August 29th, 2019 9:49 PM by Eric Willner
Radio Show Notes 8/28/19 Wednesday- Midweek Report : Technology Is Your New Friend in Real Estate And Here Are The Facts
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By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate
This week as we continue to follow the theme “Technology Is Your New Friend in Real Estate”. Today we will break down and explain the numbers and statistics in today’s market to help you make better decisions about your real estate, existing or future acquisitions.
Technology Is Your New Friend in Real Estate, and below is a recent article by PropertyMe. The article further supports our comments since the beginning of the week where we started our theme, “Technology Is Your New Friend in Real Estate”. So here goes! (I also commented on ordering homes on Amazon, but you have to listen to the recording to get those details)
You wake up in the morning, ask Amazon Alexa for your daily property report and schedule then use your smartphone app to automatically make your bed and get your coffee ready for the day. What a world we live in - technology is constantly evolving and making our lives easier and more efficient.
In a similar vein, real estate tech has been shaped by changing market conditions and consumer behaviors. Without further ado, here are the top 10 real estate tech trends to watch in 2019: (Here is the link to the entire article)
Fuelled by long-term investor confidence created by proptech trailblazers like The We Company, Airbnb, Compass and OpenDoor, global funding of real estate property technology or “proptech” has been rising about 36% year on year. This figure is set to increase with more real-estate focused venture funds entering the market. (Here is the link to the entire article)
In layman’s terms, big data is a large amount of data that’s analysed via algorithms to make predictions about purchase behaviour and intent, based on past patterns, trends and associations. Hence why it’s the lifeblood of companies like Amazon, Facebook, Uber and Netflix. Big data is how Amazon knows what you want, even before you know it yourself. (Here is the link to the entire article)
A few years ago, “the cloud” was seen as a mysterious pocket of the internet that eluded principals and agents alike. Fast forward to now and the cloud is fast becoming the norm and legacy server-based software is quickly becoming obsolete. (Here is the link to the entire article)
Blockchain is the technology behind cryptocurrencies such as Bitcoin, Litecoin and Ethereum. Essentially, it’s a public, digital ledger or database that records all transactions, without the need for a central verifying authority such as a bank. No middleman means reduced legal and title-related costs and a faster settlement process. (Here is the link to the entire article)
Did you know that virtual reality (VR) has become so accessible that it’s on track to becoming a $29.7 billion dollar industry in 2020?
With VR, potential buyers and renters can virtually tour the property from anywhere in the world, at any time. This means that the property is open for inspection 24/7, allowing agents and clients to save time and money while increasing efficiency and engagement.
Meanwhile augmented reality (AR) apps superimpose a computer-generated image of an object into real life, allowing people to do things like capture Pokemon or virtually decorate a space using their phones or tablets. For brokers and developers, they’ll be able to showcase the potential of an unfinished space using AR to present a desired lifestyle and decrease time on market. (Here is the link to the entire article)
Another real estate tech trend to watch this year is push technology. While this technology has been around for a few years, it has become increasingly popular as more and more agencies develop their own smartphone apps. (Here is the link to the entire article)
The modern consumer expects immediacy. They want answers to their questions and they want them now. That’s where real estate robots like chatbots, voice bots and virtual assistants come in. Not only can they help answer consumer queries with little to no delay to keep consumer expectations at bay, but they can also free up your time to focus on what really matters. (Here is the link to the entire article)
Did you know that over 88% of Australians own a smartphone? (Here is the link to the entire article)
That’s why it’s become the norm for CRMs like Rex and property management software systems like PropertyMe to have a smartphone app so that agents can access their contacts, property data and tools from anywhere, at any time.
This not only saves downtime but also allows easy collaboration from the road. You could be conducting an open home in the morning then driving to an inspection in the afternoon and have everything you need to manage your properties in the palm of your hand. Just check out how this property manager conducted end of month at an open home. (Here is the link to the entire article)
Fractional property investment platforms allow investors to buy a portion or “fraction” of a property. These investors collectively “own” the property and can benefit from a share of rental income or capital returns in the event that the property is sold. (Here is the link to the entire article)
Automation is another real estate tech trend to watch in 2019. From online chat (cue real estate robots) to social media and emails to property accounting and invoice processing, there are so many real estate tasks that can now be automated.
In order to remain competitive, you need to leverage real estate technology to your advantage to automate predictable communication and administrative tasks such as data processing and collection. This will free you up to further your skills in communication, management and decision making to grow your business.
Thanks for reading this blog on the top real estate tech trends to watch in 2019! Please let us know what real estate tech trend excites you the most and what you’ve implemented in your business. We’d love to hear from you! (Here is the link to the entire article)
You might also be interested in The Future of the Real Estate Industry, 10 Incredibly Useful Tech Tools Every Agent Needs, The Shift Towards Customer Experience in Real Estate and 7 Habits of Highly Successful Property Managers.
Did we miss anything in Top 10 Real Estate Tech Trends to Watch in 2019? Please let us know in the comments below.
Listen to the show in its entirety for all the information. (Here is the link to the entire article)
Want more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.
Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.
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