Can modern technology substitute real estate agents?
Modern technological boost has changed many industries greatly and real estate business is not an exception. If previously realtors had to complete a great deal of work to find a worthy home for sale for a client, now most of the property buyers and sellers can cope with this task themselves. It is enough to visit a couple of websites or follow new ads for some period of time to find several examples to look at. However, when you call to find out more about a home for sale, you still have to speak to a representative of an agency.
Naturally, many people feel astonished about the fact that they have to pay the same 3-5% commission to a realtor who has not lifted a finger to complete the order. The only stage of the process where realtors are involved is finalizing the deal, but does it cost that overwhelming money clients pay to them? No wonder that modern people are getting more and more interested in the possibility to close a real estate deal without paying realtor services and if technology can be helpful in this situation.
Home found. What’s next?
It is not a secret that most of the homes are found by buyers themselves, without anyone’s assistance. There is a variety of mobile applications, online search systems and websites that make this process possible and affordable. However, as soon as you have found a dream home and want to look at it, buyers lose their power.
The main reason for this is a necessity to cooperate with a real estate agent who will probably organize you a tour around this dream home. This tendency has received the title of ‘one-yard line’ in the real estate industry and it discourages many clients who have to pay quite a high commission getting a minimum of services back.
It is not a secret that modern technology has shrunk the role of a real estate agent to a minimum and now their involvement is much smaller than it used to be. Why do they continue to get the same high commission then?
Looking for an answer to this question a former broker decided to digitize the final stages of the property selling or buying process and created an online platform called PadXChange. This system is similar to Uber and it allows clients to set up showings spending a couple of minutes. In fact, when a person decides to buy some property, the platform will assist him or her with writing and submitting an offer as well as will follow the whole closing process step-by-step. But the greatest benefit of this service is possibility to get a commission refund (1.25% of the total sales price).
If a person is not confident to cope with all the challenges online, some real estate firms have made a step towards their potential clients and reduced the cost of their services significantly. These might be discounted commissions or their partial refund, but fortunately, this problem is being solved at the moment and customers should hope that this tendency will continue.
Not only home search
It is difficult to argue with the fact that modern buyers usually find their dream homes themselves, but is it the only important task to complete when you purchase a property?
You will agree that it was difficult to get some data and statistics several years ago and now almost every person can easily find these facts on the web. However, even if you received access to these data, only a few can analyze it. This is the stage where an agent’s help seems to be a necessity. The latter one will not only provide access to the property wanted but also analyze, complete necessary inspections, and negotiate during the process which is a challenge for an inexperienced individual.
It goes without saying that knowledgeable buyers do make realtor job easier. Moreover, they can compare homes and prices to understand what kind of property they can afford. It means that there are fewer unrealistic orders when clients want a mansion but have little money. However, realtor job remains important since the closing process can last for months if you have to cope with all the challenges yourself, but with a real estate agent’s assistance, it can be much faster and easier.
Using technology in the real estate industry
Unfortunately, despite the fact that modern technology has increased opportunities for people to be involved in the job responsibilities of realtors to a higher degree, it still can’t replace agents fully. However, it has also become a good incentive for realtors to perform their responsibilities better and take advantage of modern technology following the latest trends.
Tech has provided not only clients of real estate companies with more possibilities, agents can leverage it to their benefit too. Using the right tools realtors can serve a bigger number of clients for a shorter period of time. They can also increase the level of customer satisfaction and earn more due to that. One more important advantage of technology for realtors is a possibility to reduce the stress that appears when people buy or sell homes since they can communicate directly with their clients without any delays. Another point brought about along with technological boost is accessibility to a bigger amount of data and information: more accurate and well-considered decisions can be made thanks to that.
In fact, technology awareness is very important if you are employed in real estate business and even customers support the point that realtors should keep up with modern trends in technology if they want to be in demand. It means that agents should try different apps and tools in their work routine as well as follow the novelties released regularly.
How to take advantage of modern tech
It has been already mentioned that technology can make realtors’ life and work more organized and efficient. However, these are quite abstract words when it comes to the responsibilities performed by real estate agents. What technology and tools can be used you may wonder? In what way can they help realtors? Let’s find out more details:
Virtual reality made it possible to forget about actual property showing since a client can visit a home for sale simply wearing a special headset.
An empty property can remain in the listings for months, but with special tools such as Curate or modern computer software like 3D planners and similar, vacant homes can become much more appealing for potential buyers.
Online platforms and social media websites have made advertising and promotion incredibly easy and effective.
Realtors might need GPS if they have trouble finding actual addresses of homes for sale. There are also informational applications that can tell about a neighborhood, its facilities, population, and peculiarities to sound more convincing for buyers.
Scheduling and organizing
There is a variety of planners, scheduling tools and apps that will help you to be organized and never miss anything important.
Client and task management
It is impossible to remember every client, so such tools can serve you as a personal assistant for a realtor.
These are only some of the ways how modern technology can be used by real estate agents, but in reality, there is a variety of ways to simplify a daily working routine thanks to it. It is enough to make a short analysis of the tools offered today and you will understand which examples fit you as a realtor most of all.