Section 5:Harnessing the Power of Tech

Technology has become imperative for brokerages when it comes to maintaining relevancy and pushing the needle forward. Even the most tech-averse real estate professionals embraced the digital and online boom that the pandemic influenced over the past few years. 

What’s more, REALTORS® have learned that harnessing the power of technology can work wonders for their business if applied correctly and thoughtfully. 

“A positive that came out of the pandemic was that people realized how great technology could be from an efficiency and productivity perspective, and how it can make your job easier and give you more time to do the things you need to or would like to do,” says Dan Weisman, director of emerging technology for the National Association of REALTORS® (NAR).

Shoring up your business for whatever the housing market may bring requires an understanding and willingness to embrace tech and tools poised to change the landscape.  

That’s a sentiment that Kia Nejatian, executive director of NAR REACH, shared with RISMedia in previous interviews as he highlighted the transformative impact that technology has had on the industry in a matter of years. 

“Arguably, now more than ever, real estate practitioners should embrace technology, not only to gain an edge over the growing number of practitioners but also to help homebuyers and home sellers through anticipated and unanticipated market conditions,” Nejatian said. 

As the housing market boomed in 2020 and 2021, providing efficiency during the transaction process was a top priority for agents. That was evident in NAR’s 2022 Technology Survey, which showed, based on the response, that the following technology tools were most impactful to a REALTOR’S® business: eSignature, lockbox and local MLS apps/technology.  

Respondents also offered insight into which tech tools they believed would have the most significant impact on their business over the next 24 months:

Cyber Security Software
Transferring money and data often goes hand in hand with sharing confidential information, making the risk of hackers and data breaches a valid concern for real estate professionals and their clients. 

5G (High-Speed Broadband Internet)
The importance of access to high-speed internet and staying connected during the pandemic still resonates in real estate today, as respondents to NAR’s survey indicated that 5G would be very impactful in the coming years. From remote work to searching for homes and connecting with clients and agents, access and advancement in mobile networks will be critical.  

Drones
COVID restrictions forced agents to pivot some practices, especially in-person showings. That hurdle opened the door for innovation in how consumers could visit and experience a listing. The advancement of drone technology will play a role in changing that—if it hasn’t already done so—as people opt to see homes remotely.

“Imagine, as a REALTOR®, if you were able to sit in your office and navigate a drone to fly through different neighborhoods and check them out before you get in a car and spend a whole day driving around,” Weisman says. “The next evolution could potentially be using drones to fly and check out neighborhoods and homes before you ever set foot in a car to go there.”

Artificial intelligence (AI)
AI is already used in several industry applications with chatbots and software that indicates who is likely to sell in any given market. However, that may only be the tip of the iceberg for its utility in real estate. 

“AI has completely taken off in particular over the past five months,” says Weisman, citing the advent of platforms like ChatGPT as an example of “generative AI” products. 

Developed by the AI research lab OpenAI, ChatGPT is a viral AI-powered chatbot that can write essays, emails, poems and even computer code. If applied in real estate—say in consumer home searches—Weisman thinks that it could be a boon for real estate practitioners.

“If you’re looking to rent or buy a place, sometimes it’s tough to envision what that home could look like being yours,” he says. “What generative AI can give folks at their fingertips is the ability to start to do that live with a client.”

Virtual or Augmented Reality
Similar to AI, virtual and augmented reality present further answers to the question of how agents can help consumers better envision what a home they’re interested in would look like by providing the ability to swap things like furniture in and out of a listing to help them visualize the space.  

At the same time, virtual reality also branches into the alluring Metaverse space, which could provide new opportunities in the real estate industry. This has been evident at eXp Realty, which has been operating without physical office space from its Virbela “virtual campus” since its inception.

“In a slowing market, and a world where the number of real estate agents is declining, eXp Realty has grown to more than 86,000 agents around the world, operating in 24 markets,” said Seth Siegler, vice president of technology innovation and real estate services for eXp Realty.

Siegler partially attributed that growth to new offerings, lead opportunities, centralized support teams and other new initiatives. 

“Our use of our virtual worlds has allowed us to fully collaborate with an international team to expand our global footprint,” he continues, pointing out the imperative of exploring AI further in the coming months and years. 

“The efficiency and scalability that an agent or brokerage can gain by effectively leveraging things like generative and conversational AI could be tectonic for lead conversion, nurturing and even operations,” Siegler says.

The tech sector and the tools and products available are constantly changing, which can overwhelm real estate professionals as they try to sift through the noise and find the tools that work for their businesses. 

