What’s the Real Estate Tech Arms Race?

In the past, real estate companies have felt threatened by new technology. However, recent activity on the tech front points to upcoming real estate trends embracing technology and challenging the sector's reputation as resistant to change. Sometimes dubbed the "real estate tech arms race," the rewards are real, and both residential and commercial firms are rushing to form alliances with these new tech technologies to ensure they're not left behind.

The uprising of real estate tech

Up more than 350 percent from 2010, investors tossed a whopping $1.5 billion in the real estate tech pot in 2015, and they're battling all the way to the finish line to fill the void of real estate industry driven technology tools that will allow brokers to complete jobs more efficiently and effectively.

An explosion of startups aimed at the industry

There are 175 startups trying to change the world of real estate. Though most are destined to fail, the movement will not. The commercial sector is leading the way and the residential sector is struggling to catch up.

The dragon hiding in the rafters

Mega-giant Zillow is hosting hackathons to get an early read on potential ideas and consider where to invest.

The difference new tech offers?

In today's wired, mobile world, most residential brokerages have consumer websites and apps. Limited in scope, however, few of these have the ability to build on the information they provide. Filling these holes? Firms offering an array of up-and-coming tech for:

• Automated valuation
• Automated itineraries
• Quickly assembling marketing materials
• Apps with 3D capability for showing properties
• Handling real estate paperwork online
• Lead generation
• Building data sets on buyer behavior
• Using reverse analytics to laser-target buyers (versus bulk e-mail blasts)
• Better quantifying performance in real-time

Time is money. What technology and real estate trends do you leverage that are a boon to your business?

To view the original article, visit the Properties Online blog.