5 Must-have technologies for real estate firms

5 Must-have technologies for real estate firms

Over the years, technology has greatly impacted the real estate industry. Not only has technology helped real estate companies automate repetitive tasks and increase productivity, but it has also helped them reach more prospective buyers. It is no surprise then that in 2020, 53% of real estate firms directly invested in at least one company that creates real estate IT solutions (i.e., PropTech company). Therefore, if you want your firm to be competitive, you must leverage technologies, such as the following:

1. Property listing program

According to the 2021 NAR Home Buyer and Seller Generational Trends Report, 43% of all buyers first looked online for properties for sale. Online listings give them a detailed view of each property, including photos, location, dimensions, price, and amenities. Given this trend, you must leverage a property listing program like RealtyMX. This program lets you list properties on different online platforms with just a few clicks. You can also view your listings’ performance on the program so you can make the necessary tweaks to improve it.

Read also: Technology trends to watch out for in 2022

2. Customer relationship management (CRM) software

The real estate business is deeply anchored in relationships. A person's choice to buy or sell a property largely depends on their trust and confidence in their real estate agent. This is why it is important for you to keep track of all your leads and clients. CRM software like Wise Agent can help you do that efficiently, since it stores all their contact information as well as a detailed record of their needs, preferences, and transactions with you. You can then use all that data to create personalized messages and nurture leads, increasing your chances of converting them into customers.

3. Chatbot

Today’s consumers expect immediate responses to their inquiries, so providing 24/7 customer support will give you a competitive edge in the industry. A cost-effective way to offer this service is by utilizing a chatbot. A chatbot like Convoboss can be programmed to answer queries and ask relevant questions that will help you get to know your customers and their needs better. Not only will this improve customer satisfaction rates, but it will also free up your time to focus on more important tasks.

4. Virtual and augmented reality

With the COVID-19 pandemic still ongoing, people are increasingly wary of physical interactions. This means you must find a way for interested buyers to view properties without having them physically visit these. Fortunately, you can use virtual reality (VR) technology to create virtual tours of your properties. On a VR platform like EyeSpy360, prospects can enjoy 360-degree property views.

Moreover, if you use VR together with augmented reality technology, you can superimpose computer-generated images on the property's virtual simulation. This way, prospects can change the furniture and decorations with a click of a button and better envision how the property can work for them.

5. Electronic signature tool

Instead of going through the hassle of printing, signing, and scanning contracts, you can use an electronic signature tool like SignRequest. This tool makes digitally signing contracts and other documents easy, secure, and legally binding. You can simply upload the contract on the tool's website and have the seller and the buyer digitally sign it there. Not only will this save you time and money, it also eliminates the risk of losing or damaging paper contracts.

While all of these technologies can help your real estate firm stay competitive, managing all of them can be challenging. Fortunately, you can turn to SpectrumWise to handle all of your IT needs, from planning to implementation to maintenance and support. Schedule your consultation with us today.