In comparison to other industries, the real estate sector has taken its time to incorporate technology on a large scale. But as the world increasingly embraces digital technology, it has become an essential tool for real estate agents to grow their businesses. By leveraging property technology, real estate agents can increase their visibility, attract more clients, better manage their properties and stand out from the competition.
The real estate industry is constantly evolving, and in today’s digital age, technology is a key component of success. As a real estate business, you need to ensure you have the right technology in place to remain competitive and maximize your profits. Prop tech, or property technology, is the perfect way to do this.
What’s changing in the real estate industry?
For the past five years, the prop tech industry has revolutionized the real estate business by providing more efficiency, innovation, and improved customer service.
Nowadays, customers expect a top-notch experience, from discovering a property to communication and post-sale maintenance. Furthermore, younger generations anticipate services that are tailored to their search history, and this is unlikely to change in the future. To meet these demands, real estate industry players have to introduce digital initiatives to make the buying/leasing process as comfortable as possible.
Technology tools for real estate agents
Migrating to the cloud is the top real estate tech trend implemented by 36% of real estate respondents across the globe. The cloud allows agencies to store data online, such as client or property details. This mitigates the need to manage onsite data centers or maintain large volumes of paperwork. Data security, storage and accessibility, system maintenance, and document storage are no longer a problem. For real estate professionals, the switch to cloud computing usually involves subscribing to applications such as property management, customer relations management systems, transportation management programs, or simply opting for cloud-based data storage.
Robotic Process Automation (RPA) is a term that describes any sort of technology which can automate mundane and repetitive tasks. These solutions can vary widely in complexity, from something as simple as copying data from one Microsoft Excel spreadsheet to another, to a sophisticated Customer Relationship Management (CRM) system that can coordinate tasks from a variety of departments to be managed in one place. It enables employees to save time and resources that are better spent on more valuable business tasks.
The paperwork portion of the real estate industry is a significant challenge for everyone involved. E-signing solutions allow contracts for lease or sale to be signed and offers to be accepted from devices in real-time and anywhere, securely and rapidly. This means there is little to no disruption in the process and keeps paperwork to a minimum.
Large monetary exchanges are characteristic of the real estate industry. Secure remote transactions and digital contracting are enabled by blockchain technology, which offers the benefit of speedy transactions, decreased expenses, and a safeguard from fraudulent behavior.
Real estate technology is helping to create better customer experiences. By leveraging data analytics, companies can better understand customer preferences and behaviors, allowing them to create more personalized experiences. It also enables deeper insights into trends and other real estate market factors. This can help you to make better decisions regarding pricing and other aspects of your business.
Virtual reality technologies are revolutionizing the real estate industry by offering convenience and unparalleled experiences to both sellers and buyers. This tech provides a 360-degree view of the property from a smartphone and allows potential customers to virtually tour the homes without being physically present, which can have a great impact on their decision to purchase and conversion rate. According to a report from the National Association of Realtors, 58% of home buyers found virtual tours beneficial for their search, which was particularly valuable during the COVID-19 pandemic. These immersive technologies are transforming the user experience.
Bring your real estate business forward
Real estate technology is transforming the way that the real estate industry operates. It is allowing for more efficient and cost-effective management of properties, improved customer service, increased security and safety, and a reduction in costs associated with property management. Take advantage of the knowledge and expertise of the managed IT experts at ION247 and get the most from your technology investments.