Four Technologies That Are Changing How Real Estate Brokerages Are Run

The National Association of Realtors (NAR) reported that last year nearly 90% of homebuyers used an agent or broker to help them buy property. That is an increase of nearly 20% since 2001. Clearly, technology hasn’t made the broker obsolete, but it is having a huge effect on how brokerages are run – in particular, the following four technologies are driving change.

1. Dual-Facing Platforms
Until now, there hasn’t been a lot of innovation when it comes to using technology to aid brokers, but that is about to change. To meet clients wherever they are and to be available whenever they need, new platforms are springing up to help agents provide better client services on the go.

In situations in which no platforms are readily available, some brokerages are coming up with their own. The beauty of a dual-facing platform is that your clients can browse your portfolio via a mobile app, click a call button, and reach you. Agents then can open up the app and see all of the details about which your prospect is asking. To the prospect, you look like a genius, although it’s just technology making the process much easier.

2. Precise Data Analytics
“Big data” has been a buzzword for the past several years in just about every industry. What is affecting how brokerages are run is the availability of precise data analytics. It was one thing to aggregate listings and median prices on websites like Zillow and Trulia, but now brokers want more actionable intelligence from their data.

New technologies are coming online that not only provide the data that your clients need but also streamline and parse the data to reveal insights that brokers then can use to their advantage. Data analysis, not just big data, is allowing brokerages to run even more efficiently.

3. Response and Search Automation
Most commercial real estate (CRE) professionals know that responsiveness is asset number one in the real estate game. You have to be available. Automation is helping on two fronts: directing prospects through the search process and responding to inquiries every time.

Automated responses now go beyond the generic “Sorry I missed you” message. Brokerages are running automation that keeps your prospects online and in touch even if you are not available. A prompt might give a prospect the option to set up an appointment or a viewing, get details about a certain property, or answer questions they may have.

4. Virtual Technologies
Finally, virtual technology is changing CRE in many ways from quality property photos to live virtual video tours. Virtual technology is changing how brokerages are run by changing the way brokers think about leasing agreements and virtual space.

Today, more businesses than ever before are forgoing the investment in a physical space and embracing remote work through virtual technology. Call MHCS today to learn about how the implications of these new technologies may have both positive and negative impacts on CRE.