Staying a Step Ahead Makes You the Valued Resource
Plus a Look Inside the 2018 Consumer Electronics Show
INMAN CONNECT is one of the real estate world’s largest annual events, featuring industry trends, technology and what is on the horizon. At Inman Connect New York 2018, nine important technology opportunities were presented for Realtors® to learn and utilize for their own success and their clients.
1: ARTIFICIAL INTELLIGENCE (AI)
Artificial Intelligence (AI), also known as Machine Learning, has the potential to change the way that Realtors® approach content marketing. A significant part of AI is Smart Learning, which occurs when computers learn the habits of users through their daily routines. As applied to marketing efforts, instead of setting your own parameters, the services you use will determine your audience. AI will connect the dots based on the target’s online behavior and your marketing content. Also, AI is driving innovation in big data and predictive analytics to improve the interpretation of information and use of data for effective decision-making.
2: ALTERNATE CURRENCY
Digital currencies, also referred to as cryptocurrencies, have been featured frequently in the news, with emphasis on its fluctuating value and user anonymity. Last year, several homes were purchased completely with Bitcoin, which is the most recognizable of the cryptocurrencies to date. Transactions with buyers converting their Bitcoin to cash are relatively simple. Sellers and escrow companies are understandably wary of the reliability and volatility of digital currencies, but we can expect their use to feature more prominently in real estate transactions. Realtors® should learn the lingo, become educated, and be ready to adapt and move forward with savvy buyers.
3: LOCATION-BASED SERVICES
It’s not uncommon to be pinged automatically by your phone to rate and review a restaurant or store you are in, or to recommend nearby businesses. These location-based services will change how Realtors® reach consumers and provide better marketing options. With location-basing, Realtors® can set advertising to hyper-local areas surrounding an open-house, event locales or brokerage offices. More importantly, Realtors® don’t need to rely on physical proximity to a potential client, because marketing can be delivered based solely on the client’s location.
4: ON-DEMAND CULTURE
Services such as Uber, Netflix and Airbnb are examples of on-demand services that significantly shifted their respective industry models. The on-demand culture is entering real estate with services that offer more insight and transparency into the transaction. Examples are search sites like Zillow and automated services like iBuyer. Instead of resisting new models, understanding the on-demand culture will help Realtors® learn, adapt and seize the opportunity to demonstrate value. The on- demand consumer is looking for convenience, easy transactions, low barriers to entry, anonymity and efficiency. Embrace the on- demand culture to meet clients’ modern needs and expectations.
5: INTERNET OF THINGS
The Internet of Things (IoT) will continue as a dominating force for consumers. Smart home technology, already one of the most requested features for homebuyers, continues to evolve. At the 2018 Consumer Electronics Show (CES), new features included bathroom amenities that were linkable with Amazon Alexa, enabling homeowners to ask Alexa to report the weather, turn on lights, flush a toilet, and even turn on the shower. However, one challenge of IoT is that it is fragmented, requiring too many separate apps; for example, one app for lights, one app for door locks and one app for temperature. Customers can soon expect one central control hub. By learning how these devices work, and understanding even a fraction of how their control can be centralized to benefit your clients, Realtors® can provide critical insight and customer service.
6: THINK MOBILE FIRST
Today’s consumers can now leave their laptops behind, with the advanced functionality of smart phones. People are doing business, conducting transactions and connecting with others on their phones. For many, especially Realtors®, phones are critical to their business. Whatever information is shared – whether it’s a website, blog article, or listing video – always remember that the majority of clients will only view it on their phones.
7: VOICE CONTROL
While voice assistants such Alexa, Siri and Google Home are useful for home applications, the ability to talk to smart phones or other devices is becoming more commonplace. From dictating notes, to saying aloud an address for the GPS, and verbally searching the internet, voice interaction may soon be the primary consumer interface.
8: FACEBOOK MESSENGER & INSTAGRAM ADVERTISING
Social media is strongly driving advertising. To better connect with consumers where they are, and to put marketing dollars to best use, Facebook is allowing ads to appear on Messenger. Instagram is also pushing advertising content through compelling photos, videos, carousels and stories. Consumers on Facebook could likely respond faster to Messenger than to email or even a text. Take advantage of the new ways that Facebook and Instagram are allowing connection with consumers.
9: ONLINE BRAND MANAGEMENT
The internet has given everyone a voice, and that voice can be powerful if used correctly. Realtors® should utilize all available online avenues for brand promotion and a strong online presence. Realtors® can build their online identity with their brokerage agent page, website, Realtor.com profile, social media and Google. With these available opportunities – many of them free or part of the Realtor® member benefit package – Realtors® can ensure that when a client looks for them, the client will find them, learn the Realtor’s® brand, and trust the Realtor® to help them buy and sell their home.
CES 2018 ROUNDUP
At CES 2018, the world’s largest annual technology conference, new technologies with potential to impact real estate emerged.
Estimated to be on our roadways by 2021,
self-driving (autonomous) cars will make drivers rethink the need to own cars, may impact urban planning, and can potentially expand real estate opportunities as distance and driving considerations become irrelevant.
A popular trend that companies are embracing is voice control. By making products compatible with voice controllers such as Amazon Alexa, Apple Siri or Google Home, everyday human experiences – from environment control to shopping for groceries – are changing.
Formerly requiring special equipment,
360-degree pictures and video are now available to any smartphone user. Insta360 is a small camera that can be attached to a smartphone to instantly take a 360-degree video with minimal effort.
Move over Virtual and Augmented Reality!
Holograms can display floor and building plans directly on a table – allowing users, without specialized equipment, to view properties from any angle. Also, by combining VR with
smart gloves in a 3D home tour, not only will the user be able to see the home, they’ll also be able to touch and feel items in the virtual display.
Mobile phones will soon see a boost in performance as
5G Networks come online. 5G speeds are 100x faster and 5x more responsive than current 4G networks. 5G will be able to better deliver data speeds for intensive modern technologies, such as 4K video, smart home technology, virtual and augmented reality, and even autonomous vehicles. AT&T and Verizon will have 5G networks in about a dozen cities by the end of 2018.
Drone technology has now moved beyond delivery of stunning videos and imagery of home listings. This year, a new potential application in personal safety was introduced. Security drones can sense certain instances of danger and fly autonomously to record surveillance.
At this year’s event, there was a larger space dedicated to
smart cities. Using AI and predictive analytics on data gathered by sensors and other public sources, smart cities promise to change how we think about and plan future communities by monitoring air quality and traffic patterns and alerting police and fire officials when dangers are detected.
Technologies emerge and evolve to make life easier for consumers and to fill a need. These technologies present opportunities for Realtors® to understand what their clients need and expect, to better connect with them, and to set themselves apart as industry innovators. Understanding new technology will demonstrate your expertise and critical guidance, which no piece of hardware could ever provide.