One should never fear technology and rather embrace it for the advantages and benefits it provides to humans.
The power of innovation
If there’s one thing to love about technology is that it contributed to the modernisation and digitisation in numerous fields such as agriculture, medicine, and electronics, just to name a few.
It also contributed largely to re-shaping the retail industry by making it more convenient, profitable, and responsive to the needs of both consumers and agents.
Information access made easy
Technology has introduced the world to the internet that connected the world and made the world a global community easily available and accessible to all.
Information is now more available to everyone in the world, no matter where you are or where you are from. Access to information is made more convenient with a single push of a button.
Saves time and money
Technology has allowed drivers to get to places using the shortest route to deliver goods and services to those who need it. It allowed manufacturers to increase productivity in the best possible time. It helped businesses stay in touch with their customers to get them what they need today and in the future.
Homebuyers save more time getting all the product information they need using search engines to find listings, promotional offerings, product comparisons, agents and so much more.
All these were made possible by modern technology at very minimal costs to let the industry improve its profitability and market relevance.
How technology affects the real estate market
The real estate industry has gone through leaps and bounds thanks to technology. It has done a lot more than just provide the industry with cool, functional and innovative devices, but it provided a lot of priceless and intrinsic resources to improve the industry as a whole.
It helped in adapting to constantly changing consumer expectations
As times change, so do consumer expectations. Retailers have always faced the daunting prospect of keeping up with market trends and consumer behaviour, but technology has armed the real estate industry with the tools to generate business intelligence and provide them with the information they need to address consumer and market expectations.
Effectively streamlined and simplified internal communication channels
There’s no doubt the retail system is a complex operational and management process, particularly when it comes to internal communications. Large-scale agencies find it more challenging to have multiple sections, as well as having broad operational and management hierarchies. But technology has provided them with the right set of tools to scale down the communication system and customise it to fit and work for their structure.
It improved employee engagement and retention
The industry has one of the fastest employee turnover rates across all industries in the world. Retaining and engaging agents have become a tough challenge for agencies because replacing agents demand a lot of effort, energy, resources, and money. Technology has changed the modern workplace to make redundant tasks less worrisome and allow workers to focus on their core business responsibilities, thus increasing morale and their sense of accomplishment.
It strengthened the market in terms of the adoption of technological and digital disruptions
Technology has succeeded in influencing consumer behaviour and spending. The rapid growth of e-commerce and omnichannel structures provided consumers with more options and empowered them to conveniently make better and informed choices and decisions.
It provided answers in the quest for ideal and adaptive solutions for the industry
Finding the best solutions to allow the industry to adapt to the changing times can be a challenging task.
Real estate agents have been exploring automated solutions to simplify their processes and systems, yet some have failed by using the wrong software and hardware components for reasons ranging from difficulty in integrating or navigating the new systems to the lack of ability to overcome the challenges.
With technology, agents have the capability and are provided with the resources to address the most challenging aspects of doing business, such as data mining and analytics to help carve out the best solutions to the industry’s most challenging problems.