How Tech Is Changing Real Estate

There are many things that impact on the real estate industry; the economy, pop culture, interest rates etc. Few things, however, have had the enormous impact that technology has had. Everything from the way a property is marketed, listed, and shown, to the way it is sold and closed, have been forever changed and continue to evolve as new technologies and tools emerge. While many things about the future of real estate are uncertain, we can be sure that technology will continue to reshape how brokers and agents approach their work.

In that spirit, here’s a few emerging technologies to keep an eye on in the coming years.

Virtual Reality is Becoming Real

Virtual tours have been around for a while now and many realtors will develop these as a standard part of the marketing material for a listing. Buyers love these videos, because they give them a sense of standing in the property and looking around and can give them comfort to commit to a visit. Still, virtual tours are not perfect. The rooms they show are somewhat limited and they often fail to convey a proper sense of scale. Overall though, they make buying a property from another state or even another country far more practical and efficient than ever before.

The evolution of standard, two-dimensional, 360 degree virtual tour videos is here, however.  Virtual reality or 3D viewers can be purchased for as little as $10 online (try Unofficialcardboard.com) and the difference in the viewing experience is extraordinary. By being able to virtually navigate through a home, buyers obtain a more realistic and immersive experience than pictures and standard two-dimensional videos could ever provide. You’ll pay a little to have a company make or convert your video to 3D format, but it will make your brokerage look cutting edge. For elite listings and a tech savvy millennial generation, that can make the difference when it comes to standing out from the crowd. Some brokers have embraced this tech wholeheartedly, buying these viewers in bulk, branding them with the name of their brokerage, and making it a standard part of a listing presentation.

Expedited Closing Documentation & Paperless Transaction Management

There was a time when the closing process was frequently delayed because agents had to find the time to meet with their clients every time another vital document needed to be signed. Closing meetings could take hours, and cramps of the hand were common after initialing that 37th mortgage page! Thankfully, those days are largely over due in part to e-signature applications like DocuSign, which allow agents and consumers to exchange and sign documents instantly online. Signing up with DocuSign is a breeze and for a small monthly fee, a broker can provide this service to all their agents.

Until recently, some closing documents still had to be signed in person and notarized but now services like Notarize allow for that portion to be handled digitally as well. For those people purchasing a property from a distance, this added convenience is invaluable and for brokers and agents, the less bumps in the closing process, the better.

Additionally, paperless transaction management platforms helps agents to manage all of their transaction requirements with the brokerage from wherever they are. These software platforms allow documents to be accessed and shared between the agent and broker from anywhere, anytime. Plus it includes checklists and tasks, helps reduce audit time and ensure compliance, all while eliminating volumes of paper files.

Geo-fencing & Lead Generation

Leveraging the advertising capabilities of social media platforms is not new to realtors, but as Google, Facebook, Instagram, and Snapchat compete to earn their share of advertising budgets, they’re becoming increasingly sophisticated. One exciting advancement is the development of highly targeted geographic ad capabilities in these platforms dubbed “Geo-Fencing.”

Imagine that an agent or prospective home buyer is driving around on a Sunday and suddenly they cross within a mile of your listing. Using geo-fencing techniques, an ad pops up on all the smart phones in the car. Or maybe you can target people in the area to come to your open house? Or target another agent’s open house with an ad for a similar home listing?

All these techniques and more are possible in the smartphone age; your imagination is the limit. The power of being able to directly target the right people based on their demographics, behaviors, and current location is a promising tool for agents and brokers eager for new ways to stand out and generate real estate leads.

Versatility Is Invaluable

Consumers continue to demand high-tech capabilities and versatility from their real estate agents, which means you can’t afford to ignore the constant advancements in technology. But no matter how amazing the technology is, Weichert brokers know it will never replace the power of a real human connection or the confidence that can only come from a handshake and looking someone in the eye. Jim Weichert recognized the need for this balance from day one of establishing the Weichert brand and his guiding principles continue to lead Weichert franchisees to success.

