June 8, 2018
The real estate industry has always been synonymous with the idea of ebbs and flows. Buyer’s market, seller’s market–real estate is something that will always fluctuate and tough to nail down. And while this may be frustrating or confusing for buyers or sellers, it can be even more so for real estate brokers.
With the advent of social media as a marketing tool and the instant connectivity to news and markets in local real estate, it’s brokers and agents who need to flow with the rapid and unique change in the real estate environment. Tech is leading the way of this change, which has completely rewritten just how brokers interact with clients and the market in general. Here is why 2018 is already shaping up to be a year of more tech in the housing world.
Well-Informed Consumers
Consumers are more informed than ever when it comes to real estate and the forecast. Real estate brokers have always had to stay ahead of the curve in the market and make sure to protect their assets and visions by investing in real estate broker insurance and making sure research stays fresh. But now tech is driving consumers to new opportunities to course-correct the market as a whole.
In 2018, real estate broker firms will succeed if they adopt sustainable, tech-driven models that help out agents and consumers alike. From Realtor.com to Trulia to Zillow, there are countless websites and mobile apps that highlight full-service professionals to help them with the complexities of buying a house
Changing Markets
A traditional brokerage has gone by the wayside, giving in to more digital-friendly, user experience-driven options. Everything is available online including data, communication, contracts, support, etc. The brokerage of 2018 and beyond needs to be streamlined and efficient, and easy to navigate for consumers. A tech-savvy brokerage is now the standard.
How can brokerages make this happen? By changing their blueprint to that of a tech startup by looking at things like key performance indicators (KPIs) including customer acquisition cost and average revenue per unit. It’s all about metrics, and this can help take a brokerage to a more relevant level in today’s world.
Tips for Brokerages
- Use automation and technology to run operations
- Provide a mobile experience and be more reachable for consumers. Agents will have the ability to market themselves, et support, and communicate with clients as well.
- Stay on top of innovations and updates like artificial intelligence, augmented reality, and cryptocurrency, and see how they can help bolster a firm’s performance.
About Associations Liability Insurance Agency (ALIA)
The ALIA Team (part of the Riverton Insurance Agency Corporation), specializes in helping real estate professionals find the affordable and comprehensive coverage they need, without the hassle. ALIA dates its roots to 1991 with the founding of FREA, Foundation of Real Estate Associates. In 2013, ALIA was created to work with multiple insurance companies thereby broadening the portfolio of products to customers. In 2017, ALIA was purchased by Riverton Insurance Agency Corp.