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5 tech tips for delivering exceptional customer experience in real estate

The rapidly advancing pace of several technological marvels has disrupted industry after industry, revolutionizing how professionals do business. Finance, engineering, and pharmaceuticals have all adopted the tools discussed below in innovative ways. Real estate has long been viewed as arguably the safest investment one could make, and that inherent stability means that this economic sector is often slow to adopt new trends. However, technology and real estate couldn’t be a better match; below, we present some of the top tech tips for real estate agents.

The shift toward better customer experiences in real estate

Real estate technology can be a game-changer when it comes to better customer experiences. Particularly in an age where social distancing is the norm, leveraging technology in real estate can make the difference between a portfolio full of satisfied clients and no clients at all. Between artificial intelligence (AI), the Internet of Things (IoT), and augmented reality (AR), you can put together tools to allow clients to experience real estate properties without leaving the comfort of their own home.

It’s important to realize two things. First, technology in real estate is going to become the norm rather than the exception. Opportunities to revolutionize sales abound when you can customize sales experiences for a real estate customer, and each subsequent generation of tech only serves to make that more apparent. Second, the more quickly you adopt these tools, the further ahead of the pack you’ll be. We live in a disruptive age. The economy is quickly shifting: those who adapt will likely experience tremendous success, while those who don't may well be left behind.

5 tech tips for delivering exceptional customer experience in real estate

tech tips for delivering exceptional customer experience in real estate

Some of the top tech tools for real estate agents appear below. The innovators have already paved the way, so let’s look at some of the ways this tech can improve real estate agent tools.

Tip # 1: Consider automation and artificial intelligence

The real estate purchasing process is filled with opportunities for automation. Closing on a property is filled with labor-intensive efforts, from verifying financial transactions to researching liens and confirming title history. Much of this is still done manually.

The financial technology (fintech) industry has far more restrictive legal requirements than even real estate, and it has been using automation and AI heavily for years. Banks are using tech to conduct contract analysis, ensuring that each agreement is compliant with a sea of continually changing regulations. JP Morgan is saving 360,000 work-hours per year with this system, making a massive difference in their bottom line.

Tip # 2: Personalize customer experiences

The more real estate customers feel that an experience is personalized, the more likely they are to buy. Have you ever wondered how Amazon seems to be able to sort through 350 million products to find a solid match for you? The secret is information. Amazon invests heavily in technology that gives them insights into consumer behavior, including software that tracks the amount of time a shopper spends on a page and what their mouse tracking says about purchase likelihood. They’ve taken a simple concept like online retail and become the most valuable company in the world, due in large part to their innovative use of tech.

The more you know about your customer, the more you can customize your approach, which directly translates into more sales. Imagine how much better of an experience you could provide if you knew double or triple what you currently do about clients.

Tip # 3: The internet of things and real estate management

The IoT is a network made of billions of sensors and smart devices to feed real-world information into databases for analysis and action. Rently uses the IoT to facilitate potential renter and buyer visits to listed properties with little to no interaction required from agents. The client downloads the app, schedules visits according to the property availability, then unlocks and views the home without an agent having to be physically present. Think about how much more profitable your time would be if you only got involved once a buyer was interested in making an offer on a particular property.

Tip # 4: Build a centralized contact center

Centralized contact centers provide benefits via economies of scale. Of every 100 calls your office receives, more than half of them are likely questions you've frequently heard before. Each of these takes time away from your day and interrupts more profitable processes. Since many real estate agents belong to national real estate companies, centralizing calls through these networks could save substantial sums by streamlining customer contact processes.

Tip # 5: Embrace augmented reality technology

Arguably the most exciting tech trend in real estate is the advent of augmented reality. Sellers can take pictures and videos of their home, then render it to allow a virtual walkthrough. This is just as effective of a sales tool as it is an efficient one; sellers can stage their homes with virtual furniture, and buyers can change the furniture, wall color, and even accurately estimate the cost of desired renovations. This tool has even more potential for new construction, helping people translate 2D floorplans into 3D realities.

Customer experience remains at the core of real estate

The future is a world where a buyer could download an app and then virtually map their home. Easy-to-follow directions would lead them through the staging and pricing processes, and an agent would only get involved once all of the pre-work had been done. If they had questions, they could call a centralized contact center. Potential buyers could thoroughly explore the property virtually, then schedule and make a physical visit independently. They would contact an agent to make an offer, and all of the back-end research and legal/financial confirmations would be streamlined via automation and AI.

Tech holds the key to unlocking better experiences for buyers, sellers, and agents alike. Using tech in real estate leads to better customer experiences, and this directly translates to increased profitability.

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