In an analysis for Forbes, investments and real estate markets contributor Omri Barzilay took a look at various industry professionals and brokerages who are aiming to improve customer experience via their agents’ use of technology in their work.
“Data analytics that help to compare properties or features such as price per square foot, rate of return for investors, days on market, or spot larger market trends are very useful and seem to be the focus for new technology companies. Since raw data is imperfect, technology that simplifies and paints a clear picture for the consumer adds incredible value,” according to Tara King Brown of Corcoran.
“Technology that streamlines the back end administrative systems (e.g. board packages, marketing, research, setting up listing appointments, etc.) allows the agent to spend more time with clients and in the field,” Brown added.
Compass CEO Robert Reffkin agreed with this assessment, noting that technology is the key to freeing up agents to perform their primary roles.
“The average agent can only spend 11% of their time with clients because 89% of the time they are burdened by non-core and administrative tasks. We are creating software to reduce the amount of time it takes to create buyer tours, to building listing presentations, to do comparative market analysis and more,” Reffkin said.
Other observers argued that the role of the agent has subtly shifted to a more active role as a result of the increasing prominence of communications technology.
“Being real estate-savvy is no longer only about possession of information, but about being able to translate that information into useful insights for buyers, sellers and renters,” StreetEasy general manager Susan Daimler said.
“Tech advancements in the industry have provided more tools for real estate agents to remain connected while on the go, which is especially important in [fast-paced markets].”
A fusion of ever-advancing technology and good old direct client interaction highlights the most important characteristics of a successful real estate professional in the very near future: namely, access to information and a capacity to correctly interpret such data.