There are many independent strategies being used for conducting business in the real estate industry. Every investor in real estate conducts business in a way that suits any desired goals. While there are many people who are conversant with technology and find it convenient, there are still others who prefer to do their business through maintaining personal relationships. But there are numerous reasons why there is a gap between these two different strategies. Those investors who are smart will take the advantage that technology gives them in their business while continuing to maintain any personal relationships that they have taken the trouble to create. It is not too late for others in the field to learn this fact. When the latest in technology is used along with well established and lasting relationships, it can ensure success for a real estate business.
Programmers are often backed by venture capitalists, and both of them have a vested interest in seeing that the real estate industry uses technology advances to run the business. There are, however, people in this industry especially among the younger generation, who consider technology as just an additional tool to help the business. So, which are the real estate strategies that will prevail in the coming decade? Is it those who adopt a technology, or those who place a higher value on relations with customers. It is likely to be both.
The Latest in Real Estate Technology
There has been a rapid incursion of technology into real estate. Here are some advancements that are already being used in the real estate business.
This is a technology that has had its share of controversies but is making its presence felt in the real estate industry. They have become very effective tools in property management, for conducting virtual tours and when a need is felt for any enhanced photography.
The world is increasingly turning digital, and this has led to a greater volume of data being available to every person. Many real estate professionals feel that there is a hype surrounding big data, but it is also acknowledged that better data allows for targeted marketing that allows them to pinpoint prospective customers so that they can be offered whatever they are looking for. In theory, this allows for better returns on investment and improved performance in marketing real estate.
This process of organizing and integrating data is popular, but the large trends have denigrated its value, while there remains a need to be inventive and original.
Technology has been able to make mortgage lending more efficient while it has also been responsible for newer financing models. Technology streamlines and gives speed to financing, which then helps to increase the margins for lenders and reduces the cost of borrowing and interest rates. One development that has seen the widespread application is loans for buying to rent that many home investors look for. Crowdfunding is a break from traditional mortgage and any reliance on banks for the required money.
Technology has not been very helpful when you need to search for homes. There are many big portals that list homes, but they have not seen much of a change. Startups have tried to imitate search engines that concentrate on real estate, but these have not taken off in any significant way. House hunters will find it easier to search for a home on websites put up by the local realtors.
There have been significant changes in the aesthetics and functionality of web sites. Content and responsive sizing have become a norm due to the advent of HTML5.
This is an advancement in technology that has become increasingly popular. In advertising in print or outdoor locations, interactive ads and augmented reality are now prominent. Some real estate companies have taught their agents to use Google Glass on the streets in real-time. Technology is also improving the efforts for green building.
The Personal Touch
Technology is good because it does make business both easier and increasingly profitable for investors, real estate agents, and the companies they represent. There are, however, entrepreneurs in this field of business and others who comment on it, who feel there is a definite benefit that accrues from personal connections that are made offline.
Ultimately, what matters, is what is beneficial for business, and can allow the professionals in real estate to be aligned with the things that they think are important. It is good to take the benefit of technology. It is a definite benefit if it allows agents to give renters, sellers, and buyers of homes, a better standard of service. Used correctly, integrated technology makes it easier to manage a real estate business, facilitates the growth of the business, and leads to competitiveness in the long term and sustainability, while contributing in a large way to increased profits and a better ROI.
Even so, technology must not be a substitute for service and interaction with customers. If this fact is not kept in mind, any gains will remain as short term gains. Winning customers can then mean added costs, while those who have built up strong relationships will not only retain their customers but get a benefit from any referrals that they make.
Which Real Estate Strategies Will Win?
Realising this, many realtors have had a re-look at maintaining storefronts. They are also paying greater attention to building relationships with clients. This can only lead to benefits. Attending to the needs of customers and impressing them with the faultless service given by every member of a real estate organization, can make a real difference. If you cannot do this, it is far better you use just a website, so that poor service does not spoil your brand and reputation.
If you are in the market for a house or if you are thinking of selling your house give us a call we will like to have the opportunity to sit down and meet you and see how we can be of service. Just let us know.