Market Update: The Next Wave of Real Estate Tech

By |2015-09-22T07:41:58+00:00September 22nd, 2015|

 

  1. Contrary to popular belief, agents are not a tech-phobic group!

Ask 100 real estate agents what they feel the best apps are for business and you’ll likely receive 100 unique lists composed of different tools. That’s because no two agents are similarly orchestrating the collection of tech platforms out there. And no two agents are seeing the same level of success.

Having said that, more than half of agents who recently completed an Inman survey checked off nearly a dozen tech tools they use in their practice. And with real estate being a tech-heavy business, there is no shortage of cold hard cash looking to back the latest tech development.

But the growth rate of tech is a double-edged sword. With a flurry of tools constantly hitting the ground running, what agents need most is a way to sift through the noise. Agents call for resources that make technology easier to understand – usually in the form of support from tech companies themselves.

“The tech market in real estate is extremely saturated. The biggest obstacle I have is sifting through all of the crap companies to find the ones that actually provide value-added services,” one agent said in the Inman survey.

And it’s easy to sympathize – especially after recognizing that an agent spends an average of about $5,600 per year on their biggest tech investment. With such a large sum coming out of pocket, it would be useful to pinpoint the ROI on that tech. But often it’s difficult to do so when it’s partnered with many other tools. One agent likened it to a carpenter measuring the ROI of a hammer – it simply can’t be done.

However, amongst those who did have a grasp on their ROI, the most commonly cited measurement was the number of closed deals the tool produced. Time saved also factored in.

“Tech either has to save time, provide incredible client value, or directly support lead gen or conversion”.

  1. So which tools are agents most commonly using now?

When asked to select the top three tools most crucial to their business, it came as no surprise that agents overwhelmingly chose one that has been around longer than most, if not all, of the others – the MLS. It was followed somewhat distantly by mobile devices, a CRM platform, and electronic forms and signatures.

Most Important Technologies

  1. Outlook

And when agents were asked which tools they would like to implement in the coming year, the results came in as follows:

  • Video software took the majority (33 percent)
  • Social media management tools followed close by (29 percent)
  • And next was lead generation tools, other than advertising on the three major third-party sites (29 percent).

Technologies to Adopt

  1. What’s Coming Out Now?

Here’s a look at this year’s wide-ranging 16 Real Estate apps agents can use to help their business. Whether consumers are looking to property hunt, rate potential investments, or track trends in commercial real estate, there’s an app for it.

But with the recent fervor of live streaming and insight into the power of video to connect with a larger audience, agents are ready for the next wave of tech adoption.

At ReaLync, we answer the high demand for video software through our live streaming technology.

To better understand what live streaming is and how its unparalleled growth can help you in Real Estate, join our interactive Webinar on Sept. 24th from 1-2pm EST! We are excited to partner with our friends at Contactually to bring to you an in depth look at how you can leverage live streaming in the world of Real Estate. Save your seat now!

Contactually ReaLync Webinar

Until next time…Keep It Real!

 

About the Author:

I was fortunate enough to flip my first house the Summer before Senior year in high school and ever since real estate and entrepreneurship have been my passions. I get to live out both of those passions every day by helping real estate professionals from around the world market, advertise, lease, and sell their properties and spaces in new, innovative ways using video.