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Tech Savvy in Real Estate: Beyond the Basics

Published: 08-08-24 Category: Marketing

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

Two agents sitting at their computer, working.

Whether you're involved in commercial or residential real estate sales—or both—you know that being tech-savvy is vital in today's sales environment.

While most real estate professionals understand the basics of MLS systems and online listings, top producers are pushing the boundaries of what's possible with technology.

Most of us shop for big-ticket items online, even if we're simply doing some reconnaissance before visiting a retail store or car dealership. Since real estate is almost always an expensive purchase, web-based research is considered essential.

A November 2023 survey found that literally 100% of residential homebuyers begin their search for their next home online.

Another survey found that 80% of commercial real estate (CRE) tenants and buyers find possibilities online.

Here, we'll explore a variety of internet-based technologies, tools, and strategies currently available to real estate agents and support staff. You'll also learn or review methods for integrating these into your marketing and customer service campaigns.

First, let's look at the ways you can elevate the classic buyer walkthrough to new levels.

Video, Virtual Reality, and Augmented Reality Tours

After the arrival of a global pandemic in early 2020, enterprising agents quickly began creating video walkthrough tours of their listings. These essentially replaced the initial buyer viewing and traditional Open House events.

Next, residential agents discovered the potential of Virtual Reality (VR), where potential buyers and tenants could view a property's interiors within a “virtual tour.”

With 360-degree viewing, prospects can stroll through virtual rooms, examine any and all details, and get a genuine “feel” for the property. Like online walkthrough tours, prospects can explore properties in other cities and even other countries.

Augmented Reality offers the same advantages as VR tours, going a big step further with digital overlays. This enables buyers to visualize what the property would be like if they renovated or remodeled and even see how their existing furniture would appear within the property.

These technologies not only impress prospects but also elevate you within a crowded market, especially when your clients include potential buyers and tenants of luxury residential or Class A commercial properties.

Adding VR and AR tours can be done by hiring contractors specializing in these projects. Or, consider investing in your own 360-degree camera and VR headset.

Another way real estate agents are improving their services to buyers and sellers: AI-powered tools.

AI-Driven Analytics and Valuations

Artificial Intelligence (AI) continues to expand agents' options for analyzing a variety of market trends.

AI-powered tools can locate and process vast amounts of data to provide agents with details of property values, neighborhood trends, and investment opportunities.

Some useful applications of AI in real estate analytics include:

Predictive pricing models that incorporate several factors to estimate property values.
Sentiment analysis of social media and news to gauge market trends.
Automated valuation models (AVMs) for accurate, instant property appraisals.
Website chatbots to handle initial client inquiries and lead qualifications.

Agents can incorporate AI into their existing sales strategy in a variety of ways, including on their level of interest.

They may:

Subscribe to reports created by AI-powered real estate analytics platforms;
Attend workshops or webinars about AI applications for real estate;
Collaborate with AI specialists to develop custom solutions; and
Regularly review and act on AI-generated insights.

By leveraging AI on a daily basis, you can make accurate, data-driven decisions, identify opportunities, and provide more accurate advice to your clients.

Another area where these analytics can improve an agent's presence is when it's time to create or improve an online presence that outperforms competition.

Dynamic Digital Marketing Strategies

While almost every real estate agent has a basic online presence, including active listings and social media accounts, newer digital marketing strategies can help you expand your audience, improve customer service, and generate valuable leads.

Social media advertising and property listings can work harder when advanced demographics and behavior data are part of your ad spend.
Using AI chatbots to draft blogs, social media posts, and even video scripts can save you time. You'll only need to finesse and fact-check drafts.
Email campaigns are improved when personalized content is created based on client preferences.
Search engine optimization (SEO) can be performed by AI tools to improve search rankings.

Creating a hard-working marketing campaign begins with using analytics to track the performance of your previous campaigns. This enables you to create a new, improved strategy that can work across various online platforms.

You may also want to consider adding a Customer Relationship Management (CRM) system to your tech tools if you haven't already done so. Hubspot is especially popular with agents, but you may want to look at other CRM systems created especially for real estate.

In addition, there's no need to limit your digital exposure to Meta apps Facebook and Instagram. Instead, consider posting on TikTok, Reddit, and other platforms.

If the current deluge of new digital and tech applications, including AI tools, has you feeling somewhat overwhelmed, there are ways to keep yourself and your office updated.

Keeping Up With Today's Tech News

If it seems like you spot another AI-powered app or new data every time you unsleep your laptop, you can keep up with the basics without hours of effort.

Subscribing to tech-focused real estate websites, YouTube channels, and/or real estate bloggers can keep you up-to-date. So can attending an occasional industry conference or online webinar focusing on real estate technology.

Other ways to keep your tech ducks in a row: Join online communities where professionals discuss new tools and strategies and try out demos of products or services that interest you.

Whatever you choose, remember that increasing your levels of client satisfaction is always a priority.

Don't Forget the Personal Touch

Even if you add VR tours, AI analytics, and digital marketing to your technology arsenal, never forget that personal relationships drive referrals and repeat business.

When introducing new tech to your prospects and clients, be ready to explain how you chose each to enhance your service to them. This philosophy will enable you to thrive and grow in an increasingly digital landscape.