Back in the day, people used to fear technology as a tool that would someday replace humans.
It was also during that time when many in the real estate industry echoed similar sentiments, fearing that real estate agents would someday become irrelevant and replaced by more efficient, responsive, and productive products of technology such as robots or automatons.
The concept of automation that provided low-cost solutions and automated lead-generation processes also stoke fears that it could spell the end of the industry, but eventually did not fall through and many of those who tried it failed.
But time has a way of changing perceptions and beliefs, as many have realised that technology alone cannot replace the industry’s best weapon- the real estate agent.
One of the irreplaceable things that real estate agents can make that technology alone cannot is building and nurturing long-term relationships. Technology is a very efficient magnifier and accelerator, but it can never be a maker.
Nonetheless, technology is still an amazing resource for the real estate industry and one that can greatly enhance the boundaries as the industry faces the challenges of the future.
With the new normal brought about by the COVID-19 pandemic, now is the best time to embrace technology as an ally in innovating and strengthening the industry.
Three reasons why every industry needs to embrace technology
Technology evolves at a very rapid pace and here are three key reasons why industries need to adapt.
To ensure competitive advantage
Industries and companies- as a whole- need to embrace technology and adapt to it not only on personal and professional levels. It will give businesses and organisations an edge over others who are not paying serious attention to it.
Studies have shown that companies that gain their competitive advantage are no longer doing well in a single area of expertise rather they are doing everything in their capacity to improvise, learn, and innovate with the help of technology to stay ahead of the race.
Avoid the risk of financial losses
Since is change is inevitable, it is highly likely that it can impact profitability and efficiency in work processes and archaic business models.
When businesses or organisations fail or even refuse to adapt to change, it can fall behind in ranking with other competitors who are moving forward and getting ahead of everyone else.
Falling behind means they end up getting the spoils or none at all.
Prevents the prospect of going extinct
When businesses fail to adapt to the growing demands of technology and not making any effort to embrace the changes, they end up irrelevant to the point of going extinct as a business which is an undeniable consequence.
Technology is not the enemy but a valuable tool that can help the real estate industry cope and adapt to the changes and needs of an ever-changing market landscape. Not only does it help to strengthen the real estate industry, but it also provides real estate agents with the capacity to add more value to their customers and better means to nurture professional long-term relationships.