Real estate tech trends to keep up with a changing market

Recent years have been markedly unpredictable for the real estate market. Agents are constantly monitoring changing conditions. Rising interest rates will have a significant impact on home sales in 2023. This is a substantial drop year-over-year and a nearly 2 million decrease in home sales from 2021. Agents have had to adapt to changing market conditions and client expectations over the last few years in order to maintain sales.
Brokerages continue to use technology to address these growing challenges. They can help agents move inventory, keep up with changing markets, and give them an edge over their competitors. Some 45% of brokerages believe that it is difficult for agents to keep up with the latest technology.
Brokerages will be able to increase sales, retain top-producing staff and increase confidence in the future housing market by knowing which investments will best meet their agents’ pressing needs in 2023.
How will AI impact real-estate?
Let’s begin with artificial intelligence, which is one of the most popular technologies right now. ChatGPT and other AI innovations continue to improve, so people from all industries are curious about how this will affect our real-world interactions.
ChatGPT may be a useful tool, but it will not replace personal touch points with clients. The purchase of property is a very personal matter that cannot be automated or replaced by technology. Selling and buying a home is one of the most intimate things anyone can do in their life. Most people wouldn’t trust a computer program to handle such a significant and personal transaction.
Agents can use AI to help their businesses. OpenAI is being used by dyslexic professionals to correct grammar and spelling errors in their emails. This reduces the time required to revise and allows them to focus on other tasks.
Agents should not view AI as a technology that replaces humans but as a tool to overcome specific problems and allow them to spend more time focusing on their interactions.
Agents may use AI to create content in the early stages. This could be a way to help them grow their business. AI could create a draft of a social post. This could be edited to reflect the agent’s voice or viewpoints. This would allow agents to stay on top marketing and avoid writer’s block.
Stale listing? You might try virtual reality, open houses and listing tech
Fannie Mae predicts this year’s market corrections will continue to make home buying more accessible than in recent years. This will lead to favorable markets for buyers. This means that listing agents will have a better chance of closing a deal if they get as many people as possible to view a house before it becomes difficult or stale. Agents are more likely to embrace virtual tools that support lead generation.
One way to grab buyers’ attention is to use technology to publish listings and to tour open houses. This will allow you to modernize your home viewing experience. Aerial images are a proven marketing tool. Listings sold 68% faster when they were filmed using drone footage according to MLS statistics. Another effective way to gauge a property’s interest is to be notified of any pre-market listings from outside the office. This allows you to either close deals quickly, or optimize marketing once it hits MLS.
Open houses can also be hosted on tablets, which make it easier to collect contact information and add it into the agent’s CRM software. Visitors can then access the listing information online. Automated emails can also be sent to them shortly afterwards to thank them for visiting and let them know how to reach us. This technology can be used to increase efficiency and close more deals.
Cybersecurity and privacy concerns
Many in the industry are concerned about security and client privacy. Brokerages can play a crucial role in protecting sensitive information. Agents should use encryption technology and communication channels to protect client data and limit the possibility of compromise.
This includes ensuring that all agents have the right cybersecurity practices and that vendor technology is compliant to local, state, and national laws. Zillow is a prominent tech company in the industry and is currently facing a lawsuit over a Microsoft integration that is being accused of violating the Washington Wiretapping Statute.
This should be a lesson for everyone this year, and moving forward: Agents must ensure that technology vendors they work with comply with cybersecurity requirements to prevent potential crimes.
This is an important distinction for agents who heavily rely upon broker-approved vendors when choosing which company to work with. Brokers and agents must be vigilant and vetting for potential problems when adopting new technology tools.
Agents might be able to turn to their franchises for assistance. Agents who have this peace of mind can concentrate on selling homes.
The right technology investments
We expect many of the same problems to be faced as in the past year as we enter 2023: fluctuating rates, slow lowering house prices, and inflation. Agents and clients will continue to be affected, possibly in ways we don’t yet know.
Agents must face these challenges and keep an eye out for new ones. Technology can help to make production more efficient and safer.
Turbulent times require brokerages and agents raise the bar on self investment in order to maintain the same level of sales.
Listing Alert’s CEO/Product Officer is Linda Yacoub.