The real estate industry has come a very long way in a short space of time as technology has changed and enhanced the way agents and businesses go about their day.
Technology has been able to assist agents and free up their time so they can get more done and focus on higher-value activities. It's also allowed them to have more reach than ever before and get themselves and their listings in front of more people, more often.
This has had the effect of transforming a single agent or a small team into a very powerful commodity that can handle hundreds of deals every single year. Watch this short video as PropTech Group CEO, Joe Hanna, explains how PropTech Groups helps those in the real estate agency through new technology.
What is PropTech?
PropTech is the merging of technology with the property industry. Today, there are a myriad of technological tools that work to assist agents, property managers, conveyancers, valuers and mortgage brokers, just to name a few. PropTech effectively looks to use technology to help solve real-world problems that people in the industry face. When those problems can be solved with technology, it saves time and money, and importantly makes agents more efficient and better at what they do.
Good technology acts as a way to free up agents, so they can focus on things like building real-world relationships, negotiating deals, and handling many of the in-person conversations that technology can't replace.
Up until very recently, the real estate industry hadn't seen any big changes in the way it operated for decades. Listings were posted on agency windows or in the newspaper, people were communicated with over the phone or in person. Data was hard to come by or non-existent. Records were kept on paper, or on a PC at best.
As technology improved, many aspects of real estate changed for the better. Data became widely available. The ability to communicate improved dramatically. Suddenly, you could reach more people and manage your connections through things like CRMs. Everything moved online and now even the sales process is done with technology.
By using technology, agents are able to spend more time doing what they do best - which is forming real-life connections and helping people navigate what is normally the largest financial transaction of their lives. Real-life connections with people and being able to negotiate complex deals are some things that technology can assist with, but can never replace. Technology acts as a way to free up time, become more productive, and help you reach more people, so that you can do your job better.
One way that technology has really revolutionised the way all agents operate is through automation. Automation can be as simple as sending a bulk email or SMS, or a more complex task like identifying would-be vendors from your database. Whatever it is, by using automation, you can reach more people faster and more effectively.
Another area where automation takes another big leap forward is through artificial intelligence. AI allows you to manage all the data that has been collected, sift through it to find important information. For example, being able to better identify a vendor that is getting really to sell their property based on their habits and interactions with your communications. It could be the difference between winning a listing, versus the listing not even making it to your radar.
Data is also a big game changer in recent times. These days, there is so much access to data that if you're not utilising it, you are being left behind. There is so much data on homes, market conditions, vendors and would-be buyers, that you need to be making the most of all the tools that utilise this data to stay competitive.
In years gone by, agents were trying to get in front of as many people as they could and somehow keep track of all the contacts they came in touch with. This proved to be a difficult task and many vendors got lost in the process. Today, mobile apps and 24/7 cloud access make it easier than ever to access your database wherever you are, at any time.
Finally, one of the most powerful game-changers in real estate has been the ability to customise marketing pipelines into different segments. This way, you can put your time and energy into marketing, and allow the leads and contacts to be filtered through various pipelines. This means that your leads are getting information that's relevant to them and suited their stage of the buying and/or selling journey. That way, you're able to offer more value, creating a better reputation for yourself and your business.
PropTech has revolutionised the real estate industry in ground breaking ways. As technology continues to improve, it's vital that agents and agencies continue to stay on top of the latest tools and trends to make sure they not only stay competitive, but actually create a competitive advantage.