How is technology changing the real estate market?
Like all other professional fields, the Real-Estate market is experiencing the technological revolution faster than ever. As you know this is a kind of Business to Customer industry, people in this market need to adapt themselves to the best technological changes. Continue reading if you want to know more about how technology is changing the real estate market.
How to maintain meaningful connections with real estate clients?
Sherry Turkle is a clinical psychologist and sociologist at MIT, who spent three decades researching the impact of digital communication tools on the community. She believes that speaking with people presents a myriad of advantages, such as increased compassion and deep emotions. This is especially a salient point in the real estate industry, which means successful agents build and maintain relationships and make in-depth conversations with their clients.
The Forbes Real Estate Council is a famous group of real estate executives. They believe to be successful you have to know your client, understand their needs, and be a trusted advisor. Also, consumers mentioned the following features as the most significant qualities for a real estate agent: honesty and integrity, knowledge, responsiveness, and communication skills.
So be careful if you want to incorporate and implement the technology with your business practices. The most important key is to find the proper balance between these two. And do not forget to make truly long-lasting partnerships as a high-performing real estate professional with a high-tech and high touch.
What are the advantages of using technology in the Real-Estate market?
The first question that might come to your mind based on this topic is how technology can help me in this way. Here are some of the advantages of using technology in your real-estate business.
- Whether you are an agent, a broker, a sales agent, or a consultant, it means you are directly dealing with the customers. Therefore you need more than one channel to have convenient and easy corresponding. Based on the personal and professional obligations, neither the agent, broker, consultant nor the client can be in a face-to-face meeting with both parties. Here, an appropriate technological channel can help you develop your real-estate company operating systems. You can use several channels to correspond with your customers and not lose them.
- If you have a position in the Real-estate market, you are bombarded with many requests from provision companies that want to show you their new technology. Actually, they invite you to work less and earn more, which could be a true claim.
- Also, these years are the round of smartphones, social media, and instant messaging apps. And as a real estate marketer, you can use these facilities to connect instantaneously with all people all around the world.
What are the disadvantages of using technology in the Real-Estate market?
Like all other subjects, technology has a dark side, too. Here, you can read about the disadvantages of using technology in the real-estate market.
- While using the latest technology can be a way to deliver value to customers, do not forget how precious an authentic, relationship-based connection could be. As the feeling of belonging is a basic need of us all, today’s isolation bothers everyone, so you can use a personal connection with your clients as an important success key.
- The real-Estate market is a kind of people business, which means you can use technology to support your relationships, but never replace it with human relationships. So never completely lobotomize or robotize your business, because it might cause you to lose the essence and trueness.
Why Real-Estate market requires both technology and human connection?
The best suggestion is to be continuously in touch with your customers while using technology to expand your business. If you want to know how to use both of them interdependently in your business, do not miss this paragraph.
People use their phones almost everywhere. Based on the statistics, about 62% of the world’s population have mobile phones and use them at meals, workplaces, social gatherings, and even bedtime. The negative effect happens when we use our phones to contact people and ignore those around us. Today it is common to communicate with others through screens, but when you pull out your phone in the middle of a face-to-face meeting, it implies the undervalued and unimportant of that person. With all those in mind, it is not possible to ditch your phones and shun the internet, so the best way is to make a great combination of technology and human relationships. About the real estate market, it could be an ideal situation that clients research their options, and explore listings online, then easily contact you for that matter.
What are the five guidelines for using Real Estate technology?
If you try to adapt these revolutionary technological methods in your businesses, but you have questions do not worry. Here we present to you five tips to achieve this balance as an agent, broker, or consultant.
