Technology in real estate - Santa Fe New Mexican

Over the last two decades, the real estate industry has gone through tremendous changes due to the advances of technology. The dissemination of information has been transformed primarily through computers. It used to be that brokerages considered their listings proprietary, and to find out what was on the market you would need to be a client of that firm. Now the multiple-listing service (MLS) provides a computerized database that instantly syndicates listings throughout the internet, allowing prospective homebuyers to view virtually every detail of a home without leaving the comfort of their living rooms. And with the more advanced features offered on cellphones today, websites are becoming obsolete as homebuyers search new mobile apps for their next homes. With so much technology changing the way brokers do business, we thought we would highlight a few of these innovations.

When it comes to managing transactions, a successful real-estate broker can usually handle 18-20 transactions a year by themselves. After that point it becomes necessary to hire an assistant to manage the details. Since most brokers have more training in sales than they do in management, hiring and managing an assistant is sometimes counterproductive. There are now many companies such as My Out Desk (San Diego) and Real Estate VS (Las Vegas, Nev.) that provide virtual assistance to brokers. These companies provide a range of services, including transaction coordination, preparation of valuation reports like comparative market analyses, prospecting, and social media. This new form of geo-arbitrage allows brokers to focus on their sales efforts and transfer their administrative work to specialized virtual work centers around the globe where it is done faster and more efficiently.

As for marketing properties, most brokers agree that buyers often have a hard time visualizing how a vacant home is going to look. Now we have companies that use computerized animation to show buyers what they can expect. Virtual staging is taking hold in some markets. A broker will upload photos of her or his vacant property and designers create a look by scaling furniture, artwork, and even houseplants to every room. The popular show Property Brothers shows how 3-D animation helps buyers not only visualize a renovation, but estimate the costs as well.

In addition to virtual staging, a virtual showing is the new reality. The new tech company Matterport has created a camera that allows the user to scan a property to create a 3D tour or walkthrough. This is much more comprehensive than just a video walkthrough that some brokers create with their phones. It allows the user to stop, turn around, look up, down, or move to any point in the room. This technology can be combined with a headset for a more realistic feel. We have found it to be a powerful marketing device; one listing sold sight-unseen because of this tool. When a home can sell within days of coming on the market, real estate buyers who cannot make it to Santa Fe in time have a chance to put in their bid with confidence after viewing Matterport’s 3D tour.

Innovation in how people buy and sell real estate is unstoppable. For example, Keller Williams has just announced Kelle, an artificial intelligence platform designed to streamline the real estate searching and transacting process for its brokers and their clients. With blockchain technology, drones, data mining and more, there are so many more changes coming. Stay tuned!

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