The Future of Real Estate Technology in the Post COVID-19 World
The COVID-19 pandemic has changed a lot about our world, and we don’t yet know what the long-term fallout will be. However, one area where we have seen some of the most change is real estate technology.
As public safety guidelines took hold, social distancing and remote work became the new normal. With this came an increasing reliance on tech tools to get the job done — including for real estate professionals.
Will this technology last for the long-term? Even though its use grew in popularity out of necessity during COVID-19, it can have benefits even outside of a pandemic.
Real estate technology can help you be more efficient, accessible, and agile in your business. You can act on opportunities faster, connect with clients anywhere, and know more about your properties.
While we don’t know what the future holds, being digitally enabled can only help navigate the pandemic — and provide ongoing benefits.
Here are some of the technology trends that can carry you through COVID-19 and beyond:
a) Virtual meetings for connecting with clients anywhere
While video technology has been around for a while now (Zoom, Skype, FaceTime, and so on), COVID-19 has shown exactly how integral it can be for business. While it may not replace face-to-face interaction, it’s still a great way to connect with new clients or catch up with existing ones in a more personal way.
Post-COVID-19 consider continuing to offer clients the option to connect over a video call, instead of scheduling an in-person meeting. This can save you time and travel costs while you verify if a client is serious or a deal is viable.
b) Digital open houses and real estate showings
Like virtual meetings, digital open houses may not replace the in-person viewing, but they offer a lot of great options for when an in-person showing is not available.
Moreover, they can even go beyond that. An in-person showing is limited to only the people who can get to the house. If someone lives further away, they would have to make a special trip to view the property. With a digital showing, you open up the viewing to more people — and therefore more prospects.
Even when in-person viewings resume post-COVID-19, consider keeping the virtual viewings for more real estate lead generation.
c) Home Value Range – estimate property value online
Property value can be a big selling point — literally. If a potential home seller knows the estimated value of their property, they may be more inclined to list.
However, in the past, determining property value (even an estimated value) could be a long, drawn-out process. It often included a full appraisal, which takes time and money. And during COVID-19, full appraisals may be more difficult to do if the home is owner-occupied.
What if there were an easier way?
That’s where technology comes in – specifically, the Teranet Home Value Range. We developed this tool so that your clients can get an estimated value for their property online. This can help them see if it’s to their benefit to sell now — even before going through the full appraisal process.
During and post-COVID-19, this can help you find more home sellers, especially in areas where listings are slim, but demand is high.
That is only the tip of the real estate technology iceberg. Becoming digitally enabled is easier than ever and will only help your business — during the pandemic and beyond.
For example, with a subscription to GeoWarehouse you can:
- Verify key property details online (such as legal ownership).
- View comparable sales and sales history data.
- Access aerial property images.
- Research neighbourhoods, including school catchment areas, parks and recreation, and nearby transit.
- Assess risk by checking for registrations, discharges, judgments, and more.
- And beyond…
It’s all at your fingertips when you become a GeoWarehouse subscriber!
Not a subscriber? Become one today. Call 1-866-237-5937 or visit www.geowarehouse.ca.
What real estate technology have you embraced during the COVID-19 pandemic? What will you continue to use afterwards? Share with us on social media. GeoWarehouse is on Twitter, Facebook, and LinkedIn.