Marshall Lynch is a real estate agent who works throughout the greater Rumson, New Jersey, region. His father, Dennis Lynch, is also a real estate agent with years of experience buying and selling property throughout the state of New Jersey. When they are not selling real estate, the two work together to examine the real estate market and look for trends that may affect real estate buying and selling. Right now, technology is changing the real estate world, including the way transactions are handled, properties are viewed, and transactions are processed. Marshall Lynch wants to take the time to highlight the latest in real estate technology for other real estate agents. Here are some of the latest trends involving technology and the real estate world.
Realtor websites
One of the technological changes that is affecting Realtors is Realtor websites. In the past, these websites were fairly basic. They listed the homes your real estate agency had available for sale, along with some basic information about each house, including the size and number of bedrooms and bathrooms. As technology changed, these listings started to include professional photographs of homes for sale. These days, photographs are out, and online videos are in. You can take videos of the homes you have for sale, allowing other real estate agents and potential buyers to tour the home without ever having to step foot inside. Having a great Realtor website can help you to attract buyers from other states and even international buyers who may feel comfortable buying a home based solely on the videos you produce.
Property websites
Another way that technology is changing the real estate world is through property websites. These days, people considering putting their home up for sale can input their address, and property websites will pop up with an estimated value of the home. People looking to buy a home can also do searches on these property websites to see homes for sale in their targeted areas. They can also put in specifications, such as size and price range. Zillow is one of the largest property websites, but it is not the only one. These types of websites change the way people value their homes and find potential homes for sale.
Apps
These days, there are apps for everything. As a real estate agent, using apps can help to change the way you do business without even realizing it. There are many different apps out there, and the apps that you may need to use can vary based on your exact location and the companies with which you partner. However, having the right apps can help you find properties for sale for your clients quickly, verify potential client’s prequalification information, connect potential buyers to lending agencies, and see what types of new construction projects may be popping up in your area. Apps can help you to do your job faster and more efficiently, which benefits both you and your client.
QR codes
QR codes are small squares of information that can be scanned with a smartphone. QR codes can be used by Realtors in many different ways. A QR code can be placed on flyers or advertisements for real estate agents, allowing people to learn a lot about a potential Realtor simply by scanning the QR code. QR codes can also be placed on for sale signs. A potential buyer can drive by, see the for sale sign, scan the QR code, and instantly see information about the home, including photographs or videos. QR codes can also be used by real estate agents to track who has viewed a home. Instead of signing in, guests at an open house can scan a QR code and have their information forwarded directly to the realtor. Lastly, QR codes are starting to be used to grant entrance into a home. Instead of real estate lock boxes, QR codes may be used to open a door once a Realtor grants permission.
Blockchains
Blockchains are most commonly associated with cryptocurrency, but blockchain technology can be used for a number of transactions and record-keeping uses. When it comes to Realtors and technology, blockchain technology can be used to transfer down payments and funds or to keep track of contracts. Blockchain helps to encrypt files and keep them safe during transmission, making them a great way for Realtors to exchange personal information with lending agencies or other real estate agencies.
Computer-generated imagery
Computer-generated imagery, or CGI, is being used by real estate agents who are looking to sell their clients on new construction projects. CGI can be used to simulate an experience for the user. So, for example, if someone is looking to purchase a home, but models are not yet available from the builder, CGI technology can be used by the builder or the real estate agent to give the potential buyer a feel for what that home may look like when it is completed. It can also be used to help buyers envision materials they are considering placing in a new home, as they can see what colors and materials work well together in a simulated CGI world.
Crowdfunding
Crowdfunding is not something that residential real estate agents will run into very often, but it is something with which commercial real estate agents should familiarize themselves. Crowdfunding allows investors or buyers to pool their money together. This makes it easier to buy a large building such as a commercial property. While real estate agents may only be dealing with one point of contact when it comes to purchasing the property itself, they should be able to provide the buyer with advice on presenting the property to other people who have pooled their money in the crowdfunding pool.
Customer relationship management tools
Customer relationship management tools, or CRM tools, are important for every Realtor to have. These types of tools can help you better manage all the customer information you have, including emails, phone numbers, and social media connections. Some of these tools put all your text messages, social media messages, and emails in one location, so you can easily pick out what is important without having to look at different platforms or use different tools. As a Realtor, communication is important, and potential buyers or sellers may move on to another agent if they do not feel you respond in a timely manner. CRM tools help you to manage your customer information and relationships, helping you to deliver top-notch customer service.
Metaverse real estate
One of the lesser known ways that real estate technology is changing the real estate world is with metaverse real estate. Metaverse real estate is quite different than traditional real estate in that there is no physical real estate up for sale. It is similar to an NFT, or non-fungible token. Essentially, a metaverse real estate buyer is buying land in the metaverse or an augmented reality setting. In the future, it is expected that many things will take place in the metaverse, including concerts and shopping, so this type of land may have value. While this is new technology and not something in which every real estate agent is going to want to become involved, it is important to think about the impact that it may have on the industry in the future. In the future, it may become more and more common to buy real estate in the metaverse, and familiarizing yourself with this technology now may help you be prepared to enter this field in the future.
Technology is constantly advancing and changing, and as it does, it changes the world that we all live in. Many of these changes affect our day-to-day lives, and for Realtors, technological changes can affect the way that they show properties, enter homes for sale, and complete real estate transactions. They can even affect how customers find real estate agents. Technological changes are also starting to affect the types of real estate transactions that are taking place.
Marshall Lynch is a real estate analyst who has seen these changes first hand and who is learning to use these tools to his advantage. As a real estate agent, it is important that you learn more about the latest in real estate technology and start to embrace that technology. Your customer base is using these tools, and if you are not, you may fall behind. Learning about technological changes and how they affect the real estate market can help you start to use these tools and advancements, ultimately helping your real estate business.
