Technology and the Real Estate Buying Process

Dated: August 11 2019

Views: 253

 

I've come to enjoy saying that the Real Estate Market has changed and watching the person I am talking to immediately start nodding their head. The same kind of nod I get  when I tell one my old "stories" to family members and a small smile creeps to their lips and they recognize the story. (I don’t tell jokes, I tell 'true' stories).  I wait for the nods and then stop them with: "But it has not changed just in the way you are thinking."

The above intro paragraph I took verbatim from a column I wrote in 2010.  The link to the column still works, but it has a lot of old broken links in the article. I got a kick out of reading it. What I thought was new technology then, we now take for granted. Nine years is many lifetimes in evolution.  I did not imagine where technology would be today

Today I am with EXP Realty.   I go to work in a virtual office, located in a virtual campus with 400 + full time employees.  Here is this campus I take classes, visit with staff, meet with transaction coordinators, and network. IRL (In Real Life) I rarely print a document.

The company was started by a visionary by the name of Glenn Sanford. Glen and his team have done to traditional real estate brokerage houses what Amazon has done to traditional retailing.  Amazon made shopping frictionless, Glenn is doing the same not only for home shoppers, but for real estate agents as well. He has combined the best of Virtual Realty, Artificial intelligence, cloud offices, computing, and transparency for both agents and customers.  Like many visionary companies, EXP Realty has a large share of detractors. At the bottom of this article is a link to see what this “agent grown” model is. But it is not just this model that I want to write about today. The EXP model is just one of the emerging and maturing trends in the real estate business that effect agents and clients.  Here is 2019 we are at the convergence of acceptance of these Global technologies with the ability of our personal devices to handle them (Speed, Graphics and Storage.

 

Property Searches. To the chagrin of many real estate agents Zillow is now the main search engine for Real Estate shoppers. But now the same (or better) searchability is available to almost any real estate agent on his website. I always have said it is the buyer that finds his house, not the agent. But now all the searches, coupled with artificial intelligence, tireless follow up and search alerts, make the task that much easier – if not automatic, and today you can connect your agent into you search.

Lending and ancillary Home Services. Loan apps can be taken over the phone and online with prequalification happening immediately and pre qualification days later. EXP has a lender concierge service in The EXP campus. The system works like a finance office at a automotive dealership. Buyers and agents can still use their own preferred lenders, but the application is taken by the licensed concierge who, in the near future, will also handle things like home inspections, home warranties, and other ancillary services like pest control and alarm systems.  Not as profit centers mind you, but as a service to clients to make the home buying process frictionless.  

Meetings. Everyone’s first choice is face to face, but this is now being augmented in Zoom meetings (high speed video), or as Avatars in the virtual world, or indeed in a combination of in person, video and in the virtual world.  By the way if you would like to meet n the world fill this out and I will contact you with a free pass.  Want to rent an office for a month in an Open Campus? – I can hook you up.

  Staying in Touch. I have always been a dedicated user of a CRM (Client Relationship Manager).  In the past most of these systems were simply storage places for a list of contact names, emails, and phone numbers. Not the systems actually DO THINGS:  Like keep track of what properties you like and don’t line,  they make suggestions based on your previous searches and my CRM from EXP  sends the client as well as the agent alerts. Today my CRM INTEGRATES not only with the MLS and my Website,  but with my telephone and other smart devices. It has an AI component built into it.  It’s more than a CRM. It is a SOS ( single sign-on) PLATFORM. I use the term platform to describe a seamlessly connected series of interactive software applications. For example if a client puts his phone number into a contact form on my website, it shows up in the phone contacts.

 

Real Estate Professionals. Staying connected with a Lender, Lawyer, Title Company, and the home services mentioned above will become seamless as one platform will be able to talk to another within privacy and security constraints.  (For example, only sharing contact information not private docs)  If you are a real estate agent interested in seeing the EXP Model explained  click here.. IF you are interested in taking a tour of the world for your business you can schedule it here.

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Gregg Fous

Real estate has been my passion since I took my first Al Lowery class on real estate investing in the 1970’s. I vowed during that class that I would buy one property a year. Over the next five ....

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