Technology is changing the real estate industry. The internet and mobile devices have given the average consumer more options when it comes to buying and selling their home. Agents need to adjust their business model to meet the needs of today's modern consumer. Here are three ways technology has changed the real estate game.

1. Buyers and sellers are more prepared, educated and savvy.
Real estate agents no longer have an exclusive business model. There was a time when buyers and sellers had to rely on real estate agents to provide them with property information and market statistics. There was a time when buyers and sellers went to an agent first. Today, consumers are able to search for homes, research brokers and seek out home loans from the internet and on their mobile devices. Click to sell or buy real estate business models give consumers more choices and control over their transactions.

Agents have a value that the internet or a computer program cannot offer – trust.  A real estate transaction is emotional. Buyers and sellers need a trusted adviser to guide them through the transaction. Technology may give consumers more resources, but real estate is still a relationship business.

2. Transactions and information exchange at a faster pace.
It's hard to believe but at one time, personal computers and cell phones did not exist. Today, we can talk to our watch, talk to "Alexa," and can talk to someone at our front door using our mobile device. We live in a culture that demands instant information. Real estate is no different. In 2001, the average buyer took seven weeks to find a home. Today, the average buyer views ten properties. Technology has streamlined many real estate processes, making transactions happen more quickly. Buyers can use technology like 3D tours to view a property before visiting them in person. This allows buyers to narrow down their property choices and only spend time seeing homes that actually meet their needs. Using their mobile devices, agents can schedule appointments and manage contract documents with more efficiency.

3. Traditional marketing methods are no longer enough.
Instead of fighting technology, real estate agents need to find ways they can use it to complement their current business model. Placing a sign in the yard and sending out a few postcards are not enough to please today's consumers. Agents should consider mixing traditional and online marketing to complement their business efforts.

Eighty-three percent of buyers are using the internet to search for property information. Most are using a mobile device to search for this information. Agents must have a mobile responsive website. The use of video among real estate agents is still underutilized. Whether it is a quick market update or property tour, agents need to find ways to incorporate video into their marketing plan.

Technology has simplified the real estate industry. Real estate information that was once proprietary is now available to the masses. While technology may be changing the way agents conduct business, you cannot replace the value of the human element. Consumers still need a real estate agent when buying or selling a home.
 
About the author: Kellie Tinnin holds a full-time position as the Training Administrator for the Greater Albuquerque Association of REALTORS® in Albuquerque, NM. Kellie embodies a passion for the real estate industry. Before accepting the position with GAAR, she was a top-producing real estate broker and real estate trainer.  On a personal note, Kellie is one of those "dog" people, and her English Bulldog, Momo, is her fur child. When she is not working, she can be found relaxing with Momo and her husband, exploring many of the excellent eateries and attractions that Albuquerque offers. Reach Kellie at kellie@gaar.com.