Technology and the Evolution the Real Estate Brokerage Industry
Technology continues to be a catalyst for change in all areas of business and industry, and the real estate market is no exception.
The rapid advances in technology are shifting the way we communicate and work together. As more smart technologies enter the workplace, connected machines will increasingly interact on a heightened level.
Given the complexity of the industry, most of us are taking part in the revolution without realizing it. Understanding what this so called reinvention is and how it’s changing the market is crucial. The Fourth Industrial Revolution can be defined as the marriage of physical and digital technologies, such as analytics, artificial intelligence (AI), cognitive computing, and the Internet of things (IoT). Given the influence of technology on real estate, brokers must position themselves to adapt and flourish in this new and ever-changing landscape.
Being able to decipher courses of change and integrating the lessons into our day-to-day business is a necessary first step. This is not a trend, but a permanent turn for the industry. Automation will continue to replace segments of today’s workplace.
There is not a single real estate market or sector that isn’t experiencing this firsthand. While each region and product type have their own story, they all end in a transformative environment that is repositioning antiquated real estate, pushing building design, expenses, pricing, and real estate professionals in ways that we have not seen before.
Real estate experts must consider these new influences to make sound future planning decisions. Clients demand it. Thankfully, commercial real estate has always been a business that heavily depends on interpersonal relationships. This is unlikely to change. All those soft skills still provide a major competitive advantage if used the right way. The unwelcome side – if you are slow to adopt AI and other tech driven resources, you will quickly be left behind and much faster than you realize.
It is impossible to ignore the influences of technology and the corresponding rapid rate of change. Further, we are only just getting started in terms of its overall impact on our profession. However, the best way to maintain relevance in the backdrop of this transformation is to keep pace with today’s technology and the emerging trends that surround it.
Make sure you are placing yourself and your team members in an environment where education and networking are focused on these discussions. The best of the best in real estate today understand that professional development is a process that never ends. They will also be the ones leading the industry tomorrow because of their willingness and initiative-taking efforts to adapt.
