The 2019 Kitchener-Waterloo Associations of Realtors (KWAR) Technology Show was a great opportunity to learn about how technology and real estate continue to change the business of real estate for both sales representatives and consumers. If you are all about cool technology, marketing, interested in the real estate industry or even in the industry yourself this blog post is for you! Below you can find the key takeaways in real estate and technology trends from this powerful conference.
The Real Estate Technology Industry: Big Money & Big Tech!
The real estate industry itself has changed dramatically in the past five years and we can expect this trend to continue. From the top down we have big players coming to the table from tech giants to angel investors pouring over 10 BILLION dollars of investment dollars into the real estate tech space in 2017 alone. What was once a fragmented mom and pop style business with brokerages moving the needle of change we are seeing massive investment from big time players.
What does this mean for agents, buyers, and sellers?
Well, for agents we can expect more tools and better systems to communicate and connect with clients at a larger scale and more efficiently. That being said, tools are only as useful as the person using them. For consumers the avalanche of big money coming into the business will likely yield more clarity, power, and options. Access to data, increased transparency, and technology disrupting the status quo will only provide more options and value to consumers in the long run.
Technology – All the buzz..
The new technologies coming into real estate will focus heavily on social media, artificial intelligence and virtual reality. Now, none of these are technologies new BUT they have not been applied to the real estate industry in mass yet.
Social media messaging, marketplace platforms and marketing capabilities are already being utilized by sales representatives to drive traffic, attract buyers and expand their network (expect this trend to continue).
AI technologies are great way to help interested consumers get the right information on their schedule too! From website and social media chat bots to database and market analysis tools there are endless opportunities to add value for both agents and consumers.
Virtual reality technology is probably the closest to being used commercially with the masses.
Consider this: you and your partner are selling the first condo you bought together to get a house with a yard for your dog Tonto, exciting! Problem is you’re busy people and don’t both work the exact same hours (welcome to 2019). Second problem, you live in southern Ontario, maybe even Waterloo Region, where your market is a super competitive seller’s market and all the listings in your area are selling in two weeks or less. So the chance that you see the right house, at the right price and you can both go see it at the same time BEFORE is sells is slim.
How much easier would it be if you didn’t have to physically be there to decide if it is worth a look or not? How frustrating is it when you can’t get a good indication of the property because the pictures suck? This way, your agent can send a virtual tour to their clients to see if it is even worth a look or if you’re swiping left on that house. Time. Saver.
The short of it – Real estate technology is good for all!
The technology boom in real estate has just begun. As real estate agents ourselves we expect consumers to be more educated, more critical, and more open minded as information and tools are more easily available. As a consumer you can expect to have access to more data, choices, and ultimately more power in the decision making process for your real estate dealings. That being said, real estate is, and will continue to be, a relationship business between humans that rely on trust and expertise to get the deal done.. We are just going to have more, better toys to use along the way!