Technology and the Real Estate Industry

Technology has no doubt impacted many different aspects of our lives throughout the United States (and really the world). One sector greatly impacted by the growth and advancement of technology is real estate. With more and more buyers and investors beginning their search online, a tech-forward website and customer relationship management (CRM) software is a must for any company, office or agent looking to be a heavy hitter in today’s real estate business.

But why is keeping up with changing technologies important, and why is it important for the real estate industry?

It’s a matter of fact that we now live in a digital age. Paper resources have seen a strong decline in recent years, especially newspapers and magazines. In 2015 alone, “weekday [newspaper] circulation fell 7% and Sunday circulation fell 4%, both showing their greatest declines since 2010.” With print media resources steadily declining, more and more consumers are taking to the internet. As of 2012, 90 percent of home buyers searched online at some point during their home buying process (NAR 2012 Profile of Home Buyers and Sellers), and in 2016 79 percent of recent home buyers found online websites as the most useful resource in their property search (NAR 2016 Profile of Home Buyers and Sellers). The real estate industry has been one of the biggest influenced by society’s shift to internet resources, and with the advent of better smart phones and tablets, more and more buyers and investors are using online resources to find the information they’re looking for.

As a real estate technology company, Reliance Network stresses the importance of keeping up with changing technologies. Not only for our own benefit (we are a technology company), but more importantly for the benefit of our clients. When companies don’t keep up with changing technologies, they risk a lot. Not only is there the risk of falling behind the competition, companies also risk becoming irrelevant in their field, missing out on new opportunities and ultimately falling into obscurity.

A major part of business is competition. If there was no competition in a market, there would be less incentive for a company to try to do better year-to-year. In the real estate industry, competition throughout the U.S. is fierce, especially in certain regional markets. With strong competition, a real estate company needs to be able to provide a product that is equal or better than that of the competition. The same can be said for a company’s technology, especially for those companies that rely on competitive and forward technology. Real estate companies need websites and CRM systems capable of handling heavy traffic, multiple user inquiries, multiple MLSs, and the site needs to provide a modern and intuitive user experience. If a company chooses to disregard the need for expanding and improving technology on a regular basis, it’s going to fall behind the competition.

Many of us have heard the phrase “the customer is always right.” While over time that phrase has been altered to make it seem like every customer is right, it was originally meant as a reminder to companies and business owners to market to the customer, not to the company’s own needs and wants. If buyers, sellers and investors are using the internet to search for properties and make inquiries, real estate companies need to fulfill that need by providing modern, fast and intuitive websites. If customers are using their smart phones and tablets for searches and inquiries (as of 2014, 50 percent of buyers used a mobile website or application in their home search) (NAR 2014 Profile of Home Buyers and Sellers), real estate companies need websites that are not only tech-forward but also responsive and suited to desktop, mobile and tablet use. A company that ignores the needs and wants of its customers will ultimately become irrelevant in its field as said clients jump ship for another option. To stay relevant, a company needs to adapt and change, especially if its customers change.

Every business has a need for long term stability and growth, and that need is echoed in its technology. In the tech field, the risk of missing new opportunities is a huge impetus to offer new ideas or services to consumers, especially in real estate. Tech forward companies actively look for new applications they can offer to customers because they know what’s new today will become standard tomorrow. Ten years ago the idea of sharing property listings on social media platforms was unheard of because social media was relatively new. Now, applications like Facebook, Pinterest, Twitter and more have become important parts of modern marketing because of the number of people using social media platforms every day. A company that chooses not to be tech forward is taking a huge risk in today’s market. Real estate is no different. Knowing that “78% of new home shoppers visit 3+ sites prior to taking action on a real estate site” (Google & Complete New Home Shopper Survey, 2012), it’s never been more important for a real estate company to invest in technology and offer its agents and customers a modern and forward thinking online experience if it expects to be successful and competitive in the ever changing and evolving U.S. real estate market.


Featured Client of the Week: Prudential Utah Real Estate

www.Pru-Utah.com

At BrokerTec Systems, we offer industry-leading technology solutions and real estate websites for companies and agents around the world. The newest real estate brokerage client to hire us to develop a custom real estate technology package for its company and agents is Prudential Utah Real Estate.

Check out the new website we just launched for Prudential Utah: www.pru-utah.com.

The top-ranking real estate company’s website now includes specialized property search technology, custom home value reporting, market tracker information, automated email prospecting, back-end client management (CRM) system, and so much more!

With annual sales in excess of $3.2 billion and more than 430 full-time professional sales associates, Prudential Utah is one of the leading real estate brokerages in the western United States. Knowing this, we developed the business solutions that Prudential Utah could use to stay on the forefront of the industry and maintain its excellent level of service for clients.

For details about the custom company website development and technology management services we offer top real estate companies and mortgage companies likes yours, call 877.231.3209 or email info@brokertecsystems.com today.


Featured Client of the Week: Keyes Company Realtors

http://live.keyes.com

At BrokerTec Systems, we offer industry-leading technology solutions and real estate web products for companies and agents around the globe. The newest real estate brokerage client to hire us to develop a custom real estate technology solution for its company and agents is Keyes Company Realtors, which specializes in the South Florida real estate market.

Check out the brand-new website we just launched for Keyes Company Realtors: http://live.keyes.com/ Integrated into the new site is our innovative property search technology, automated email prospecting, back-end client management (CRM) system, and much more!

Since The Keyes Company’s founding more than 80 years ago, its team of professionals has cultivated a well-respected reputation for meeting the real estate needs of families and businesses throughout southern Florida, as well as nationally and internationally. 

The independently-owned family business’s remarkable longevity is testament to its performance and success within the full range of market conditions. Through Keyes’ network of offices, professional associates and strategic partnerships, the company is able to serve customers locally, regionally and worldwide. Keyes consistently ranks among the Top 100 real estate companies in the country, as measured by both sales and transaction volume. For more information about Keyes Company Realtors, visit: http://live.keyes.com/

For details about the custom company website development and technology management services we offer top real estate companies and mortgage companies across North America, call 877.231.3209 or email info@brokertecsystems.com today.