Although an average of 3% of all home buyers finds their home through a real estate agent, more than 50% utilize the internet when house hunting, according to statistics by the National Association of Realtors. Apart from creating a good relationship with your customers, as a real estate agent, you need to be conversant with the use of technology. This will make it easier for you to compete in today’s market, and to understand the ever-changing dynamics of the real estate market. The internet, one of the worlds greatest inventions, has enabled people to acquire more knowledge and fast. It has also changed how businesses are run, and technology has had a significant influence on the property market.
Machine Learning And AI Technology
Financing for property acquisition is the most import aspect in the property industry. For a property buyer, getting the most favorable financing terms makes all the difference. To enable this, property owners and brokers are leveraging on Machine Learning and Artificial Intelligence technology to help buyers get financing. Using technology, brokers are able to scan for different property financing options and suggest them to their clients. They also advise them on the cheapest deals and those with the most favorable terms. This makes house acquisition easier for potential buyers, in addition to increasing sales for property agents and owners.
The real estate sector typically involves a lot of third parties, making room for numerous fraudulent activities. Blockchain technology is being used to minimize this vice. It enables the development of a digital public ledger to record transactions between different parties fitted with cryptographic security features. Previous transactional data of investors, brokers, and homebuyers are continuously saved in a blockchain database. Shared transactional records enhance trust between parties. It also allows potential buyers to access information in a time efficient manner. Additionally, Blockchain technology has enabled the development of smart contract platforms such as Brickblock. These allow the use of cryptocurrencies such as bitcoins to purchase property, thereby helping buyers do away with financial intermediaries such as banks, insurers, and brokers.
More than 80% of the leading real estate performers use cloud technology, according to Rapid Scale. Cloud computing has made it easier to access vital information, such as the details of different clients and properties. It has also made it easier to access tools such as calendars and emails, which can be done by simply logging into the cloud from any location, as long as there is an internet connection. The cloud, furthermore, facilitates customer relationship management. This results in better interaction between the real estate company and its customers. Last but not least, storing sensitive information in the cloud – such as social security and driver license numbers of clients – is much safer compared to doing so physically or on a computer.
Technology will, however, continue to evolve. The expectations of consumers will also change, and resources and tools will be smarter. Technology is causing big waves in all industries it is being applied to, and the real estate industry is no exception. It is therefore advisable for real estate companies to get on board and start applying tech in their day to day operations if they are to have a competitive advantage.