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Technology is changing the face of real estate

In today's competitive business environment the challenges associated to keeping up with new and innovative technologies are significant. All too often companies become complacent, content with achieving what they perceive to be a reasonable amount of growth through superseded traditional means.

 

Unfortunately, the reality is that significant opportunity is being lost due to a failure to adopt new technologies.

 

In many cases, business success is directly linear to its ability to adapt and embrace new technologies. This fact is especially true for the Real Estate industry, where a customer's (Vendor) definition of a successful real estate agency is defined not only by its history and status in the community, but also by how modern their marketing practices are.

 

The reality is that 'savvy' real estate agents are not running to keep up with technology; instead they are forging the way forward and are achieving outstanding results in the process. It's estimated that within the next five years, top real estate agents will capture large percentages of real estate transactions simply by embracing new internet technologies.

 

The need to adopt emerging technologies is nothing new to the real estate industry. Real estate agents have, in broad terms, been utilising the web to differentiate themselves to their vendors for many years. Similar to the adoption of the Fax and Mobile phone, the internet has become a key communication tool between agents and their customers.

 

So pervasive is the internet into our everyday lives that many key stakeholders can no longer imagine a life without it.

 

Whether it be your mobile phone which is internet enabled, your work or home PC/Laptop or even a gaming system (PS3/XBOX360 for example) which is web enabled, the fact is that the internet is here to stay and is quickly becoming the number one expectation in the eye of every Vendor marketing a property.

 

While it may be true that almost all of the real estate industry has adopted the internet to some extent, it can be argued that few are truly using it to its full potential. A reality which is astonishing given the fact that the internet represents the only media channel available that has the ability to access a potential audience of well in excess of 700 million people - what a monster opportunity for marketing.

 

Real estate agents, and even private sellers, can achieve a significant edge over their competitors by marketing more effectively and in turn, increasing their potential for significantly increasing profits.

 

Put Simply; More Interest Online = More Competition and a Higher Sale Price For Property


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scott Schmitz

Sep 04, 2008

I would agree that real estate agents have long been at the forefront of technology adoption. I can remember when fax machines were exotic and real estate agents were the first adopters for that. Then came pagers and cell phones. Smart Phones and PDA's the same thing. And as far as computers, and Internet, I do see some realtors who have fully embraced the Internet, but many more that have not. A telltale sign of an agent who has fully taken to the Internet is one who has their own domain and is using it for e-mail. Aftar all, if you have sue@suziesellscolorado.com or sue1654@aol.com which is more professional? Which will drive clients to the web site?


Trevor Reid

Sep 04, 2008

Great Point Scott. I agree with your position on a telltale sign of an active internet user being an agent with their own web domain (that is real estate agents who also use their domain within their email). However, I have also found that for many agents this is where their adoption ceases, the internet is such a powerful marketing tool for property and early adopters within the real estate industry are quickly realising it. im interested to hear what have you and others have found?



 
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