Technology is Reshaping the Real Estate Industry
Advancements shift ways agents do business
Words: Wesley Holland
It is no doubt that technological advances have changed the way we handle day-to-day life, interact with one another, and do business. Those that do not embrace technology are the ones increasingly falling behind the rest of the pack.
The real estate industry is seeing an evolution because of technological advancements. Technology is changing our industry from the way we can do a transaction and interact with clients to the ways in which we can market a property. Compass is spearheading the new wave of the real estate revolution with its recent release of Compass Collections, a game-changing tool for the industry.
What are some of the biggest impacts technology has had on the industry thus far?
Increased Transparency and Information Accessibility
The arrival of websites such as Zillow, Redfin, and Streeteasy changed the way information was readily available, especially for the consumer. Zillow made the marketplace more transparent for participants. Suddenly, prospective buyers could see what someone paid for the house next to theirs and what it might be worth. Likewise, sellers could see all this information more easily.
Having access to this information allowed anyone to participate in the real estate market in the sense that they could watch the market in terms of properties and pricing in a way that they could not do in the past.
All this information increased the transparency of the industry because as brokers, we know that a lot of the information we see is also visible to our clients as well. Access to information also increased competition in the industry which has been the underlying force for a lot of the changing we are seeing in the industry as brokerages now have to position and differentiate themselves on something more than just access to information.
It is important to note, however, that one things technology will not be able to replace in the industry is the personal element a broker brings to the transaction and the knowledge and interpretation of the data that a lot of these websites provide.
Mobility
Technology has drastically increased the mobility of the real estate industry, allowing agents to access virtually any information on the go and conduct business from anywhere in the world where there is a wifi or cellular signal.
This access to information at any time and anywhere has boosted the efficiency of the process and the industry. As agents, we can now find property photos, videos, or floorplans right on the spot. No longer do we have to wait “until we get back to the office” or “fax it over.”
The evolution of the “app” has also been a game changer for the industry. We can get an app to measure ceiling height, sun angles…you name it!
Time is our last luxury and technology has greatly allowed agents to more efficiently and effective use their so they can bring you the most value to the transaction.
Virtual Reality
Just as we can access any information we want from anywhere, we can also show clients a property located anywhere in such a vivid way that the client feel like that are actually in the property.
Virtual Reality has come a long way, and will continue to be bigger moving forward. This powerful technology can bring a new development project to life. Prospective buyers can experience a project that is not even built as if they are standing right in the building.
Coupled with drone footage to capture views, the experience can be mind shattering in terms of how realistic it is.
We can show our clients in Dubai a new development in Miami without them every having to step foot on a plane. Virtual Reality goggles can be mailed to any client around the globe. This has been incredibly useful for clients that do not have the time to travel around to multiple locations to view property.
Compass Introduces Collections, a revolutionary tool for real estate
Compass Collections is a smarter, more seamless way to engage with real estate. The tool draws on the way we interact in today’s world, namely through commenting, liking, and curating. Thus, Collections understands the way the consumer shops and browses in the age of social media and digital tools, and brings a similar experience to the home search. In fact, Forbes featured Compass Collections, calling it “The Pinterest of Real Estate.”
Collections allows you to organize your search in one place and stay on the same page as everyone because you can invite anyone that is involved in your decision making. Yes, that’s right, you can invite your spouse, parents, or friends to collaborate with and stayed updated with you.
You can get immediate updates about properties in your collection so you stay in the loop, satisfying that craving for instant information. As your agents, we will also provide relevant recommendations and commentary on properties.
The discussion around the home search is now centralized in one place where you can add comments and thoughts after you tour a property so you remember everything you have saw and what you thought about each. Additionally, having the entire conversation in one workspace means no more searching your inbox or digging through 20 different email chains to find information.
