2018-05-11 15:13:04 Technology English Get the inside scoop on how technology makes real estate transactions easier. Today's real estate consumer has a lot of the information... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Real-Estate-Agent-Explaining-Tech.jpg https://quickbooks.intuit.com/ca/resources/technology/tech-innovations-real-estate/ Tech Innovations Make Doing Real Estate Deals Easier

Tech Innovations Make Doing Real Estate Deals Easier

3 min read

You might remember the days when the MLS was a big mystery to consumers and a realtor’s selling point was knowing stuff home buyers and sellers didn’t. That’s all out the window now, and these days, consumers are tech savvy as ever. They know what’s in the MLS and where to find the consumer version. But they still need realtors — it’s just that they want them to be their experts on the ground. To keep up with consumers, it’s important to use the latest real estate tech tools designed to get deals done quickly and efficiently.

Easy Fact Finding

As a realtor, you’re obligated to help your clients exercise due diligence. In the past, the time-consuming task of researching zoning, planning, and environmental facts about properties held up sales for days or weeks. Enhanced geographic information system (GIS) tools like Map Your Property came along and cut research time from a matter of days to a matter of minutes. A tool like MYP is particularly important when your clients buy commercial real estate or if they’re real estate developers.

With a few clicks, the software helps buyers find out if they can use developed or undeveloped real estate the way they want to. Knowing right away whether or not a plot of land or a building works for your clients gives you the power to put together deals quickly and earn your pay in a shorter amount of time. Keep in mind that the more powerful the software, the greater the price. As your real estate business grows, you might consider adding software like MYP to your tech tool box.

If you’re just starting out in the industry or you’re just getting used to tech tools, you might check with your locality to see if it offers a free GIS tool. Though not nearly as advanced as tools like MYP, the free tools do offer some facts about zoning and planning that you can share with clients to help with their decision making.

Knowledgeable Consumers

The nice thing about some real estate tech innovations is that realtors don’t have to do as much legwork and hand-holding as they used to. Take a website like HomeProof, for example. Instead of pulling comps, creating reports, and running them across town to potential clients who are only thinking about selling their homes, you can point them to HomeProof. The website provides highly detailed home valuation reports, including comparable home sales, in seconds.

So you might be wondering what’s left for you to do as a realtor if potential clients don’t even need you for home valuations. The really good news for you is that consumers need your understanding of real estate data and selling expertise more than ever before. Your services to clients now include explaining what the data in those self-pulled home valuation reports means to them and what you can do to get their homes sold quickly.

Home Viewing From a Unique Perspective

Most home buyers begin their searches online. They also make their initial contact with realtors online. When you find yourself helping clients from out of town, they might expect you to offer video footage of homes before they fly into town to take a look themselves. For this reason, drones are becoming must-have tools for realtors. If your locality and home seller approve, you can fly a drone outfitted with a camera over a large home or property and capture winning footage that might inspire a home buyer to sign a contract sight unseen — it happens.

The reality is that home buyers and sellers don’t need realtors for basic data anymore, and you want your job to be about more than just accessing keys and holding doors open. Adapting to the latest real estate innovations is your opportunity to reinvent your role in an ever-changing market.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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