It's more important than ever to understand real estate tech

May 3, 2018

While some real estate professionals may feel as though they have enough years of expertise to navigate the industry without learning the latest tech, this often isn't the case anymore. Tech has become a hugely important part of many industries, including real estate and, to truly master the modern landscape, agents will need to have at least a passing familiarity with many cutting-edge options that will, in the end, make their jobs easier.

While most agents are pretty skilled when it comes to using their smartphones and social media, there's plenty of emerging tech that might not always make a lot of sense to them at first blush, according to Inman. This may be especially true when it comes to older agents, but even those on the younger side of the business might not know all that much about tech like deep data, artificial intelligence, blockchain and more, let alone how to harness these innovations to drive their real estate sales prospects forward.

Getting up to speed
For this reason, it's vital for agents of all experience levels and familiarity with tech to put a little more time into understanding what's available to them and what the practical applications for any given technology type could be when it comes to real estate. For instance, even basic AI can be used on an agent's site to cull information from visitors via a basic chat function, which then has the potential to create more leads.

Likewise, the blockchain could be tapped to get a lot more information about potential clients and therefore improve the sales experience, which can, in turn, lead to positive word of mouth and perhaps more leads in the future. It's much more about security than anything else. 

A coming wave
Many industry experts agree that it's only a matter of time before this kind of tech has a place as part of an agent's everyday work, as has been the case with many other types of technology, according to The Real Deal. Even the most tech-averse agents often end up happily adopting things they're wary of, as long as the options can be proven effective in making their jobs even a little bit easier.

"In the beginning it's possible, then it's probable and now it's inevitable," Roy Abrams, the CEO and founder of RealConnex, a firm that develops AI-powered networking software, told the site.

Often, this sea change in the real estate industry arrives when tech options that sound like they're coming from science fiction - like AI and blockchain - are able to be used intuitively and, more importantly, in conjunction with each other. AI that can quickly and easily interpret data from blockchain to reduce the amount of time an agent has to spend dealing with spreadsheets is just one easy-to-imagine application that could come from a broad-based technology adoption within the industry.

For these reasons, when agents start researching these new tech options early, they may be able to get ahead of the competition and use the platforms to their advantage as a cutting-edge agent.