New technology disrupts the way that business is conducted, but sectors are affected differently. While some seek out new tech to slash expenses and reach more customers, others are slow to embrace change and require encouragement. The real estate sector belongs to the latter category. In real estate, change might need to be driven by consumer demand.
What Consumers Want
According to a recent survey, homebuyers want their agents to lean on technology to streamline the purchase process. Nearly 46% want agents to use online tools to keep track of their appointments, 42% would like to schedule showings online, and 30% wish that agents would communicate via mobile app. These are quite modest requests that should be easily accommodated.
What’s in It for Agents?
Primarily, technology allows agents and brokers to cut costs. By using an online appointment tracker or schedule management tool along with other on-the-go communication technology, brokers may be able to eliminate staff. Free online design tools provide ready-made marketing templates, allowing professionals to keep their clients in the loop without a graphic designer or social media pro. With email management and social media posting tools, most marketing can be completely automated.
Blockchain Builds Value
However, to truly create value for their clients, brokers and agents should consider using technology for more than just appointments, communication, and marketing. Blockchain can be harnessed to address a host of issues that hold up the purchase process and keep commissions out of agent pockets.
Propy is a blockchain-based real estate system that is already being used to close deals without the red tape, delays, and paperwork traditionally associated with real estate. Buyers and sellers can upload and securely sign documents online, and a blockchain-based smart contract can automatically manage the purchase agreement. Deeds are then recorded on Propy’s blockchain title registry, where they are stored and encrypted; however, they are available to interested parties. This method is not only faster than the traditional means of recording deeds, but it is safer, too. Entries committed to blockchain are immutable, which means that they cannot be altered or hacked. Paper records can be misplaced or damaged.
By employing scheduling, messaging, and automated marketing tools, brokers and agents can simplify operations and save money. By using blockchain-based tools like Propy, industry professionals can streamline the purchase process itself and create lasting value for their clients.