology, one market that has experienced a significant change is real estate. Today’s homebuyers have a deep connection with technology, and as a result, they demand instant gratification; and thanks to the Internet, smartphones, and tablets, they can receive that instant gratification they seek. Buyers can simply open up their browsers, enter a search, and find properties that meet their criteria in a matter of seconds. It’s estimated that more than 70 percent of those who are homebuyers use the Internet to look for properties, and more than 50 percent of property tours are scheduled via real estate websites. 

In order to stay ahead of the competition, staying current with the latest advances in technology is essential. By incorporating the following latest technology trends into their businesses, real estate professionals can connect with more prospective homebuyers by satisfying their needs and advance their success. 

Customer Relationship Management

While it’s important for businesses in all industries to develop relationships with their customers, in the real estate industry, it’s absolutely vital. Customer relationship management, or CRM technology, allows real estate professionals to better manage their interaction with current and prospective customers. 

CRM for real estate agents collects data about customers from a variety of channels, such as a real estate company or agent’s website, email, and social media. This information gives agents the opportunity to gain a better understanding of their target market so that they can better meet their needs. 

Virtual Reality 

Virtual reality (VR) has opened up a world of opportunities for both customers and real estate agents. This technology gives buyers the chance to browse through properties in a way that pictures simply can’t. Virtual walkthroughs allow customers to “enter” a property from the comfort of their own homes so that they can determine if they are truly interested in pursuing them. Based on the information buyers collect from a virtual walkthrough, they can decide if they want to schedule appointments to do a real walkthrough. In fact, the use of VR can even eliminate the need for traditional walkthroughs, which presents major opportunities for buyers and agents. For example, a house hunter can tour a property that’s thousands of miles away, decide if she wants to put an offer in, and start the entire buying process before she ever steps foot inside. 

Blockchain Technology 

Blockchain technology supports digital currency and has the potential to be a big game changer for the real estate industry. Bitcoin, they most commonly used form of digital currency that’s created by the blockchain, can be used to complete transactions across the globe. In fact, the use of bitcoin has already been seen in luxury real estate, and there’s no reason to believe that it won’t be used to complete all types of property purchases. This technology offers opportunities for both buyers and sellers, as contracts between the two can be totally encrypted and funds can be transferred without the use of traditional banks, which can speed up the rate at which transactions are completed and make the buying and selling process faster and more convenient than ever. 

If you’re a real estate professional and want to stay on top of the game, making use of these technologies will help you stand ahead of the competition, as you’ll be better equipped to meet the needs of today’s (and tomorrow’s) technologically-savvy consumers.

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