Technology has been implemented within the real estate industry for more than a decade now, however, with the Covid-19 pandemic using the multitude of tools and websites available on the internet has never been more crucial for the survival of this industry. When the pandemic inevitable begins to slow-down in 2021, industry leaders will have to make sure to take advantage of all the technology that they have available to them to help the markets in America grow again, and thus help the economy recover.
Buyers are able to virtually access almost any property online now. This type of “virtual open house” technology has existed long before the pandemic, however, during an era where we’re meant to stay home indefinitely, these tools have never felt more relevant.
In the old school days of real estate, agencies would have thick binders full of printed stats, graphics and plans for each of their listings. Today it’s all condensed into a PDF to be easily shared via tablet for easy viewing. The conversion of paper to digital has been a massive cultural shift for the entire world and its many industries, however, for the real estate industry, this shift has made it easy for anyone to grow their business from anywhere.
Clients and agents can easily contact each other from far distances, and in the middle of a pandemic where certain individuals may be looking for a complete change in scenery, that’s everything. Many agencies also opt for virtual interactive “house maps” that allow prospective buyers to virtually “walk around” a certain property thanks to 360 degree imaging.
Retail and commercial real estate businesses tend to use other technology to advance their own operations. For example, many commercial real estate owners use apps that help track credit card data to understand how their clients shop or utilize their own companies website. For retailers looking at consumer behavior and data is crucial for its success.
One of the biggest advantages that technology offers real estate agencies, as well as any major industry in America, is the multitude of marketing opportunities. Social media makes it easier than ever for any agency, no matter how small, to get their name out there. Creating not only a website, but profiles on platforms such as Facebook, Twitter, or even Instagram, can help spread the word about certain property listings, agent recommendations and business opportunities for your clients; who can then easily share your profiles with their friends.
For any industry technology is crucial for creating a solid marketing strategy, it also can provide an amazing learning opportunity for older individuals who have watched the real estate industry grow and develop within the past two decades. The older generation learning from the younger generation of real estate professionals, and vice versa, can create an amazing environment for learning, growth, and most importantly, success.
As the Covid-19 pandemic continues to impact the nation and its multitude of businesses, technology will also continue to impact the way in which we perform these business transactions. As the world begins to reopen and the virus eventually dissipates, these technologies will continue to grow and exist as well, so take advantage now!
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at firstname.lastname@example.org.