{"id":18076,"date":"2015-10-15T13:09:19","date_gmt":"2015-10-15T17:09:19","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/10\/technology-shapes-industry-changes.html"},"modified":"2015-10-15T13:09:19","modified_gmt":"2015-10-15T17:09:19","slug":"technology-shapes-industry-changes","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/10\/technology-shapes-industry-changes\/","title":{"rendered":"Business Report: Technology Shapes Industry Changes"},"content":{"rendered":"
\n
\n\"janet\n<\/div>\n
Janet Besheer, owner of Equitas Realty, with offices in Saratoga Springs and Glens Falls\n<\/div>\n<\/div>\n

BY JANET BESHEER<\/p>\n

The real estate industry has been an exciting
\nroller coaster ride over the past 10 years,
\nas the Great Recession, major shifts in the
\nownership structure of the industry, and new
\ntechnologies available to clients and agents
\nhave redefined opportunities and competitive
\nadvantages.<\/p>\n

While the substantial economic impact of
\nthese factors cannot be overlooked, significant
\nupheaval has occurred in the last decade for all
\nreal estate players–just based on technology
\ndevelopments alone.<\/p>\n

Here are four of the most noticeable changes
\nwe have seen that are driven by technological
\nadvancements:
\n\u00e2\u20ac\u00a2 Clients are better informed.
\nMost clients now begin a relationship with
\na realtor through online inquiries rather than
\nmaking a phone call or stopping into an office.
\nGone are the days of going to an office
\nto view a printed book of homes or sitting
\nwith an agent at a computer in order to see
\nthe MLS listings.<\/p>\n

Clients usually have done some homework
\nby visiting a brokerage website or by using an
\nonline tool such as Zillow or Trulia. Agents and
\nbrokers must stay on their toes knowing that
\nthe consumer is armed with more information
\nthan ever before.<\/p>\n

Success is reserved for those real estate
\nprofessionals who have their own “data mining
\ntoolkit,” who can customize marketing information
\nthat delivers to clients exactly what
\nthey seek, according to their individual needs.<\/p>\n

\u00e2\u20ac\u00a2 Agents can harness data-rich profiles to
\njump start client relationships.
\nTo the benefit of both buyers and sellers,
\ntechnology-savvy agents can now understand
\ntheir customers’ needs better and deliver higher
\nquality, targeted information about listings.<\/p>\n

Depending on the sophistication of an agent
\nor their brokerage’s systems, it is now possible
\nto know in advance of a client meeting about
\ntheir profession, income level, number of kids
\nat home, outstanding mortgage balance and
\nlender, etc. This makes the buying process
\nmore efficient.<\/p>\n

\u00e2\u20ac\u00a2 Virtual showings are possible 24\/7.
\nIn terms of the marketing implications of
\nthis faster-paced, technology-driven environment,
\nany agent who doesn’t understand the
\nimportance of photography and feature-rich
\nwriting will lag behind. Similarly, agents must
\nhave cutting-edge video tools and understand how to use them.<\/p>\n

Words, photos and videos build a listing’s
\nonline portfolio, and create a “walk-through”
\nexperience for the buyer before he or she ever
\ntakes a step through the door.<\/p>\n

\u00e2\u20ac\u00a2 Transactions are completed more efficiently.
\nIn the final transaction process, both buyers
\nand sellers (and agents) now save enormous
\namounts of administrative time due to online
\ntransaction management and digital signature
\ntechnology. This improves client relations
\nand reduces brokerage expenses in terms of
\nthe staff production time required to prepare
\nfor closings.<\/p>\n

For instance, today, Equitas uses an online
\ntransaction system for all document storage
\nand communication for all agents. We are a
\ncompletely paperless office. Digital signatures
\nare used in over 30 percent of the transactions
\nand that comfort level is growing annually.<\/p>\n

As a realtor for the past 16 years, and owner
\nof a growing brokerage since 2008, I’ve found
\nit imperative that the brokerage lead agents
\nthrough the dense forest of online marketing\/technology options and evaluate them relative
\nto ROI value.<\/p>\n

With online real estate search sites like
\nZillow\/Trulia and Realtor.com in a heated
\ncompetitive battle and new technologies rising
\nup monthly, it is incumbent on the brokerage
\nto stay on top of these competitive changes.
\nAgents don’t have the time or background
\nto act as industry analysts. We must do it for
\nthem.<\/p>\n

Indeed, it is the existence of these services
\nthat helps fuel the trend toward a growing
\nnumber of independent brokerages. Brokers are no longer required to set up shop within
\nthe expensive confines of the traditional
\nfranchise system.<\/p>\n

The net result of this ever-changing real
\nestate environment is that brokerages have
\nthe opportunity to think through and deliver
\nsolutions to agents on all of these technology
\nfronts. Indeed, we see the future of real estate
\nas a merger of industry professionals’ real
\nestate expertise with the processing power of
\ntechnology.<\/p>\n

Besheer is the owner of Equitas Realty, with
\noffices in Saratoga Springs and Glens Falls.<\/em><\/p>\n

Photo Courtesy Equitas Realty<\/p>\n","protected":false},"excerpt":{"rendered":"

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