How Technology Is Changing the Business of Real Estate

Real estate is a paper-intensive business with many records to keep track of both internally and externally. Many real estate firms have electronic record management systems in place or are in the process of implementing them.

Fremont, CA: The internet's continued growth as a primary source of information and advertisement has created numerous opportunities for those in the real estate industry to grow in the online sphere. So, what are the most significant benefits of emerging developments for real estate agencies?

Innovative Ways to Reach Customers

he days of only reaching out to prospective buyers or tenants through newspapers, magazines, and word of mouth are long gone. According to a study, 78 percent of consumers access property listings and information online – rather than through conventional methods – through mobile phones, laptops, and tablets. Digital technology has created a plethora of new ways for agencies to sell services and properties to a larger audience through digital channels and online listings.

Many real estate firms have opted to switch with customers, shifting their attention to listing properties on their own websites and real estate portals, using client-friendly social media channels, and engaging in personalized, targeted marketing techniques. Mobile advertising and marketing are one of the most important goals for agencies, with approximately 80 percent of people viewing information on smartphones that fit in their pockets. Optimizing websites and providing mobile-friendly ads will do wonders for a marketing campaign.

Internal Processes Integration

Real estate is a paper-intensive business with many records to keep track of both internally and externally. Many real estate firms have electronic record management systems in place or are in the process of implementing them. Agents save a significant amount of time by handling their records using internal digitized systems. There are mass-market document-sharing and digital communication platforms like Dropbox and Google Drive, as well as specialized real estate document management applications.

Financial transactions are also simplified by cloud-based accounting software and online banking tools, as all information is safely stored and exchanged, software updates automatically, and business accounting costs are significantly reduced.

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