Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

Research from National Association of Realtors (NAR) has shown that over 90% of home buyers are looking online these days. So, whether you’re a real estate professional or in other related fields, it is recommended that you embrace these new technology territories. You might ask why. In this article, we’ll uncover what’s been happening in this industry and why it’s important to prepare for future digital success.

1. The Past

The Past, the old way of doing things

While the tried-and-true methods of mailing postcards, printing flyers, door knocking and open houses still work, you might have noticed that they are used sparingly. Don’t get me wrong. There are agents who still use these methods, and they still work for them, especially when combined into a larger marketing plan. Unquestionably, I’ve noticed that most sales professionals these days are leveraging digital practices more and more to find new pipelines, leads and clients.

Unless you are a real estate professional who doesn’t need or want to grow your business, I’m sure you’ve also given much thought to marketing options that will best serve you. Those who have embraced the innovative digital technologies and what they have to offer are raising the bar on visibility, credibility and relationship building.

If you’ve been paying attention, Wall Street investors has shifted their focus a bit in the past few years. In 2017 venture capitalists Softbank launched the Vision Fund for nearly $100 billion with a mission to solve the world’s most focal challenges and revolutionize the real estate technology sector. The funds have invested billions to change the way people work, how construction is managed, how people buy and sell homes and how home insurance is purchased.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

What is it like Living in Boston, Massachusetts? Here’re 7 Key Factors

Boston life is about the best city life you can imagine. Relatively small, it’s often referred to as the walking city, with world class museums universities, theaters, and gourmet dining just minutes away in all directions. The first English settlers to the New World arrived on the Mayflower, and settled right here in Boston and Plymouth…

That’s a prime example of how the real estate tech world is truly moving at a super-charged speed. We are in a territory where simply moving faster won’t be enough anymore. It’s more like we need to move at lightning speed these days.

Over the past generation, designs and products were created to stand alone as if existing on their own island. They operated well, independently, and only worked with their own components, rather than being compatible with others. For example, if you were to take IBM and Microsoft products, they can operate very well on their own but will likely have trouble if you were to combine components from a competitive producer.

In fact, that’s the way companies preferred it in the old days. They wanted to lock the customer in to generate revenue and growth. In this new era, businesses compete based on mass production that increases efficiencies, capabilities and performance—and collaboration plays a key role.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

7 Key Factors You Should Consider before Living in Chicago, Illinois

Chicago is known as a city with big city vibes while still maintaining its Midwest personality. The home of deep-dish pizza, Wrigley Field, and sprawling Lake Michigan, it’s a clean, friendly and vibrant city. The third-most-populated city in the US, Chicago is home to nearly 3 million residents spread across its 237 square miles…

2. The Present

The Present, the current way of doing business

Times have changed and new strategies have emerged. A competitive product or service is no longer enough. The need to have a universal platform is preferred by far. A good example is Elon Musk’s decision to open all patents for electric cars in June 2014, and then in 2015, Toyota decided to do the same for their hydrogen cars. The concept of open and accessible has replaced closed and proprietary.

Today, the objective is no longer to claw your way to the top of the chain, but rather, to create an ecosystem so you can find your way to the center of the network. Proven players are companies like Apple which allows thousands of developers to tap in and help them create product enhancements in the Apple App store. This new strategy brings in billions in revenues for Apple.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

7 Things You Should Consider Before Moving to Miami, FL

Miami is the only major U.S. city to have been founded by a woman. Arriving in 1891, native Clevelander, Julia Tuttle bought several hundred acres along the bank of the Miami River in an area then known as Bay Biscayne.  Her passion to build a community in her newly found paradise and single-minded drive to bring the Florida East Coast Railroad to…

When Jeff Bezos started Amazon, he had a desire to navigate away from the traditional book selling model like Barnes & Noble. From there, Amazon nudged its way to the center of the retailer market. And, as Amazon expands its connections into new areas, it deepens capabilities at its core. Since then, Amazon has become more than a retailer. They now offer cloud computing services to enterprises, and as such, are a direct competitor to firms like Microsoft, Walmart and Netflix.