● Start a call or letter-writing campaign for clients
As a good agent, you have to find ways to show your clients how precious they are to you. Use this point as a key to win the clients’ trust and make them feel special. A good trick is to make campaigns or initiatives to boost agents, brokers, or consultants to contact or mail a handwritten note to the typical electronic clients. In this way, clients feel that the agent cares about them to devote time and attention to them. Instead of feeling to be given the same uniform patronized treatment, they feel quite exclusive as you customized your treatment solely for them. So they will trust you as a respective agent and your offerings more. In the end, it will play an important role in a client’s decision as they feel they hold some personal and emotional commitment towards you as an agent who has a special and customized treatment.
● Create a social media challenge
As we have stressed over and over, Social Media can be a very effective marketing tool for agents, allowing them to broaden their networks, advertise their listings, and showcase their personalities. But the most successful agents recognize that their online presence represents only a fraction of their real-life presence. Challenge your agents to use social media to invite past or current clients to do something in person. This tactic combines both high-tech and high-touch methods of engagement. In today’s world, most people are connected with their life through social media platforms more than reality. Everything that is happening in your life, they are aware of it through such channels. Therefore, it is high time that you use such a strong and interactive platform to communicate with your clients in an informal and rather personal setting. Be it through the posts you share or statuses that you put, your social media followers attain a sense of your tonality and values through it, and therefore, it makes them feel rather more aware and knowing of you as an individual. This is what can work big benefits for real estate agents, brokers, or consultants. However, having said that, social media is an effective tool to make and maintain contact with others, but to strengthen those bonds, it’s essential to connect offline too.
● Take advantage of both big data and “small data”
Knowing the demographics of your desired client audience and using targeted marketing to reach them can be an effective way to generate prospects. After those prospects become clients, don’t neglect the importance of “small data.” Encourage your agents to take note of clients’ birthdays, home purchase anniversaries, and other milestones or interests so they can send cards or notes on those dates. These personal touches will strengthen the relationship and increase the likelihood that one-time prospects will become repeat clients and referral sources. After all, who does not like receiving a personalized gift card or a wish out of the blue at their important events? Imagine receiving something endearing on your special occasion from your agent or broker, that would strike a chord and will make you think that this person will surely be of a kind help to you.
● Get personal with technology updates
If you are planning to add new technology to your system, you have to explain it to your clients, too. A big mistake is to roll it out without showing your clients how to use it and how useful it could be and that you can serve them better using this technology. For example, you can prepare a catered lunch and hold a “launch and learn” event. We all know that climbing into something heads down will never work as a good idea. So first, learn about the usage of any new technology and then introduce this professional setup. Before starting using any extra and new technology, become aware of its usage, its capacity, the specifications it brings for you, and how it will benefit you to connect with your customers widely, then use it with utmost confidence.
● Don’t use technology as a shortcut
Cutting-edge technology trends, such as 360-degree photos and virtual reality tours, are prominent in the real estate industry. Hundreds and thousands of master developers and successful development and real-estate companies are nowadays, making use of such technological advancements and are gaining huge amounts of engagement and acceptability from the clients where they can view a certain property and all its meticulous intricacies within the comfort of their homes and just a click away. However, you should know that these are great tools for clients but should not be used as a substitute for interaction. Your agents can offer more insight into the flow, feel, and condition of a home than any digital version can provide. Use this to your advantage. Leverage technology as a value-add, not a substitution, and you’ll help your agent secure their role as a trusted advisor.
Remember these points in the battle of Real Estate technology vs Real Estate relationships
- Never ignore the importance of High-touch methods, like engaging in actual conversation, and making personal touches, as they are highly effective ways in the real estate business.
- Only you can handle the high-tech tools to be beneficial or harmful to your business. The secret of the positive power of technology is to use it to increase meaningful connection, not replace it.
- Be sure that the right uses of technology reap and bring long-term uses for you and the investors.
Visit our website at dxboffplan.com for more information about real-estate, its sectors, the significance of technology, the path you will take if you choose this industry, and the opportunities it entails as an investment choice. So if you want to explore all things about property in the UAE from elaborate accounts on hundreds of desirable properties, the masterminds behind them, and all the superior facilities and amenities they offer, do not forget to visit this portal.