Just as it did in 2017, technology continues to play a huge role in how both consumers and real estate professionals are approaching the market.
One of the biggest trends that occurred in 2017 and will continue into 2018 is the shift from traditional transactional experiences to a more online approach and experience for customers.
Because of the huge role that technology plays in their everyday lives, it’s not surprising that millennials are the generation most likely to look online for information when buying a house as the first step in getting on the property ladder. 93% said they would use the internet during their search and 86% said they’d use a mobile device to find a house online.
Modern real estate buying and letting is no longer a guided tour by an in-house agent. In today’s digital world, as tech savvy customers can access a great deal of information about real estate properties using online platforms.
Going on real estate websites make it a lot easier for anyone to view the property inventory and see what’s available. People don’t have to visit high street branches to pick up property details.
Along with photos and detailed descriptions of the properties, you can find tax and purchase history, school ratings and other neighbourhood info. This no longer needs to be provided for by the agent.
Whilst sitting at home, customers can view the location and neighbouring area using a satellite view to check out how close they might be to local amenities or schools.
Of course, the latest trend of this digital evolution is the emergence of real estate mobile apps, such as Redfin and Zoopla to make finding the perfect property even easier. Customers can get notifications about new properties and listings that fit their search criteria.
Apps are quick and easy to use, as you don’t have to navigate through so much each time to get your listings-can help stay within your budget and provide quick access to agents and property managers. Customers don’t have to wait for calls or emails from agents telling them about the latest property on the market-this is done for them using the apps.
Here is a list of some of the best real estate apps currently out there.
3D Virtual Tours
As well as seeing a selection of photos, new software allows buyers and sellers to take a 3D virtual tour of a residential or commercial property, making it feel as if they are walking around in person.
This is particularly popular now for busy customers who can’t always take time to view properties that suit the vendor or agents. Virtual tours allows them to view properties when they want and for however many times. This helps estate agents filter through the time wasters and leaves them to concentrate on the genuine interested parties and close deals.
Here is a list of some real estate virtual tour companies.
Online Management Services
There are business management softwares that are becoming available to complete multiparty real estate transactions, save time and stay organized. This can be from sending out invoices for management fees or services to file sharing of secure and legal paperwork transactions.
It is important to note that many industries are now using cloud based technologies, and real estate is no different. This type of technology is not only improving efficiency but also changing how agents respond to their clients.
Grow in Cloud, cloud-based business management software, has many features, such as online payment, appointment scheduling and document sharing, which allows real estate agents to go about their daily admin tasks with ease and efficiency.
Blockchain is effectively a reorganised database that can’t be compromised and is built on, ensuring the reliability of the data and allowing for records to be created for every property in the country.
For real estate agents, it could dramatically reduce the potential for fraud and enable them to access much more data on individual properties and home owners. This would be good news for both real estate agents and customers.
Chat bots are computer programs which conduct a conversation via auditory or textual methods and are rapidly becoming the norm across a wide range of industries thanks to their ability to reduce the amount of time that employees need to be available to respond.
People will already be familiar with Chatbots like Siri and Echo which are making voice recognition software universal. It is estimated there will be 1.8 billion users of voice digital assistants by 2021.
The great thing about chat bots is that they can work around the clock, so they can provide your real estate business with a more powerful way to process customer queries out of office hours. Used correctly, they can become a key part of capturing data and generating leads that could go on to become paying customers.
No industry is immune to digital changes and real estate is no different. That’s why it’s important to keep your finger on the pulse of innovation and it’s a good idea to continue to keep your eyes on the real estate technology blogs and take part in major shows/tech events throughout the year, so that as a real estate agent, you can be quick to react and adapt your business to the latest technology trend.