Yet, Apple and Amazon are not alone. Other firms are following suit. Marketo built a platform for marketing software, as has Xero for accounting, Tidemark for ERP software, Kareo for medical applications and IBM for artificial intelligence. The list goes on.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

What is it Like Living in Denver, Colorado: 7 Key Factors You Should Know

The Denver area is growing in population much faster than most of the country, increasing by almost 20% from 2010 to 2018. It’s no wonder; it rates as the second-best place to live in the United States, according to U.S. News & World Report (2019). Here’re 7 key factors you should know Before living in Denver Colorado

3. Bridging the Gap

Bridging the Gap, stay ahead of the game

Now, after a glimpse of the past and its rather simple model where every business had various cost centers and revenue streams, let’s circle back to today’s real estate market. Brace yourself as our industry is about to get a wake-up call.

You’re probably aware of the mass collaboration in the real estate industry taking place in the past few years. At the brokerage level, how can you lead so the firm can constantly move toward greener pastures while still serving with a distinct set of capabilities. The central challenge for a brokerage will be how to stay ahead of the game in order to become a dominant player in this market.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

10 Best Places to Live in Southern California

HOMEiA is here to help you explore ten of the best places to live in Southern California. Each place has its own charm and unique qualities. Let’s take a quick dive into what Southern California has to offer! Here’re 10 best places to live in Southern California…

Accomplishing that might be easier said than done while many of us are still struggling to leverage technologies that we do not fully understand. The truth is that there are so many cutting-edge innovations at our disposal. It’s hard to keep up. It’s not easy to identify which technologies would be best for the brokerage’s future success but if you’re able to locate the right technology to enable your agents, the better position you will be.

Clearly, this trend will only broaden as technologies become more and more complex. New economic development, technology innovations and globalization will require leaders to re-examine old rules, processes and practices. Those who want to lead their team successfully will have to shift their focus from assets and capabilities to empathy, design and networked organizations. Great leaders will learn, adapt and create an ecosystem that includes partners, affiliates, consumers and resources that bring value to the firm.

4. Leaders

Leaders, lead with purpose

For those who lead in this new era, especially in the service industry, it’s essential to focus on a network rather than leading with tunnel vision. Building boundaries and controlling what’s inside will not get you very far going forward. It’s not about what you can own or control. It’s more about what you can access. If you can create links and form a large ecosystem in a networked world, you have not only become a dominant player, but you also become an indispensable partner.

People will continue to buy and sell property as their personal circumstances change throughout their lifetime, and they’ll still need services of real estate brokers and real estate professionals. So, how do you set yourself apart as a brokerage while still being able to serve and leave no one behind? Today’s leaders will be at the center of the circle, inspiring and guiding their clients. So, how can we embrace it all? We must continually brainstorm and collaborate as we lead.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

9 Most Affordable Places to Live in Texas for 2021

They say everything is bigger in Texas, and for good reason. From some of America’s largest and active metropolitan cities to the host of recreational activities for people of all ages across the state to the many bigger-than-life personalities who call Texas home, Texas has plenty to offer for everyone. here’s the list of 10 lowest cost of living places in Texas you might want to know…

5. Agents! Gear Up and Get Digital Smart!

Agents! Gear Up and Get Digital Smart! be adaptable to new technologies

Are you gasping for air while trying to process it all? It can be disheartening for those professionals with years of experience to see newcomers’ close transactions left and right just because they know how to leverage technology as a competitive advantage. Are you asking yourself, “How can I ever catch up with all this innovative technology so I can compete with the rookies who don’t have nearly the real-life experiences I have acquired?”

Don’t we all agree that a good majority of real estate professionals have historically focused on the here and now? Not many really bother to think about the future of their real estate business. Why bother when we have sales to chase, right? How many real estate professionals out there are still using the firm’s webpage (given to them after signing that independent contractor agreement) as their main—or only—web presence? How many are using the firm’s CRM (Customer Relationship Management) software, to help manage, attract and retain clients, streamline transactions and close deals? If this sounds like you, you might be missing the boat on building your own business and securing your future.

