PropTech: What Does It Mean for the Real Estate Agent?

Technology is advancing the way real estate agents communicate value to prospective clients. It plays a huge role in assisting in transactions and is changing the way you do business. From artificial intelligence (AI) and the internet of things (IoT) to virtual reality (VR) and new 3D tour technology, proptech trends are slowly but surely making their way into your daily routine. But the question remains for a lot of agents: is proptech spawning a new era or is it disrupting a legacy system?

The Resistance

Real estate has not always embraced property technology advancements quickly. The industry as a whole is resistant to change. It operates on a legacy method. As an agent, you do what you have always done. Why? Because it works. But what if you could work better? What if you could give more value to your client and continue to fill the shoes of your predecessors? Proptech can open virtual doors, build your brand, and provide valuable information to home buyers and sellers.

3D Tours: Use Them or Lose Them

The past year has certainly seen a jump in terms of how virtual tours have played a huge role in your real estate marketing plan. This proptech has changed home buyers' behaviours dramatically. When you want to market a property and get it sold quickly, surveys indicate you need to incorporate a virtual tour for your buyer to view from the comfort and safety of their current residence. You could risk losing a deal before you even make a connection if your buyer can't connect with you online.

Proptech and Communication

Consumers are seeking information before they contact a real estate agent. Advancements in technology give the consumer multiple ways to contact you – email, social media, direct message, Zoom meetings and more. How can you get more leads and referrals? Offer potential clients as much useful information as possible. Use property technology to showcase floor plans, 3D tours, and interactive ways to cater to the clients' changes in behaviour. Buyers are searching online and according to NAR, several buyers are placing offers before visiting the property in person.

Keeping Up with Drones in Real Estate

A popular proptech addition to 360° tours is drone footage. What better way to have a great view of a listing than to get a bird's eye view? Using drones adds another level to your listing presentation. For your seller, you are offering added value to your marketing plans, and for your buyer, these additional virtual tours help build an emotional connection to a property. Though drones are readily available, they come with a few regulations, so it's best to have your professional real estate photography provider get your aerial photos. Stick to what you do best so you don't end up flying your newly purchased drone into the neighbour's open window.

According to NAR, one of the biggest challenges real estate agents face is keeping up with technology. Big players in the real estate industry, like Zillow and Redfin, are using data to offer their services and give insight into current market trends. Don't miss out on some great opportunities by skipping out on information that can help you and your clients.

Property Data and Analytics

Use proptech to analyze data. Information offered by your MLS' property data/tax tool is a window into the future as well as a way to analyze past trends. Accuracy is key. Presenting the whole picture with data from the markets helps you provide the best service to the consumer. How do you know what is happening in the current market? By monitoring economic, geographic, and demographic data, real estate agents can use this information to predict sales and provide a more accurate valuation of a property. What if you could use data to target specifics by narrowing down precisely what a buyer wants?

Advanced analytics will soon be able to get you up close and personal with all your buyer's desires. By inputting things from desired floor plans and room dimensions to distance to schools and Walk Scores, you will be able to narrow down the ideal property. Not only does this provide value to the consumer, it saves time.

The Future is VR

Virtual reality gives the consumer the ability to see before they buy and, in fact, can now let them see before the brick and mortar has time to set. Proptech advancements in VR can let the consumer walk through a property before it is even built. At the pre-construction stage, you can visualize various upgrade options, get a realistic view from every floor of a multi-level property and experience how an adjustment to the proposed floor plans would flow.

The world is changing and every industry is adapting to technology. With the Internet of Things (IoT) giving you ways to access your home security camera while on vacation or to get a ride in a self-driving car, the future definitely looks tech-friendly. As one of the largest industries in the world, real estate and proptech go hand in hand.

You don't have to give way to AI chatbots as the only form of communication with the consumer. Instead, embrace technology as a new partner in business. Keep your human connection, your coffee meetings, and your personal approach to your clients because as humans we all crave that bond. Use technology as a complement to your real estate marketing approach.

The bottom line is, if the experience leaves you with a feeling of satisfaction, proptech is good.