Technology is disrupting every industry, but in real estate it is truly transforming the way business is done from every perspective. Advancements in technology are making the process of buying and selling more transparent and more accessible to all parties involved. This not only changes the role of the real estate agent, but requires that agents step up their game to meet the needs of well-informed clients with access to extensive industry data and information. It also means that the pace of the real estate industry is moving faster than ever before!
There’s no need to schedule a day filled with private showings anymore thanks to virtual reality (VR). Nothing is more valuable than time (both the client’s and the agent’s) and VR speeds up the buying and selling process from every angle. Plus, a virtual tour of a property creates a level of engagement that just can’t be achieved with photos alone. Buyers can immerse themselves into a property and truly feel what it would be like and buyers can explore the property without
pressure—helping to close the deal faster. This connection extends beyond just local buyers to include those searching from all over the world for a new home.
From the seller’s perspective, VR can save time and money since a property need not be staged with real materials. This is especially useful in new construction homes, allowing the buyer to see what it would really be like to live there when the property is completed.
Electronic Signatures & Notaries
Technology in real estate is all about efficiency, and perhaps the most important improvement in efficiency has been in allowing for electronic signatures and notarization. All involved parties have clear and quick access to documents and can easily save them electronically for their records. Face-to-face meetings to simply sign contracts at various stages of the buying and selling process are a thing of the past, speeding up every stage of the real estate transaction.
Geo-targeting & Social Media Advertising
The first place a client goes when they are ready to buy or sell is online, and agents can reach them easier than every with geo-targeting and retargeting with social advertising. With the ability to tailor ad segments by zip code, income, interests, first time home buyers, and much more, the ease of connection between agents and potential clients is simpler and faster than ever before.
Word of mouth is the strongest form of advertising, and social media kicks it up some serious notches. Seller clients can share their home with their full network and friends of friends can become connected to the home as well. Once a client has a successful relationship with an agent, they can share posts and listings from that agent with their network, considerably expanding the agent’s sphere of influence. Plus, agents can use social networks to deepen their connection to the communities they serve and build authentic relationships with potential clients.
Online Mortgages & Shopping Tools
There’s no need to step into a bank and talk to a broker for your mortgage needs. Clients can simply go online and receive pre-qualification for a mortgage in minutes. There are tools clients can use to compare several mortgage offerings simultaneously and get the best possible deal. These types of technologies can save clients thousands and increase their buying power.
Apps & Instant Notifications
Zillow and other real estate apps give clients access to immediate information about potential properties of interest. Clients can set up notifications and be notified right away from their phones, watches, email, etc. anytime a new property with their criteria becomes available.
The Role of the Real Estate Agent
With all this access at the fingertips of clients, what does that mean for the role of the real estate agent? Many clients still depend on their agent to present them with the best options to fit their needs and conduct all the necessary industry research. An experienced and knowledgeable agent is invaluable in terms of negotiating deals and seeing the deal through to closing. Many agents have an extensive network of professionals and have nurtured these relationships to
provide exceptional benefits to their clients.
Above all else, the role of the real estate is client service. Agents need to be on the top of their game to be more informed than their clients now that clients have easy access to a wealth of real estate information online. At MBA Residential, we are able to provide concierge client service and use our deeply-cultivated industry knowledge to give our clients the experience they deserve and the edge they need in this fast-paced market.