Even though technology is meant to make life simpler, it frequently leads to a host of issues. While using real estate technology is a necessary part of your job, you do need to use it with particular caution. These instances show that convenience frequently has a cost. Here are six ways that technology could harm if not completely destroy, your real estate firm.
1. Due To Real Estate Technology, Clients Now Expect Rapid Gratification
Nowadays, everything moves really quickly, and technology has made us all hanker after rapid pleasure. With the click of a button, potential customers can search for properties and then contact you. They'll rapidly go on to the next agent if you don't react as soon as they want.
Conclusion: Your real estate business will suffer if you are not equipped to reply to all incoming showing requests, new client queries, and other client correspondence.
2. Bad Images Can Harm Your Real Estate Firm
Indeed, a picture is worth a thousand words—or more. Pictures are crucial in the sea of internet real estate portals luring prospective customers. According to Gretchen Koitz, principal of The Koitz Group, a company that specializes in luxury properties in Maryland, "the days of 'acceptable' images are completely gone. "Agents must consult experts to ensure that properties are presented in the best possible light. This frequently entails employing stagers and decorators as well. It is crucial that first impressions are favorable because prospective buyers are making quick selections while looking at properties, she continues.
Conclusion: It might be time to invest in a quality camera and some photography classes if you can't afford to hire a professional photographer for each home you sell. Today's buyer anticipates looking through numerous professionally taken images before picking which home to view.
3. Your Online Reputation Lasts A Very Long Period, If Not Forever
In today's digitally obsessed world, social media and online marketing are without a doubt essential to your real estate success. Even so, sharing details of your life online might be detrimental to your real estate firm.
The owner of Sweet Soaps Media LLC Ellen Cagnassola has a variety of real estate clientele. When I consult, I stress the importance of carefully considering any social media posts, the woman says.
"You can erase a post, but your words will be searchable for a very long time on Google. Even endorsing offensive images and remarks made by others might reflect poorly on you, she continues.
In addition, anyone might disparage you and your real estate company online by leaving critical remarks or poor reviews. That might be sufficient to stop people from getting in touch with you.
Conclusion: Exercise extreme caution when using social media, and make sure that everything you publish, share, or even like is something you'd be comfortable sharing with clients. Better yet, only disseminate information that will benefit your real estate company.
Additionally, watch out for removing or disregarding critical comments. Always respond to criticism, no matter how offensive, in a positive way with the intention of making things better. The complainant's opinion might not be altered, but at least those "watching" will know that you made an effort to make things right.
4. Overreliance Frequently Results In Serious Issues
A lot of real estate brokers use tools and systems to speed up the process. For instance, agents frequently employ electronic signatures to expedite closings and for convenience. But if you're not careful, the ease of it can really cost you, warns Maryjo Shockley of The Shockley Team of Keller Williams Realty in Wellington/West Palm Beach, Florida.
"I have observed instances when agents will finish a document or contract in the system, collect signatures, and then delete information when they make changes. As an illustration, an agent might have stated in the initial contract, "$2,000 of buyer closing costs will be paid by the seller," but after further negotiation, new signatures and initials would be required elsewhere on the document. When the new adjustments were made, she was unaware that her original document had not been preserved, and that the closing charges were no longer included in the contract. At close, THAT WAS A HUGE ISSUE.
Conclusion: Don't rely on technology excessively. You still need to be careful and double-check everything if you want your real estate business to run successfully.
5. There's Typically A Catch To Easy
Sharing properties with your real estate clients is quite simple when you set up automatic listings. To ensure they don't miss any properties, clients frequently put up their own automatic postings. They desire to view more houses, nevertheless, the more of which they are aware. And it can cause issues for your real estate company.
"A client of ours previously insisted on at least 20 to 30 showings before settling on the 'correct house.' Even though we had a contract, our buyer kept emailing to ask for more showings on various listings. We finally recognized that we hadn't taken him off the automatically updated property lists. According to Jeff Knox, owner of Knox & Associates Real Estate, the buyer was continually receiving new listings and simply wanted to compare them to what he already had under contract.
The key message is that ease comes with responsibility. Expect more customers, showings, and inquiries—and be ready to handle them all.
6. Zillow And Other Websites Can Seriously Make Things More Difficult.
The popularity of websites like Zillow and Trulia has increased over the past few years. You can bet that the majority of your clients, if not all of them, are visiting those websites both before and while they are working with you.
The issue is that these websites contain a lot of old or incorrect information. "Everyone, in my opinion, has a Zillow story. I recently had a call from a person who was quite frustrated because she couldn't find a house for sale on any other website besides Zillow. The home was sold...two years ago!, regrettably, and you already know the punchline, says Joshua Jarvis, owner of Jarvis Team Realty in Buford, Georgia.
Conclusion: Get acquainted with Zillow and other websites since that is what clients are likely to use. However, be ready to counter misinformation that can raise clients' expectations.
Using technology in the real estate industry has advantages and disadvantages, just like everything else in life. The trick is to use technology to enhance your workflow rather than having it complete tasks for you.