In the last two decades, the world of real estate has undergone a significant number of changes, including the implementation of technology that has made it possible to be in two places at once and leverage an ever-growing global audience. While the integration of real estate technology did seem to get off to a slow start, decision makers within the real estate industry are now becoming increasingly comfortable with the vast amount of new tech available today and have even begun to embrace it.
Innovative Tools Drive Productivity
Today, the real estate industry is becoming increasingly driven by such trends as data mining, social media, and predictive trend analytics. No longer is it necessary for real estate professionals to sort through mounds of paper or handle projects manually thanks to technology that has made it possible to go completely paperless. New tech products like Matterport are giving prospective investors and buyers the ability to conduct virtual walk-throughs from anywhere in the world, while other real estate tech products like DocuSign make it possible to sign and send documents via the cloud.
Based on the rapid rate of growth technology has experienced in the real estate industry over the past year, it certainly does not seem as though it is a trend that will slow anytime in the near future. In fact, the increasing presence of tech in the real estate industry has dramatically changed the way in which most real estate professionals conduct every aspect of their business. With the increasing availability of tech-enabled tools, more and more brokerages are now moving everything from buying to selling to investing online.
As the rise of real estate technology continues to increase, real estate professionals who have had the foresight to integrate such tools into their businesses find that tech gives them a strong competitive advantage. By implementing such tech as social media, brokerages now have an improved understanding of consumer preferences, thus setting the stage for targeting prospective customers and investors in a more accurate manner.
It is not just consumer relations that are improved by real estate tech, either. Real estate professionals are also able to benefit from improved reporting capabilities, advanced analysis, and speedier access to higher quality information.
Advances are also not limited to agents and brokers. Sponsors, investors, and developers are also able to benefit from new real estate tech through the availability of unrivaled access to data and analytics. Not only does such tech make it possible to make better informed decisions based on more accurate information, but decision makers are also able to respond to deals more rapidly, a vital factor in an industry which is known for changing rapidly.
While the real estate industry may have gotten off to a slow start, real estate professionals are now embracing and eagerly implementing new technological innovations that are dramatically reshaping the space. This is one of the most exciting times in the history of the real estate industry, with new changes most certainly on the horizon.