Some industries fear new technologies that could lead to major changes. But the real estate industry has always embraced technological advancements.
If you are a Realtor®, it’s important to understand that there is no need to fear the emergence of new technologies. In fact, there is good reason to welcome these advancements. Why? Here are some of the many ways in which Realtors® can benefit from recent technological advancements:
Provide Better Customer Service
Artificial intelligence, or AI, is a type of technology that enables computers to learn from experience, adjust to changing inputs, and eventually make decisions like a human. This technology has many uses, but in the real estate industry, it can be used to provide a better customer service experience to clients.
Realtors® can use AI technology to build chatbots for their website. A chatbot is AI-powered software that can communicate via text with clients who visit your website. AI allows these chatbots to process conversations and formulate responses just like a human would. For the client, it’s just like talking to a real person.
A chatbot is available to clients 24 hours a day, 7 days a week, which means clients can always get their questions answered quickly. They no longer need to wait for you to return their call or respond to their email. As a result, this type of technology drastically improves the customer service experience. Plus, it frees up more time in your day since you won’t need to respond to as many queries.
Make Informed Decisions Fast
Technology can provide Realtors® with a wealth of information in a matter of seconds. It can also help Realtors® make sense of the data so they can use it to make smart business decisions.
For example, say a client wants your opinion on how much a property is worth. You won’t need to spend hours researching similar properties, looking up sales records, and analyzing other factors that could affect the value. Technology can do all of this for you so you can quickly provide your client with the information they need.
Being able to make the right decisions fast is incredibly important to real estate companies. In fact, according to a recent report, the ability to make informed decisions quickly is one of the main reasons why real estate companies invest in technology.
Get More Exposure For Listings
Technology has made it easier for Realtors® to get more exposure for their listings so they can sell homes as quickly as possible.
Realtors® can connect with thousands of potential buyers by listing homes on online real estate marketplaces such as Zillow and HomeSnap. They can also post these listings on social media platforms such as Facebook, Instagram, LinkedIn, and Twitter to increase their exposure even further. They can even post videos of their listings on YouTube to gain additional exposure.
It doesn’t take long to post a listing on these online platforms, which means Realtors® can now reach thousands of potential buyers in a matter of minutes. They no longer need to spend time or money on spreading the word about their listings—these online platforms do much of the work for them.
Sell to Nonlocal Clients
Every buyer wants to tour a home prior to deciding whether or not to purchase it. But taking a tour in-person is difficult for buyers who are in the process of moving to the area from another city or state. Figuring out how to sell to these buyers may have been challenging in the past, but technology has changed that.
Now, Realtors® can use virtual reality technology to create virtual tours of their listings. Taking a virtual tour gives nonlocal buyers the opportunity to virtually walk through each room and see every inch of the home. They won’t have to take the time to or spend the money on traveling to the area to tour the home in-person.
Because of this technology, Realtors® can broaden their customer base and sell to more nonlocal clients.
Stage A Property in Seconds
It’s hard for buyers to visualize what an empty home will look like once it’s furnished. To solve this problem, Realtors® often stage empty homes.
Staging requires a lot of heavy lifting. Plus, it’s time-consuming and can cost thousands of dollars. But now, there’s an easier way for Realtors® to furnish an empty home. Instead of investing in staging, Realtors® can use augmented reality technology to virtually stage a listing.
There are countless virtual staging apps powered by augmented reality technology. Using one of these apps to stage an unfurnished home is more affordable, faster, and less physically demanding.
Offer Clients the Option to Close Remotely
In the past, every party that was involved in a real estate transaction had to meet in person in order to close the deal. But technological advancements have led to the emergence of remote closings.
Buyers, sellers, and real estate agents no longer need to take the time to meet in person to finalize the deal. Instead, these parties can electronically sign the required documents and complete all other closing tasks online.
Clients will appreciate that they don’t need to go through the hassle of meeting in person to close on a home. In other words, you will be able to provide them with a more enjoyable buying or selling experience. Offering remote closings will also free up more time in your schedule so you can focus on closing additional deals.
Target a Specific Audience
Technology gives Realtors® the chance to target specific audiences when marketing their listings.
For example, say you are trying to sell a home that is located on a golf course by advertising the listing on Facebook. This platform allows you to target people based on demographics, likes, location, and behaviors. To market this home, you could choose to target people who enjoy golf and are likely to move. This way, your ad is only shown to people who could be interested in purchasing the home.
These technological advancements ensure that Realtors® no longer need to waste time or money on marketing to the wrong people. Being able to target a very narrowly defined audience allows real estate agents to reach the right people and find the right buyers as quickly as possible.
Use Smart Home Features As A Selling Advantage
According to a recent survey, 61% of Millennials are willing to pay more for a smart home, which is a home equipped with smart technology devices. These devices can make life easier, make a home more secure, and improve a home’s energy efficiency, so it’s not surprising that Millennials want to live in a smart home.
Because so many buyers are interested in purchasing this type of home, it won’t be hard to sell a home with smart devices. This technology is a selling advantage, so it has the power to make your job as a Realtor® easier. You won’t need to work as hard to attract buyers to a listing as long as it is built with smart home devices.
Technology has the power to completely disrupt the real estate industry. Although change can be nerve-wracking, it’s important for Realtors® to remember that they can greatly benefit from the development of new technologies. Instead of shying away from new technologies, Realtors® should embrace them in order to enjoy the many benefits of these advancements.