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.
No comments:
Post a Comment