Just as with so many other industries, technology has rapidly become permanently and intrinsically intertwined into virtually every aspect of the real estate sector. Potential homebuyers can get a 4K interactive tour of a proper thousands of miles away. You can purchase a house online without having to physically sign a single page of a contract. Property hunting has evolved from exhaustive pavement pounding to simply downloading a mobile app, plugging in desired amenities, location and price bracket and awaiting a consistent stream of customized notifications alerting you the second a potentially promising listing hits the market.
Over 70% of current buyers start their search for their next home on the internet, and more than 85% of real estate agents communicate primarily via text message to coordinate client showings and other pertinent information. Conducting painstaking and time-consuming research to compile data on school systems, neighborhood crime rates, demographics is (thankfully) a thing of the past—as there are now a host of websites and apps that have this data available with the click of a button.
It’s great news that these technologies are out there—but they are useless if you don’t know how to integrate them into your workflow. Here are some tech tips for real estate professionals and investors alike who are looking to evolve along with the profession and leverage the distinct advantages technology has to offer to save you both time and money.
Blockchain technology is all the rage nowadays, but its applicability extends far beyond turning a quick profit via cryptocurrency mining and investing—this cutting-edge technology has practical and extraordinary potential implementations with regard to real estate transactions. Landlords can now transaction portions of their property and investors can subsequently resell their shares on the open market via secondary exchanges. This opens the door to real estate investing for individuals with essentially any income level and location who may have otherwise faced monetary or geographic hurdles to entering the market.
Buyers and sellers (or landlords and tenants) can now simplify the ownership/rental contractual process by essentially cutting out the middleman—buyers can now securely send their information via encrypted block data directly to the selling party instead of having to go through a bank or broker. This means the closing process can be completed more efficiently and in a fraction of the time whilst mitigating the risk of potential fraud. No more trying to coordinate schedules to get multiple parties in the same room to sign off on an endless stack of legal documents. Now you can complete them digitally at your own convenience and skip all the needless hassle.
Agents and brokerage companies are always on the lookout for ways to optimize client experience. Virtual reality (VR) can do just that—allowing real estate professionals to streamline sales cycles by enabling customers to gain a more wholistic immersive experience of a property and connecting agents with buyers in more advanced stages in the borrowing cycle. That saves time and money for both parties. Real estate VR gives clients a ‘try before you buy’ experience without the time-consuming process of traveling in-person to each and every property they’re interested in. Using aerial drone imagery and 3D technology, agents can grant clients access to every nook and cranny of a property so they can make a more informed and quicker buying decision.
Software such as Salesforce, Pipedrive, Base and a wide array of other CRMS assist busy real estate agents when it comes to staying on top of emails, calls and the status of each and every client. This gives real estate professionals a clearer sense of their pipeline, allowing them to efficiently identify the stages in the process where they need to take action in order to lock-in a transaction. After every deal has been completed or promising lead acquired, agents can easily integrate those results to accurately project future income.
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