Reimagining Real Estate: The Benefits of PropTech for Agents
- Eric L. Cruz
- Feb 22, 2023
- 4 min read
Updated: Mar 4, 2023
As the real estate industry adjusts to the ever-changing digital landscape, agents and consumers can reap the benefits of PropTech tools. PropTech, or property technology, refers to technologies built to help the real estate industry to streamline processes, become more efficient, and encourage innovation. To understand how PropTech works, it’s important to understand how it stands to benefit both agents and consumers.
Nowadays with e-signatures, digital EMD, and virtual notaries, it seems crazy to have had to walk into brick and mortar in order to close your transaction. But for you new agents out there, that was an actual thing. It was very common for an agent to sit at a signing table at a title org while their client sits there and sign page after page, after page, after page. Seems like a pain these days. It’s all about convenience and a lot of that personal touches of service is no longer there. Things evolve and when they do, it seems like there is always a give and take.
Benefits of PropTech for Agents
PropTech helps agents to optimize their workflow by automating mundane tasks, such as paperwork. Agents can use PropTech to quickly process leads, create accurate listings, and reach out to potential buyers.
PropTech also helps agents to better track their data, which helps them make informed decisions when dealing with buyers and sellers. By using PropTech, agents can better track their performance metrics, such as marketing ROI and ROE (return on engagement).
Finally, PropTech helps agents to better collaborate with their teams. By utilizing a platform that allows for real-time collaboration, agents can quickly and easily share information. This helps agents to quickly respond to inquiries and close deals faster.
Benefits of PropTech for Consumers
PropTech enhances consumer experience by allowing them to easily access information about properties and find the best deals. Consumers can use PropTech tools to search for properties, compare prices, and view photos and videos.
PropTech also helps to simplify real estate transactions. By using PropTech, consumers can quickly and easily check the status of their transaction and access important documents. This helps to reduce the amount of paperwork and confusion associated with real estate transactions.
Finally, PropTech helps to keep consumers safe. By using PropTech, buyers can be sure that transactions are secure and that their personal data is protected.
PropTech is a valuable tool for both agents and consumers in the real estate industry. Agents are able to save time, track their progress, and collaborate with their teams more easily, while consumers benefit from access to customized searches, simplified transactions, and increased safety. PropTech is revolutionizing the way we view and interact with real estate, and it is here to stay.
Since PropTech is moving so fast, National Association of Realtors (#NAR) came out recently with an article showing how agents are using modern technology to help them improve their business. You can find that article here. What I took away from it is this:
Respondents said that the technology tools provided by their MLS included:
property data and history (85%)
sales statistics (81%)
public records search (75%)
listing syndication (72%)
89% of respondents use Facebook in their real estate business, 59% use Instagram, 53% use LinkedIn, and 26% use YouTube.
63% of respondents said the main reason for social media use in their real estate business was to promote listings.
The top three tech tools that have given respondents (or their agents) the highest number of quality leads in the last 12 months were:
social media (46%)
their local MLS(30%)
customer relationship management (CRM) (26%)
I bring this up for a couple reasons. The main one is, look how many agents use the MLS in their business. Have you ever used the MLS to prospect? It is not an easy or quick task. It is SO time consuming and it takes a while to get used to. So, by the time you get the data you are looking for, you’re exhausted and have lost the spark that was firing you up to prospect those homeowners in the first place, lol. Secondly, I am BLOWN AWAY by the underwhelming 46% of agents who successfully created leads from social media. Social media is such a powerful tool when combined with other marketing. How else can you get in front of potentially millions of viewers?
Combine the lack of knowledge of how to use social media to create leads with the timely MLS prospecting and you will understand with great gratitude, why SKYYWARD exists. SKYYWARD combines the newest #PropTech software along with the newest AI technology available and combines it with strategies that have been proven to work for agents. Lead generation doesn’t have to be a straining task that takes days out of your life. We handle it all. Can’t wait to show you how we can elevate your business SKYYWARD.
Hello friends!! My name is Eric L. Cruz. I have spent almost a lifetime in the Real Estate space. It started when I was just a young teenager and my mother became a REALTOR®️ with Coldwell Banker in Southern California. Since then, I have worked in the mortgage industry as a Sr. LO, Vice President of a Title Company, my mother-in-law is a CA #REALTOR®️ and my wife is a FL REALTOR®️. So, I live and breath real estate 24 hours a day. What I have noticed throughout my 15+ years in the industry is that #PropTech (Property Technology) moves fast and if you don’t keep up with it, you’ll get left behind. This is why there is SKYYWARD.
Awesome read!