If you’re interested in staying ahead of the latest and greatest industry technology, visit https://weichertfranchise.com or call 877-567-3350 to find out how you can become a Weichert affiliate.

Original content posted on https://www.weichertfranchise.com/blog/how-tech-is-changing-real-estate/

Use Mentoring to Help New Agents Be More Productive

Welcoming newer or less experienced agents is a wonderful way of adding some diversity and fresh energy to your growing team. However, it is no secret that newer agents often struggle to get up to speed and become productive. While some brokers sit back, wait and watch to see who will sink or swim, smart ones are driven to take an active role that facilitates success.

The Impact of Mentorships In Brokerages

As a busy business owner with limited time for experimental programs, you may be wondering if a mentorship program can really improve agent productivity. The short answer is that yes, it does, and in fact this strategy has benefits for both the mentor, and mentee.

When implemented correctly, a brokerage mentorship program will:

• Enhance skill development of new agents
• Make onboarding more effective and efficient
• Keeps new agents more engaged
• Helps mentors manage their workload as part of training
• Improve customer service which maintains your brand value
• Leads to better agent retention and brokerage loyalty
• Makes new agents produce sales faster

Furthermore, by appointing your more experienced agents as mentors, they will be grateful to see that you recognize them for their accomplishments and prior success and consider them a valuable partner.

Types of Mentorships

Not all mentorship programs are created equally. When implementing your own program(s), it is important that you select a program that is best suited for the agents in your brokerage. Here are three of the most common and proven models:

Group Mentorships: In this model, one mentor takes on several mentees. Although it can be an efficient method, it is important that the chosen mentor can handle the demands of multiple mentees and embodies the kind of character that is positive and enjoys helping people.

Peer Mentorships: In peer mentorships, new agents are paired with peers of the same experience level. For some, this is an effective way of encouraging collaboration, healthy competition and support, and may be a quicker way for each new agent to realize some commission revenue.

One-On-One Mentorships: The most popular model involves pairing an experienced agent with one new mentee. Even in this model, the mentor must have a coaching mindset and not consider it a burden. To really make this work, the parameters of the relationship really need to be set up clearly by you, the broker, as a win/win for both parties.

Tips for Success with Your Mentorship Programs

Unfortunately, you cannot “set and forget” a mentorship program within your brokerage and expect optimal results. Here are some ways that you can ensure you are setting your mentors and mentees up for success with their new relationships:

Match Personalities and Skill Sets: It is not enough to simply match your agents up by their personalities. You should also take into consideration professional strengths and weaknesses to ensure both parties get the most out of their work together.

Act As Middleman: Occasionally checking in to make sure that both sides are getting what they need from the relationship can help keep things on track. In some cases, complacency or unrest can creep in and checking in from time to time can uncover any underlying issues preventing progress.

Don’t Use Them As A Crutch: Mentorship relationships are not meant to be used to supplement poor performance or put the mentor in an overly dominant leadership position. This will only undermine you as their true leader.

At Weichert, our business coaches teach our franchisees how to leverage mentorship programs within their brokerage. And this is one way to support your new agents’ productivity as they enter the real world, smart brokers will provide additional training and coaching opportunities to ensure that the right practices are instilled. Weichert, for example, offers its Fast Track training to bring new agents up to speed on proven techniques and tools to help them be productive quickly. Its online University provides 24/7 online training on almost every real estate subject imaginable. Weekly webinars provide regular tips on trending topics and new tools. Plus, our service team is there to guide brokerage management on any questions they may have and our network of owners around the country are always very ready to share information on what has been successful in their companies.

For more information about the full suite of coaching and training programs and the support available through the Weichert system, visit our website at https://www.weichertfranchise.com  or call us at 877-567-3350.

Original content posted on https://www.weichertfranchise.com/blog/use-mentoring-to-help-new-agents-be-more-productive/