We all know that technology is changing the game in nearly every modern industry. There’s a constant battle to stay relevant, stay informed — stay in the game. However, it’s hard to ignore the fact that the tools of the real estate industry just haven’t quite evolved as much as those of other industries. While our industry has made massive strides over the last 30 years, our “real estate tech” seems to be stuck in Excel spreadsheets and obsolete platforms.
Thankfully, this seems to be changing. The industry has recently seen an exciting wave of tech companies that are combining domain expertise with the latest modern software, giving us new tools of the trade and effectively changing the rules.
Below are 4 contributing factors to the exciting changes that are transforming the real estate industry.
Competition has never been fiercer, we see this reflected in the way we invest, fundraise, and recruit. To come out on top, it’s necessary to be utilizing the best tools and achieving the highest visibility. Emerging technology is allowing for better collaboration, real time reporting and (this is a big one!) mobile accessibility. We all know that time is money, and with a more comprehensive and efficient tool set we can achieve higher levels of success in less time.
Availability of Real-Time Data is a Must
We are a data driven industry, however, accessing and fully interpreting this data can not only take hours, but also an entire team of analysts. To gain a competitive advantage, we must have updated, real time data at our fingertips. With this kind of technology we can operate more efficiently, making better informed decisions in less time than before — generating more revenue, more quickly.
By nature, our industry is a mobile one. With the majority of our time spent in the field, it is crucial to have mobile support in order stay connected while on the go. We are finally seeing the emergence of real estate tech and mobile applications that will make it possible to run our businesses from anywhere, at any time. Talk about multi-tasking!
Consumer is King
New tech is one thing, but ease of use is an entirely different story. Today’s consumer has little time for complicated software or difficult-to-navigate interfaces. For these new tools to be as effective and efficient as possible, they must be adapted to the every day user. Simplicity is key, and today’s consumer will accept no less.
As the technological revolution reaches our industry, it is crucial to stay informed in order to keep a competitive edge and continue to be successful. Stay tuned, I’ll be keeping you informed on all of the latest (exciting!) innovations as they become available. Any new platforms or apps that you’re having success with? I’d love to hear about them in the comments below!