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3 Ways Modern Technology Can Make Life Easier for Realtors

Written by Posted On Tuesday, 07 June 2022 15:15

The technological change that has come to every industry is also coming to real estate. Limo and taxi companies still exist, but they are increasingly becoming supplanted, if not absorbed, by Uber and Lyft. Likewise, bed and breakfast establishments are not as popular as they were 30 years ago, considering the widespread adoption of Airbnb. What these changes have in common is how much technology has not only democratized the means through which services can be provided, but also given consumers more transparency, choice and accountability. Although these new end user-driven value factors have taken some time to arrive in the real estate industry, it is happening now.

As more decision power is being put into the hands of the consumer, it can be easy to assume that life will just become harder for realtors. For example, commissions can now be negotiated with greater information on the part of the seller/buyer, perhaps indicating that agent compensation will only dwindle more and more. 

However, the true disadvantage lies in realtors not embracing modern technology to bolster their services. By not doing so, they are limiting themselves in addressing the new value requirements expected from consumers. Here we focus on three vital reasons why realtors should embrace modern PropTech technology to help facilitate their work, especially considering the new, consumer-centric market taking shape.

It Will Help Them Build Higher Quality Relationships With Buyers/Sellers

One of the new changes occurring in the real estate landscape is the new perspective agents/brokers are having to take on when looking at leads. Ten to fifteen years ago, many of them relied on lead-generation platforms to find their clients. It didn’t matter that most of these leads were low in quality, meaning that prospective contacts were not fully vetted to see if there was even an interest on their part to do a transaction, which led to a scenario where consumers were getting constantly harassed on their phones by armies of agents. That approach today would be frowned upon by both consumers and the industry at large.

Thus, realtors must understand that relationships, not leads, is what matters most today. And that’s where new technology comes in. Platforms have invested billions of dollars modeling and incorporating the insights from two decades worth of experience in customer acquisition to deliver a way for consumers and agents to concentrically find each other. Not only that, but through relationship management tools and real-time communication touchpoints, technology can also help them build those contacts into long-term profitable relationships.  

Relationship-building is something that is desired on the part of the consumer more than ever. Agents who don’t heed that and continue to buy into the old lead-generation model are getting left behind. Think about the travel agent or limo company who nowadays still invest solely in leads.

It Will Help Them Work More Efficiently

Consider the amount of time that it takes for realtors to do their jobs the old-fashioned way. It’s easy to see why they can’t compete with people who are using modern technology. And a huge part of the time waste comes from the way they gather information on consumers. Here again, technology companies can give agents an edge by providing them real-time market intelligence into what the consumer is thinking. 

For example, rather than sending out surveys or going from door-to-door to ask about what people think of the neighborhood, there are platforms that give realtors access to reports outlining how long clients are actually browsing certain properties. Additionally, what AI tools can do in terms of identifying the right buyers and sellers is staggering. If agents are not using modern technology for their market intelligence, they are making their life really difficult and, more importantly, they will not be successful in the long run.

It Will Help Them Showcase That They Are Good Agents

Say a realtor has worked to ensure they are building the best relationship with their clients as well as employing technology to help them be more efficient in their data gathering and decision making. They are serving their clients better than most agents out there. How can they demonstrate that? How can they verify to other prospective clients that they are a 5-star agent versus a 4-star one?

This where tech platforms can help them show their real quality and value. Ten years ago, this was not possible, as the industry was beset with fake reviews. Although it’s still going on in real estate, the industry is going through a fundamental disruption in that respect as well. Bad agents are being more and more exposed as bad agents. New platforms are allowing people to not only see verified customer reviews, but gauge important metrics, like commissions and close record, that indicates in a data-driven way what quality of agent they are looking at. 

For good agents, these platforms are good news. It can help showcase their work and contrary to what many in the industry may say, allow them to make even more money than before because now they can justify the commission they are charging. 

Conclusion

New technology has put more of the power into the hands of real estate consumers. They have come to expect more value from agents. At the same time, this same technology presents agents with a value-added opportunity to stand out among peers by enabling them to better establish relationships with buyers, be more efficient, and demonstrate that they are good agents, while evolving the experience for all.

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Regan McGee

Regan McGee is the Founder, Chairman and CEO of Nobul. He’s a technology and real estate industry visionary, leading Nobul’s charge to empower consumers and put them in the driver's seat when it comes to buying and selling residential real estate. He has 20+ years of experience running complex organizations and has built a world-class, award-winning company that is positioned to disrupt the $5 trillion real estate industry. 

Prior to founding Nobul, Regan served as President of McGee Capital from 2008–2017, sourcing and structuring global real estate investment opportunities for clients. He has held senior roles at Sotheby’s International Real Estate Canada from 2013 - 2016, Brookfield Asset Management from 2010 - 2013, BMO Financial Group from 2007 - 2008, and Diem Investments from 2005 - 2007. 

Regan is an Economist and Chartered Investment Manager by training. He is a licensed Real Estate Broker and is a member of both the Canadian Real Estate Association and the Ontario Real Estate Association. Regan also holds an ICD.D designation from the Institute of Corporate Directors, as well as a Chartered Investment Manager (CIM) designation, from the Canadian Securities Institute. 

Regan earned his Bachelor of Arts degree in Economics from Queen's University in Kingston, Ontario, Canada. He currently serves as a member of the Board of Directors at Daily Bread Food Bank.

https://nobul.com/

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