5 Ways Technology Is Impacting the Real Estate Industry

5 Ways Technology Is Impacting the Real Estate Industry

Find out how PropTech and associated technologies are changing homes, the real estate market, and your business for the better.

You’ve probably heard the old saying, “The more things change, the more they stay the same.” While this may be true in regards to human nature and many aspects of working with buyers and sellers, there’s no doubt that technology has been changing homes, the real estate industry, and the services that you provide as a real estate agent in significant ways — and promises to continue to do so in the years to come.

 

From the ways we live in our homes today, to the ways that we market and sell listings, technology creates both challenges and opportunities. By better understanding the technology you use and embracing its potential, you can create low-cost leverage in your business that makes every day easier and more profitable. Here are five ways that technology is already contributing to greater productivity for you and your business.

What would you do with an extra 16 hours?

Spend more time on the things that matter most.

Improving home performance

Home automation and smart home technology have never been more accessible and affordable. The internet of things (IoT) and a host of property technology (or PropTech) enhancements have made it possible to create a fully integrated smart home environment more affordable and more easily accessible than we ever thought possible.

 

If you’re looking for ways to follow up with past clients, providing information about smart home updates and enhancements can help you add value and stay top of mind. When you’re working with potential listing clients, providing recommendations on smart home upgrades is a good way to help them implement marketable improvements, update their homes for modern buyers, and compete effectively with other listings in their market.

Enhancing real estate marketing

Think about the time and expense involved in marketing both your real estate business and your latest listing in decades past. Film photography, newspaper advertising, bus benches, billboards — there were so many moving parts and expensive platforms required to establish even the most basic presence in your local market.

 

Now, you can develop an international reputation for little or no financial outlay using the power of Instagram and YouTube. You can obtain professional photography, copywriting, and graphic design for just a fraction of the cost you would have paid only a few years ago. You can exercise greater control over all of your marketing and generate leads from the comfort of your home with the help of your smartphone.

Impact of Technology in the Real Estate Industry

Facilitating home showings

With virtual reality and augmented reality platforms, you can virtually stage a home at little or no cost and provide a virtual walkthrough that rivals in-person tours. You can show your new listing to buyers anywhere in the world at any time of the day or night, easily and affordably.

 

Want a targeted audience for your home showing? You can create one with the power of social media advertising platforms and analytics. You can even access service providers for targeted ads on streaming platforms, allowing eligible potential buyers to see your latest listing while watching TV with their family for far less cost than traditional broadcast television advertising.

Streamlining business operations

Imagine finding out a few years ago that accounting, document management, and other operational tasks would no longer require full-time support personnel and could, in many cases, be handled from a laptop computer or mobile application. Imagine learning that administrative support would be available around the clock through low-cost virtual assistants and a host of virtual helpers like interactive calendars, productivity platforms, and intuitive AI chatbots.

 

Tasks ranging from the highly specialized to the broadly generalized can now be done easily, conveniently, and affordably through widely available freelancers. You can share documents, presentations, and information with the touch of a button, in the blink of an eye. What’s more, we have so fully integrated these technical capabilities, it’s hard to imagine living without them.

Impact of Technology in the Real Estate Industry

Optimizing transaction management

Real estate offices used to spend significant time and money on reams of paper, powerful copiers and printers, and support staff to maintain all of that paperwork for each transaction. Rooms full of file cabinets were needed to manage current and ongoing transactions, with warehouses of storage for document maintenance requirements that lasted for years after closing.

For each of those documents, in-person signings were required by each of the stakeholders. That means hours of driving around just to get one document fully signed and executed. Multiply that time expenditure by all of the documents required for just one transaction and imagine the workforce hours and energy involved.

Close more deals and scale your business

With Early Access to the new Transactly Pro Membership plan!

Now, however, virtual transaction management platforms make every transaction easier and more streamlined than ever before. Documents, tasks, supporting information — all of these can be captured with a scanner or smartphone app, allowing agents and their clients to experience faster, more efficient, more convenient transactions.

What does this mean for you as a real estate agent? 

  • Enhanced transaction management improves productivity, allowing you to serve more clients more efficiently and improving your earning potential.
  • Improved processes keep things from falling through the cracks, limiting expensive and embarrassing errors on each transaction.
  • A tech-based transaction management system saves money on document prep, paper, printing, and storage.
  • Online transaction management gives you the option of working on the go rather than having two workdays — one in the field and one at the desk.
  • Greater efficiency allows you the time and the freedom to do more of what you love. Spend more time with your family and on the professional tasks that offer you greater satisfaction.

Transactly uses the potential of technology to provide two ways to experience more professional freedom. Manage your transactions every day, including your daily to-do list and documents, all in one convenient digital platform. Want even more easy-to-implement assistance? With expert support from a Transactly Transaction Coordinator, you’ll free up valuable time and get back to the business of every day with family, friends, and clients.

Transactly Saves Time. Learn How Now!

Posted in: Real Estate Tips