The technology revolution isn’t coming. It isn’t in progress. It has already happened. Now, we’re left with a new set of business standards and practices and a changed landscape that is a constant influence on consumer expectations.
By continuing to refer to this shifting paradigm as a “revolution,” the real estate industry is doing itself a disservice. Technology is here. It’s impacting the way you do business every day. It’s time to stop assuming that just your presence is enough. There is no “just” when it comes to technology — you can’t “just” have a website, a mobile app or a Facebook page. Instead, you need to be actively engaging with consumers through online, social and mobile platforms.
According to the National Association of Realtors (NAR), 90 percent of home buyers search online during their home buying process. Consumers are more tech savvy than ever and they have high expectations for the online presence of both real estate agents and brokerages.
With so many options at consumer’s fingertips there’s a low-tolerance for poor designs and non-responsive layouts. They expect your website to work from the desktop they’re searching on at work, to the tablet they’re surfing while watching TV, to the smartphone they check waiting in line.
Meanwhile, 72 percent of online adults use social networking sites according to the Pew Internet & American Life Project. Consumers aren’t going next door to ask their neighbors who sold their house anymore; they’re turning to Twitter and Facebook. If you aren’t listening to the conversations happening on social media and actively engaging in the community, you’re missing a massive opportunity to obtain leads and create connections.
Today, smartphones permeate all aspects of American society: According to Pew, 56 percent of all American adults are now smartphone owners. In real estate, NAR reports that 89 percent of home buyers used a mobile search engine during their home buying process, and 68 percent used a mobile application. Mobile technology affords you the opportunity to be in constant contact with your clients and have a consistent touch point with potential consumers.
By incorporating online, social and mobile technologies into every aspect of your business, you’re inherently acknowledging to your clients, and potential-clients, that you understand how they’re navigating the real estate process.
Where will real estate be in 2015? 2030? Mobile technology, already a prolific part of our day-to-day life, will continue to gain significance. As our phones become smarter, so will the real estate industry. Location service applications have already revolutionized our business — giving us the opportunity to provide turn-by-turn directions to open houses and home showings. Imagine if your phone collected data about what neighborhoods you frequent and then provided suggested real estate listings in that area.
Arguably more important for real estate, voice recognition software will drastically alter how agents communicate with their customers. As consumers demand more instant gratification, voice recognition software will provide agents the tools necessary to respond immediately, without having to fumble with keyboards and think about autocorrect faux pas.
Aside from communication, voice recognition software has the potential to be a great tool for open houses. Imagine, as a potential buyer, walking through a home with your phone. You open up an application and say “living room.” The phone’s GPS knows exactly which home you’re in and provides you with instant access to the square footage, alternate photos or a video testimonial from the homeowner. Then, once the open house is over, you ask, “what’s the value of this house?” Pulling from sold data, MLS information, neighborhood information and a wealth of other sources, you immediately know the actual value of a home, drastically changing the course of negotiations.
In marketing, there’s a generally accepted adoption lifecycle for technology. It starts with innovators and ends with laggards. Whether you fall to one extreme of this curve or somewhere in between, it’s time to acknowledge the new realities of the real estate business, and start to anticipate what’s next.
William Raveis is chairman and CEO of William Raveis Real Estate, Mortgage and Insurance.
