COVID has had a huge impact on the real estate market and has forever changed the way we do business. This transition, though disruptive and unsettling for some, has sparked unprecedented adoption of real estate technology.
Agents, teams, and brokerages are rethinking the technology platform, software, and services they need to do business efficiently today. The urgent need for creativity and automation is no longer optional; it is now a necessity to not only survive, but to succeed. Efficient agents have learned to harness the power of technology to help them remain focused on what they do best in these uncertain and turbulent times.
The emergence of virtual brokerages, increased investments in operating system technology from mega franchises and small brokerages alike, and the catalyzation of remote working platforms and live streaming capabilities have all catalyzed innovation and reshaped the entire real estate landscape over the last few years.
The broker market is more competitive than it has ever been, and when we look forward to 2021, those agents who depend on real estate technology will be the ones who succeed. However, we must look beyond trendy applications and siloed point solutions to genuinely modernize and automate the time-consuming, manually intensive processes that have plagued our industry for years.
The ability to expand technology and automation to build efficiencies across the entire buying and selling process, and most importantly, drive growth, is the next evolution.
Many of the mundane processes that divert agents’ attention away from revenue-generating activities have been automated thanks to the introduction of AI-powered tools and solutions. In 2021 and beyond, innovative AI-powered tools may be the key to increasing performance, lowering costs, and providing real value to agents.
AI can be used to help Realtors simplify the whole hand-holding process – nurturing, concierge, marking, scheduling, and follow-up – effectively turning into an insightful virtual assistant that works with Realtors 24 hours a day, 7 days a week to ensure they work smarter, not harder.
For example, while a chatbot intelligently handles the request, potential clients can connect and ask questions via a broker’s website using AI-powered chatbots. Chatbots grow smarter as data is fed to them over time, honing responses to increase conversion and help more closed deals. When the time is right, an agent is alerted and can step in to provide the white glove, hand-holding service that only a real person can provide!
This brings me to the most significant lesson we’ve learned this year: while real estate technology is an indispensable tool in an agent’s toolkit, it will never be able to substitute the human, high-touch, intimate interaction and communication that clients need.
Clients want to like and trust the agent who is working with them because the home-buying and sale process is emotional. There is no technology that can replace the influence of genuine human interaction in real estate. Innovative tools and technologies can help to improve both the agent’s and the customer’s experience, meaning that the agent is completely focused on the client and the information that matters, rather than getting bogged down in transaction management minutia. Focusing on what Realtors do best – managing client relationships – will be crucial to staying alive as the industry becomes more competitive.
This year, the planet was turned upside down, and the real estate industry was not immune to the global pandemic. However, the upheaval brought about the positive change and creativity that our industry sorely needed. Instead of being afraid of transition, agents should use it to improve efficiencies and concentrate on developing irreplaceable customer service skills.
Many who oppose change will slip further behind the market, leaving them struggling to catch up. The future of our business is technology and agents working together, and based on what we’ve seen so far, the future looks bright.
At POCKETLISTING we provide our agents all the technology tools required to sell real estate in a post-pandemic market place.
If you are an agent that is looking for more support and more of your commission, reach out to learn more about joining the future of real estate.