Did you know that real estate technology is reinventing the role of realtors more and more? Real estate agents and mortgage brokers are working with clients who are more informed than their predecessors. You can see that real estate technology is growing just by the fact that this industry has seen an increase in investment as of late. Funding in real estate technology businesses grew from $300M to $1.5B from 2012 to 2015. In an industry that has been dominated by in-person relationships, that is a big jump of more than 350%.

How is this real estate technology being used?

Real estate technology is changing the experience of homebuyers. The technology ranges from online listings with a wealth of information, to virtual tours, to property management software. No every part of the home buying experience has been digitized (yet) and we do believe that there will always be a place for mortgage brokers and real estate agents. We need to be adaptable though and change with the times. In general, from the feedback of our clients, the home buying process is becoming more enjoyable and less stressful.

Real estate technology is introducing more transparency to real estate and mortgage transactions. Clients have a wealth of information at their finger tips and are more able to compare, evaluate and force competition. In our industry, there is a huge competition of rates with the introduction of websites that compare rates.

Similarly, these innovations in real estate technology are not only forcing agents to be more accountable, but also forcing them to bid against each other in kind of online auctions. These websites pit agents against each other to see who can bid the lowest.

These advances in real estate technology make the clients feel more empowered.

But regardless of this, nothing takes the place of an agent showing a home in person OR the quality of the service they provide. There will always be a human element and emotional aspect that is sought and needed. The good part is that this real estate technology is generally resulting in more informed clients. The competitive advantage of proprietary information is decreasing and the relationship aspect is growing.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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