Is your brokerage tech-driven? Before answering that question, let’s see what being tech-driven means. The term could imply many different qualities. The tech-driven brokerage of the future is one that spends more on research and technology than it does on marketing and payroll. That might sound ridiculous to some old school real estate brokerages. However, firms that want to survive should start becoming tech-driven.
How Is the World of Real Estate Changing?
In the past, all of the real estate listing data was held and guarded closely by brokerages. Then, there was the advent of online websites such as Zillow and Opendoor. No longer were brokerages the sole keepers of information.
Nowadays, customers have all of the tools that they need to find properties by themselves. The real estate brokerages of the future cannot compete with these changes. Instead, they must learn to adapt.
Tech-Driven Brokerages of the Future
Tech-driven brokerages of the future will leverage AI, blockchain, and other technologies. They will provide customers with sophisticated tools that will help them purchase properties. Additionally, these firms will understand the mobile client base.
Since a real estate purchase is a high-value transaction, the human element will never completely disappear. However, brokerages cannot rely on the human element alone. The organizations that choose to leverage new technologies will have value to offer. Meanwhile, decades-old institutions could face the end of the road.