How Real Estate Can Embrace Technology

How Real Estate Can Embrace Technology

Traditionally, the real estate industry is people-focused and generally averse to technological change. That’s because real estate technology—Prop-Tech or RE-Tech—has usually been associated with replacement. But we live in a time where technology is so prevalent in EVERYTHING we do that not adapting to it means falling behind. It’s why the greatest real estate businesses of the next generation will be those that seek to integrate technology in ways that empower and enrich stakeholders rather than supplant them.

The Market Moves Faster Than Ever Before

Real estate is driven by economics and emotion—and the pace at which market dynamics change is only getting faster. While the housing market has cooled after a scorching stretch, what is true today is not true tomorrow. News, consumer sentiment, cultural trends and economics fluctuate daily. Technology and global connectivity are turbocharging all of it. Extreme data means real estate businesses must be highly agile to keep up. Buyers and sellers are constantly on the move, and transactions happen on mobile devices, over Zoom calls, and on social media. Prop-Tech is how real estate can harness all that data and help people react to and take advantage of shifting market conditions.

Creating a Flexible Tech Tool Box

In addition to serving buyers and sellers, there’s an entire frontier of agent-focused Prop-Tech that remains unexplored. Agents spend a lot of time and mental energy troubleshooting and worrying about protecting their revenue pipeline from their brokerage. By providing them with a reliable tool stack that centers their needs and gives them connectivity between previously disjointed databases and workflows, we can help them reclaim lost time so they can focus on individual career growth. When agents feel supported, the brokerage flourishes.

Where Prop-Tech Goes from Here

Prop-Tech got a boost during the pandemic and is poised to grow even more during a downturn. Think of the iBroker concept. It’s much easier for people to manage their portfolios or make big decisions like buying a home when financial markets are surging. But when there’s uncertainty, people need the creativity and expertise of an actual broker. Med-Tech is another great example. Doctors need to be accessible and convenient because patients are busy and don’t always have time to commit to a series of appointments. The key is to figure out how to bend AI and mobile with real-life expertise and relationships. It’s already happening in Med-Tech (i.e., Galileo Health) and we’re just scratching the surface with Prop-Tech.

Technology is a means for us to consolidate data and foster community within the industry. Prop-Tech is the new frontier. Don’t be left behind.