Don’t get me wrong. I think it’s great that your firm provides wonderful tools to help you grow. They are there to give you the support you need to be successful. Your success is their success. Your firm might give you adequate training tools such as a training manual, tutorial videos, classroom training, group coaching, seminars or mentors along with some of the latest digital technology to allow you to gain more business. If you currently represent a firm that provides all the above, you’re in good hands.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

10 Most Affordable Places to Live in Oregon

Geographically, Oregon boasts dramatic Pacific coastlines as well as volcanic mountain ranges. Its climate spans from rainforests along the coast to semi-arid conditions in the central and southeastern regions. The Beaver State is home to both Crater Lake, the deepest lake in the U.S., and Mount Hood, the second-most-climbed mountain in the world (next to Japan’s Mount Fuji)…

However, let’s not forget that, as an independent contractor, you are working for yourself. Don’t lean too heavily on what’s being handed to you because circumstances might change in the future. For that reason alone, you might want to spend some time to discover and build you own collaborative platform. The work you do for yourself today could become a powerful arsenal in growing your business, personally and professionally.

I would recommend that you be open to opportunities that help you understand and learn how to work with the new technology—whether it’s social media, marketing yourself more effectively online, learning successful strategies or how to build trust and gain business through building timeless materials. As a real estate professional, you need to recognize the current trends and adapt quickly to make yourself more valuable to your potential market.

So, how do you plan to interface with all users, products and services to give yourself the competitive advantage you’re looking for? By embracing technology innovations, especially those with an ecosystem. Look for platforms that come with an innovative design that allow you to bring out your expertise and showcase it like no other.

From there, you can plant your roots and build your evergreen landing page to showcase all your professional activities. Whether it’s a great article you’ve written, a video you made, awesome testimonials from clients you’ve served or an achievement you earned, you can bring all your marketing activity together and highlight it on one landing page.

6. Invest in Yourself—Invest in Your OWN System

Invest in Yourself—Invest in Your OWN System, keep up with new technologies

These days, many of us have come to take it for granted that we live in a connected age; yet the truth is that it still largely remains separate and isolated. Take advantage of what’s available out there and focus on where it matters rather than spreading yourself too thin or focusing on outdated methods. After all, you only have 8-14 hours a day max to prioritize what’s important to you and what matters most—whether it’s family or business or both.

How do you go about finding a balance without completely sacrificing one for the other? For that, you need to come up with a game plan, especially for your professional business. Invest your time in some research. Look for options to help you build a system that can cover you while you’re temporary unavailable or while you’re asleep. Whether your prospect discovered you on your firm’s website, Facebook, LinkedIn, Twitter, Zillow, Homes, etc., you have the option of offering them “one click” to a main landing page with you in the spotlight. If they are intrigued and want to check you out, they can be redirected to your page immediately.

Future Trends for the Real Estate Market & Its Professional: The Social Tech Economy

10 Cheapest States to Buy a House in 2021

If you have the flexibility to move anywhere in the U.S., where could you buy the cheapest home? After examining data from Zillow and World Population Review. Here’re 10 most affordable States in the South and the Midwest to consider when buying a house in 2021…

You have the option of creating a link on all your media profiles that will direct all prospects to your main landing page. This is where they will learn what you have to offer and will decide to give you their time or not. If you’re able to do that, you’ve just freed up at a minimum of one-third of your time while ensuring a strong, consistent message for all your inquisitive observers—on a page that remains yours, no matter what changes you make in your employment. (see the infographic below)

Now the real question is whether you will ride the wave and take advantage of technology or be swept away in a cloud of irrelevance. Clearly, technology is here to stay. As a working professional in a networked world, how will you utilize the technology’s competitive advantage to build connections? That would be up to you.

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Meet Kaylee Pham! Having worked in the real estate service industry since the year 2000, from commercial to residential, Kaylee has the extensive knowledge and experience which enables her to help clients at a higher level of customer service. Kaylee’s philosophy is simple: Treat each client as unique—not uniform—setting the highest sustainability and ethical standards to earn your business through TRUST. Kaylee’s purpose is clear: Educate and guide each client from the beginning to the end. Whether you’re a beginner… Read more >>