Up-to-date real estate technology can help you stay competitive in the 2022 housing market.
PropTech
Not a specific technology, Property Technology or PropTech is the umbrella term that describes digital innovations to help agents, investors and potential buyers and sellers research, buy, sell and manage their properties.
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The key here is for users of proptech to learn how to use various property technologies and incorporate them into your business.
Artificial Intelligence and Chatbots
Chatbots or virtual assistants can become your new best friend. Due to the advances in artificial intelligence (AI), chatbots can answer some questions and ask your potential clients some questions so you can best well prepared when you meet clients for the first time. For example, why invest a lot of time in a prospect if you know up front that the prospect doesn’t qualify for mortgage financing?
Additionally, because chatbots/virtual assistants are always on 24-7, you as the agent don’t have to worrying about missing messages.
Virtual and Augmented Reality
Ever have to sell an empty home or a home with outdated or terrible furnishings? Now, you and the seller needn’t worry about paying a lot for staging that home.
Augmented reality (AR) enables you to stage listings on the spot. Computer-generated images are superimposed on a virtual simulation of the space. With just a click, potential buyers can add and/or change furnishings to see how that home would look and work for their taste and lifestyle.
Blockchain
Blockchain tech enables secure, transparent real estate transactions without having to use an intermediary, or middleman, to verify the legitimacy of the transaction. The deal is completed by a network of computers distributed all over the world. Once the deal is confirmed, the information and digital signatures of the buyers and sellers are recorded, given an ID code and stored across all the computers in the network.
Since thousands of computers are involved and have their own copy of the transaction, the information is nearly unhackable.
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Loan Management and Insight Tools
With loan management tools, agents can stay up to date on their clients’ mortgage progress, troubleshoot any trouble spots and help keep the ball rolling. Agents can even send required documents on their clients’ behalf and adjust clients’ approval letter amount to present the strongest possible offer on behalf of their clients.
Thanks to Inman.