That’s been a priority for brokerages industrywide as they’ve put tech stacks together to aid their agents. With a cache of tools at their disposal, Josh Harley, chairman and CEO of Fathom Realty, believes in getting agents to understand and use all that is available. 

“I once read a stat that suggested only 5% of agents use the technology their broker provides them,” he says. “Based on my own experience having developed technology, that is true. The biggest thing agents can do right now is simply use the technology provided.  

“The goal of the technology we provide is to save our agents time and, when used consistently, get them in front of more potential clients and generate more referrals from their sphere,” Harley adds.

Maximizing Your Social Media and Digital Presence 
Social media has proven to be an invaluable tool for real estate professionals in marketing their brands and listings to engage with their clients and sphere of influence. 

For Marki Lemons-Ryhal, founder of ReMarkiTable LLC, social media and nurturing your digital presence is crucial to the future of your business. 

“People are looking down and not up,” she says. “The rationale behind that is the percentage of people that don’t leave home without their mobile device and the percentage of people that are going to go to the internet first when looking for real estate-related content and answers to their questions.”

According to Statista reports analyzing the frequency of internet use for home searching by age, roughly 95% of respondents surveyed—nearly 6,000—indicated that they used the internet for their home searches.

That jumped to 99% for homebuyers between the ages of 23 and 56.

That presents several opportunities for agents to reach and connect with consumers. By now, you should already have a social media marketing strategy, considering the digital era real estate is in. 

Whether you’re a seasoned veteran or new to the game, leveraging modern tactics and understanding how to utilize the tools and platforms available is vital. 

Lemons-Ryhal also urges agents to keep the following tips in mind when picking the platforms that will yield the best results.  

• Forget about FOMO. You shouldn’t do what everyone else is doing. Instead, be where your target audience is.
• Lean on platform data. Every platform provides data regarding who is on that platform and how much time they spend on it. Cross-reference that data with the demographics that your content is tailored to. “I know through the platform that 70% of my audience is female,” Lemons-Ryhal says. “Eighty percent of my engagement comes from females, but my top age bracket is 45 to 54 followed by 55 to 64.”
• Go where your audience is. With the help of platform data and research, find out which platforms your target audience is using most and ensure that you’re marketing on those apps as well. “We jump up and start using a platform because it’s a new shiny object, but we need to be on the platform that our target audience is on,” she says.

Based on the sheer volume of consumers and impact in the market, a few social media platforms will be immensely valuable in the long run if appropriately leveraged. 

Facebook. With 89% of NAR’s 2022 Technology Survey respondents indicating that they use the platform in their real estate business, Facebook remains the top-used social media platform by real estate agents. With 190 million-plus active users, over 70% of those in the home-buying demographic, you can take advantage of this lead-generation opportunity.

Instagram. Social media marketing in real estate has become increasingly more visually driven, with videos and photos significantly promoting your business and your listings. Fifty-nine percent of NAR survey respondents use Instagram, which provides video and photo marketing opportunities. The platform touts more than 500 million daily users constantly swiping across brands. Make sure yours is one of them. 

LinkedIn. A significant aspect of every agent’s business is networking and building relationships with other agents. LinkedIn undoubtedly serves that purpose for millions of users daily. Based on NAR’s survey, 53% of respondents used LinkedIn. 

YouTube. The prolific rise of video content and its popularity among consumers across social media indicate that real estate professionals future-proofing their businesses will need to include a video-first marketing strategy. YouTube offers one of the best and seemingly underutilized platforms among REALTORS®, as 26% of survey respondents said they use YouTube. This platform can help you with lead generation and exposure, promoting your brand to 288 million-plus users worldwide.

TikTok. As one of the fastest-growing social media platforms over the past two years, TikTok has a multi-generational reach among users and consumers—mainly in the home-buying bracket. With more than 100 million monthly users in the U.S., there is much upside for lead generation—particularly among up-and-coming buyers in the market—and brand building for agents willing to learn and use the platform. 

The transition between market cycles can evoke mixed emotions for real estate professionals and consumers. Whether there is a boom, bust, or something unprecedented—like a global pandemic—people will always need shelter, which means there will always be opportunities for agents and brokers to prosper. 

What’s the differentiating factor? Prepared, adaptable and proactive agents will find a way to win regardless of the market conditions. Thriving in any market will require real estate professionals who are aware of the hurdles and trends that will influence market conditions and plan accordingly. Sure, the market is cooling down from its pandemic-induced frenzy, but with the right practices, strategies and guidance, you’ll come out on top on the other side.