How To Prepare For The Future Of Real Estate
If you know anything about real estate, then you may have noticed a slight change in the way things are being done and the various ways to go about it. Real estate is one of the most competitive industries to get into, as the competition out there is unreal. But over the past year, there are tons of new stories that have circulated about how start-up businesses are beginning to shake up the current industry. And this is all down to the technology that is used, as it is constantly growing, and the businesses that are just popping up usually have all the latest gear, compared to businesses that have been around for years and years.
This will most likely cause an awful lot of stress for the individuals that aren’t as tech-savvy, because they will really need to step up their game in order to meet up to the younger generations expectations. And that is hard if you’ve been doing something the same way for over a decade, only to realize that it’s not working for you anymore. But it’s your job to find new solutions that fit in the world we currently live in now.
But it’s not only other businesses that you should worry about – it’s the technology itself. Because of how quickly it has advanced within the last few years, it may not even need us humans anymore. It has already been estimated that within 50 years, the artificial intelligence will have taken over the industry, and we will all be out of a job. As intimidating as these statistics sound, it’s extremely possible.
So should traditional brokers feel threatened? – Most definitely. Any kind of firm that remains to keep its ‘business as usual’ mindset, will be making themselves extremely vulnerable to any new competition, be it from man, or robot. But as long as you are able to keep up with the constant changes and be open to adapting if and when you need to, to be useful in this evolving market, then you should be okay. For now.
Here’s how to do this.
Embrace the new technology
This can mean many different things depending on where you look. There are more exciting marketing strategies now that not only offer photos and a detailed description of a property – you can now have a 3d virtual tour that allows buyers to feel as though they’re right there. And this can be a lot more efficient because people will be able to get a real feel for the place before they take time off to come down and see it in person. This way, they can have a realistic idea of how the area looks, as well as the space that is available, before they make any other plans to view it.
Offer a full service
Customer service is one of the most important things that you can do, no matter what kind of industry you are in. Without customers, your business doesn’t have a leg to stand on, so you need to always make sure they are treated well. You need to learn how to find new ways of showing your customers the appreciation that you have for them so they never feel as though you aren’t giving them enough back. It only takes one bad conversation for them to leave and run into the arms of your competitor.
Adapt to the transactions
As time goes on, there are becoming new and exciting ways of dealing with finances, and this is with sites like i-house that cut out the middleman, and allow you to take control of all the transactions by yourself. In doing this, you not only have the ability to see everything done first hand, but you also save a lot of money because you’re not having to go through someone first. You are the one in charge, and you can see straight up what is happening, and the best way to go about your financial investments without relying on a third party.
Never stop learning
You may have often heard the phrase about the need to be a sponge in order to soak in as much information as possible – and that hasn’t changed, especially now more than ever. Never think that you know it all, because that is a rookie error to make that can tarnish what you’ve worked so hard for. So take courses that are available to learn about the current real estate market, and get your employees in regular training that covers all departments so that you’re never in risk of dropping the ball.