For at least the past decade, leading real estate tech providers have focused most heavily on customization. Think white-labeled systems that brokerages can purchase and make available to either agents, buyers and sellers, or both groups.
This has been especially true for all-in-one platform providers.
One real-world example of customization is the naming rights for a sports arena. In Cleveland, the NFL Browns play at FirstEnergy Stadium, while Rocket Mortgage FieldHouse is home to the NBA Cavaliers. FirstEnergy and Rocket Mortgage did not build those facilities, but they did pay for the right to add their name and branding to an existing platform.
Customization has allowed real estate brokerages to tailor content and tools to their brand, creating a cohesive offering for agents and clients. But here’s the truth: Customization is outdated.
The technology focus of the future is moving into personalization. Personalization is when you are shopping on Amazon for a specific book, and after you put the book in your cart, Amazon recommends other books. That data is based on a customer segment that, like you, shares similar interests and has purchased the same (or similar) products.
Technology breakthroughs like personalization—as well as artificial intelligence, machine learning and computer vision—are taking real estate tech to the next level.
But there’s one big barrier: Outdated or legacy code is hamstringing most established real estate tech firms.
Those “custom” white-labeled, all-in-one systems are often bloated with legacy code. For brokers, their agents and their clients, this means that until there is a complete tech overhaul, they will be stuck with customization and miss out on the newest and best tech.
Taking a leap with personalization
Global consulting firm McKinsey & Company notes that choice and configuration will be the next wave of tech innovation. More than 70% of consumers today expect companies to deliver personalized interactions.
Leveraging AI, machine learning and, eventually, the full potential of computer vision is becoming a game changer in the real estate tech world, enabling personalization. Before, real estate brokerages embraced white-labeled tech because customization, to some degree, ensures differentiation. But personalization made possible with technology takes brokerages beyond differentiation and into the world of individualization.
Rebuilding an all-in-one platform, as we did with our launch of the new DeltaNET and its ability for personalization by user level, allows us to integrate with the hottest tech today and new tech coming soon.
Demand for innovation
Delta Media’s recent Delta Real Estate Leadership Survey found that more than 80% of real estate brokerage leaders surveyed believe that it is “important” or “highly important” for technology firms to innovate to keep their systems cutting-edge.
Brokers want agent training programs that are individualized. Agents want individually configured dashboards solely displaying what they want to see. Clients only want content that is relevant to their current interests.
All of this is possible today and goes well beyond the white label. Is your tech provider able to deliver?
For more information, visit https://www.deltamediagroup.com/.
