Technological advances are transforming the way real estate brokers and agents do business, not just internally with regard to operations, but also in their longer term investment strategies.
In fact, real estate tech start-ups that are specifically addressing challenges in the real estate market are increasing in value and expanding at unheard-of rates. These start-up businesses use cutting-edge technology to reimagine the experience of buying, selling, and owning real estate, making it simpler and more accessible to a new generation of homeowners.
In the same way that the internet forever altered the landscape by allowing potential buyers and renters to see pictures of properties all over the world in seconds, VR lets you put a potential buyer in the space. They can look around, get a sense of what it would be like to be there, and then view another property in an instant – available at their fingertips, 24/7.
According to some, there is the argument that technology has “hijacked the industry conversation.” Chris Stuart, president of Place, a real estate tech platform, has stated, “We’ve really lost sight of our responsibility as leaders, as agents. [Tech] becomes a distraction — it’s not disruption, it’s a distraction.”
This has created an interesting situation in which other areas of operating one’s real estate business have become overlooked – the inherently human element, so to speak.
It poses the question, not only for the individual agent, but brokerages in general: how do you create an environment for your agents that is repeatable, profitable, and sustainable?
As the economy continues to fluctuate, it’s up to the individual and their brokerage to determine the best course of action forward that not only prioritizes their clients’ needs, but also creates a sustainable environment that is tech-forward without being tech-heavy.
It’s unclear where real estate technology will be a year from now, but a few things are certain. Some believe that the tech industry will follow trends in the fashion industry, so anything that helps scale and integrate a business will be important.
Tech that is “tracker-oriented” or “lead-oriented” will always remain important and top of mind because it helps track customers and generate leads, which is why we have built a custom CRM that allows our agents at FairLead to operate with their client’s priorities top of mind, while being able to automate the tasks that make sense without sacrificing the human experience.
For more real estate trends and updates, follow us on social @fairleadrealty or send us an email with any questions you may have at info@fairleadrealty.com.
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