Investments in real estate technology have become a regular practice in business strategy and planning. If you’re not doing it, you need to. After the acquisition of Trulia for $3.5 billion and purchase of Realtor.com for $9.5 billion, it’s no wonder venture investors are eager to invest and get in on the ever growing market. According to RRE Venture, Steve Schlafman believes that tech and real estate drives a huge part of the economy. The use of spreadsheets and faxing contracts is a disastrous way of doing business. More and more, investments are being made into technology and the use of such really puts a leg up on your competitors. Financial services technology (“fintech”) has tripled in ventures since 2008. Driven by new digital technology, taking into account consumer behavior and regulations, FinTech is set to continue and grow. According to Accenture, global investment in FinTech companies has grown four times faster than traditional venture investing.
2015 marks a new era for FinTech as they reach for bigger and better strides in the finance sector. After making a leap to mark their place as a prominent leader in 2014, FinTech has built their services on the needs of the customer and their demands. Transparency is open in companies such as Lending Club, offering straight forward pricing and methods with no hidden charges, making sure to stay clear of practices of those service providers that include the all too familiar additional paragraph of surcharges and fees written in the smallest print possible. Companies such as the Lending Club are not based on short-term goals but rather by building their business plan to put the customer at the forefront in hopes to create greater client satisfaction.
For real estate brokers, home buyers rely on websites and search engines to find their next investment. Newspapers and open houses continue to fade as the era of technology rolls in. With nearly 90 percent of home buyers using the internet as their tool to search homes, it has become an indispensable tool. This includes the search for the agent to handle the transaction. It’s easy to miss a lead if the lead can’t even find you.
So the point I want to get across to you is that investing in real estate technology is necessary and in turn reaps plenty of rewards such as keeping you relevant, giving you the ability to respond to your clients quicker and more efficiently, bringing the office with you, and of course, saving time and saving money. More and more, emails, chats and texts are the primary ways to communicate, and this will only continue as the workforce demographics change into more tech savvy individuals determined to find the quicker and easier way to get the job done. Becoming more efficient allows you to have the ability to be more creative while enjoying your business relationship in a much more personal way - which not only makes business fun, but it makes it more profitable.
The change is here and it’s happening with or without you. Don’t fight it. Embrace it.