As we celebrate Evolving Tech Month at NAR, it’s an exciting time to highlight how REALTORS® are leveraging cutting-edge technologies to enhance their everyday business operations. The real estate industry has always been dynamic, but with the advent of new tech tools, professionals can now operate more efficiently and offer better services to their clients. Let’s dive into some of the most impactful technologies shaping the real estate landscape today.
Enhancing Efficiency and Productivity
In real estate, time management is crucial. How agents spend their time directly impacts their success. Proptech, or property technology, is revolutionizing the industry by providing tools that streamline operations and enhance productivity. One standout example is Productive.ai, an AI-powered call assistant that automates numerous tasks stemming from phone conversations.
Agents and brokers often juggle multiple calls throughout their day, leading to a cascade of follow-up tasks such as note-taking, scheduling appointments, and updating CRM systems. Productive.ai can automate these processes by transcribing calls, creating task lists, scheduling appointments, and logging information directly into CRM systems. This automation not only saves time but also ensures no detail is overlooked, allowing real estate professionals to focus on high-value activities like lead generation and client services.
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Bringing Properties to Life
Augmented Reality (AR) is another technology transforming the real estate industry. Although AR has been around for some time, its innovative applications in real estate are emerging and providing substantial benefits. AR allows potential buyers to visualize properties in ways traditional methods cannot.
Real estate professionals are using AR to create immersive 3D models of properties, enabling buyers to explore homes virtually. This technology enhances the buying experience by allowing clients to see potential renovations, stage homes virtually, and view properties remotely. Tools like Virtual Staging AI and REimagineHome leverage AR and AI to add elements such as furniture, lighting, and landscaping to property photos, offering a more comprehensive view of the property’s potential.
The benefits of AR in real estate are clear. Agents using AR for property marketing see increased conversion rates and reduced staging costs. As AR technology evolves it promises even greater enhancements such as real-time AR property tours and location-based AR applications that provide detailed property information instantly.
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Transforming Business Operations
Generative AI, exemplified by tools like ChatGPT, is making significant inroads in real estate. Agents and brokers use ChatGPT for various tasks, from writing blog posts and newsletters to creating staging imagery and developing business plans. The efficiency and creativity offered by generative AI tools allow real estate professionals to manage their businesses more effectively.
However, the rapid development and widespread use of AI come with challenges. Trust, transparency, and ethical use are critical considerations. As real estate professionals, it’s essential to use these tools responsibly, ensuring compliance with ethical standards and regulations.
NAR’s Federal Tech Policy Committee has initiated discussions around the ethical use of AI focusing on biases, data privacy, and trust. It’s vital for REALTORS® to stay informed and vigilant about the technologies they use, ensuring they benefit their businesses without compromising ethical standards.
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Looking Forward
As technology continues to evolve, real estate professionals have unparalleled opportunities to enhance their operations and provide superior service to their clients with the use of tech. By embracing these tools and using them responsibly, REALTORS® can stay ahead of the curve, offering innovative solutions that drive success.
For more information on how to leverage these technologies, visit the REALTOR® Store and explore the latest tools and resources available to enhance your real estate business. Don't forget to check out the Social Media for REALTORS®: VIP 3-Pack Bundle (Digital Download), which offers a 20% OFF discount, ideal for boosting your digital marketing efforts. Explore the VIP 3-Pack Bundle and the 2024 NAR Member Profile (Digital Download), a NEWLY UPDATED addition to our resources, to stay updated on industry trends. Get the Member Profile.
Dan Weisman is the Director of Innovation Strategy within the Strategic Business, Innovation & Technology group at the National Association of REALTORS®. In his role, he researches technology, strategizes on what this tech may mean in the future, and builds relationships with tech leaders to better understand and drive innovation in the real estate space.
