POST WRITTEN BY
Expert Panel, Forbes Real Estate Council
Successful executives in the real estate industry from Forbes Real Estate Council share firsthand tips & insights.
Technology is everywhere in the real estate industry. From listing and finding properties online to communicating with clients and closing sales more efficiently, new solutions have emerged to meet the needs of buyers, sellers and agents.
As these tools continue to permeate the world of real estate, experts are keeping their eye on disruptive technologies that could be used to improve processes even further. We asked the members of Forbes Real Estate Council to weigh in on this topic. Below, they explain how disruptive technology can be leveraged in real estate.
1. Smart Technology For Multifamily Properties
Smart technology can be the great differentiator between multifamily properties. What was once reserved for single-family living can now be adopted into multifamily spaces, streamlining operation and creating an amazing experience for renters. Just like with smartphones, smart apartment technology is on the rise to becoming the new standard for the multifamily industry. – Sce Pike, IOTAS, Inc.
2. An Expedited Closing Process
From signing documents online to capturing up-to-date inventory and selecting the most appropriate mortgage lender for you, technology still has room for growth. Technology helps in the expediting of the closing process to streamline a rather disjointed marketplace. – Rodolfo Delgado, Replay Listings
3. Transparent, Exceptional Property Management
The hassles of being a landlord have historically constrained how people invest in rental real estate given the need to self-manage or hire a property manager—both typically low tech and stressful. Now, mobile tools allow the reimagining of each element of the property lifecycle with a real focus on performance and transparency for the owner through online portals and notifications. – Jay Goldklang, Great Jones
4. Virtual Tours And Video
We have invested in providing virtual and video tours of many of our properties. 3D Matterport scans and pre-recorded video tours are a great way for clients to get familiar with the property and save time. We often take advantage of Facetime and Google Hangouts as well. Live videos allow buyers to ask questions while being walked through a home. – Adam Mahfouda, Oxford Property Group
5. Social Media Marketing
People value authenticity, so leveraging social media to showcase this helps build community and trust. It allows professionals to utilize one platform to market both to and on behalf of potential clients in a cost-effective way. Sphere marketing has long been one of the most effective marketing tactics, but technology enables people to communicate with and grow their circle more consistently. – Catherine Kuo, Elite Homes | Christie’s International Real Estate
6. Social Branding
Individual realtors now have the power to brand themselves on social media. The need to rely on big brands when choosing assistance in your home search or home sale has become less important. A buyer or seller can find a local agent in their area on social media easily and see exactly what that person is about. It’s almost like having access to a real-life résumé. – Ralph DiBugnara, Home Qualified
7. Reduced Operating Costs
Today, renters expect to have certain upgrades such as new paint, granite countertops, updated fixtures and luxury vinyl plank flooring. One sure way to get above-average rents in any market is to also incorporate smart technology such as USB outlets, smart locks, smart lights, smart HVAC, etc. This is a great way to reduce operating costs for the owner as well! – Jorge Abreu, Elevate Commercial Investment Group
8. Added Value
Disruptive technology is anything that significantly changes the way people operate. To be effective, there has to be a need and a readiness. To leverage that technology in your business, ask yourself what processes it will improve for you or your clients, and what things need to change as a result. A great example is e-signatures. The value wasn’t seen until the entire paperwork process could be streamlined. – Michelle Risi, Royal LePage Connect Realty
9. Geographic Market Expertise Broadening
In this day of rapid software and app development, it is key to quickly “test and adopt” or “test and drop” new tools available to us as real estate professionals. Personally, one way that disrupting technology has propelled my career is by allowing access to data via sources like Costar. We can now become experts on a market that is new to us within hours. This allows us to broaden our geographic horizons. – Altay Uzun, Marcus & Millichap
10. Common App-Based Platforms For Buyers And Sellers
Smartphones and real estate were made for each other. Thanks to mobile apps, it is easier than ever for buyers to search for homes and access a common platform of information on property listings, mortgages and all things related to the buying or selling of property. For agents, phones are an invaluable tool used for communication and accessing data; it’s an office in the palm of your hand. – Joe Houghton, RE/MAX Results/The Minnesota Property Group Team
11. Front Team Inboxes
We started using a tool called Front for team email and texts. Everyone on the real estate team can see our client’s messages, so if a member of our team is out of the office, another member can have the context of the conversation and reply quickly. This improves our response times and overall client satisfaction. – Zachary Maurais, Sunroom
12. Data Mining
Companies today are tracking our every move. While it’s scary to think what could be done with this information if it fell into the wrong hands, it is also being used to better understand the shopping habits of people in a given area. This in turn helps developers better plan and merchandise their centers to give the local community what they really want as opposed to what they think they want. – Robin Bhalla, The Festival Companies
13. Virtual Real Estate Experiences
We use virtual reality and architectural renderings to enhance our clients’ experience. These tools are helping transform the industry and provide tremendous value to buyers, sellers and developers. This advancement helps buyers explore opportunities from anywhere in the world and meticulously explore every nuance of a potential asset. – Cody Vichinsky, Bespoke Real Estate