7 minute read
A look at how technology is evolving in the real estate industry and streamlining the way business is done
“Software is eating the world,” remember that famous quote by Marc Andreessen? Well, I think we are the crossroads already, the 21st century is a software century. Marc had envisioned a world and a future where those who control technology will control the future and he was right. Today’s new developments are pushed forward by technology. Simply put, technology is a catalyst for change in all the sectors and businesses, real estate is no exception. Today, we are seeing workers more connected than ever before which means, businesses are no longer limited geographically.
From the onset of artificial intelligence AI platforms, digital open houses and the blockchain technology and integrations, new technologies in the industry are reshaping how things are done. It is a storm that we cannot stop, only adapt. With millennials being the biggest home purchasers, it calls the need to keep abreast with the changing technology and learn all the ways to take advantage of these opportunities.
How will technology change the industry in the future?
While the real estate industry is slow in the adoption of new technologies, the pace in the last decade shows otherwise. Faxing back in the day was one of the most common ways that agents submitted their offers, but what has really changed the industry in the last 3 decades is access to information. The internet has revolutionized the industry creating more opportunities for industry players. Virtual reality will be one major trend to watch out for. While it can be fun for the investors, the average joes will want to be connected with their homes in person. However, the real impact of technology in the industry will be how we utilize big data, online tools, and social media to fine-tune marketing plans for the properties. Also, improving the method that the buyers and sellers consummate a transaction. Currently and for a fact, the systems in place handling the creation, dissemination, receiving, reviewing and negotiating offers is too archaic and prone to errors. Technology has to provide a system that’s more transparent, efficient and effective for the buyers and sellers to come to terms in an exponentially shorter period of time.
The rise in pent-up demand
The problem is, sellers, do not realize how much more equity they have and sooner, they will start realizing it which means, they are walking down a road to higher rates on the buy-side unless they act quickly. This will cause a rise in the pent-up demand by the move-up buyers which will eventually ease the severe inventory shortage plaguing the starter home segment of the housing market and create demand for more expensive housing. Supposing that regulation does decrease, possibly, there will be a bump in new construction which further reduces shortages in inventory over time. Since this is the first time in history, we’ve seen sales being surprised because there aren’t enough homes, agents should start a homebuyer education trail educating people on home buying, and what a better way than social media. Technology is creating a platform where buyers and sellers can be able to connect and share their ideas freely. The major mandate of real estate professionals is to now educate sellers of the current window of opportunity.
each and every day, it has become easy for buyers and sellers to connect without the need for the middlemen-the real estate agent. Many sellers are opting to go down this road because it is cost-effective. However, that is not to say that the technology has completely wiped out the real estate agent. Remember, no matter how technology is making things easier, it is impersonal. People need to feel that connection with their agents, something technology has been so unsuccessful giving. In fact, if you look at the opportunities presented by technology, you will realize that the real estate agent is going nowhere, not until they take advantage of the numerous new marketing channels and leverage them to increase their market outreach and understand buyer behavior.
What are your thoughts on the future of technology in the real estate industry? Let us know.
Rise of real estate agent 2.0
With so many platforms and websites where there are properties and listings posted like
Sources & Works Cited https://industrytoday.com/technology-in-the-real-estateindustry/ https://www.futureofeverything.io/will-technology-changereal-estate-industry-next-20-years/
KAMALA DEMANDS ANSWERS TRUMP ADS CONTAINING CENSUS MISINFORMATION
This was the message Kamala Harris said in a tweet on March 6 and surely, she did send a letter to the Facebook chairman and CEO Mark Zuckerberg and COO Sheryl Sandberg demanding answers and accountability after Facebook approved thousands of Trump campaign ads that directed users to a misleading “Official 2020 Congressional District Census” despite there being a policy prohibiting misinformation with regards to the census.
“Facebook’s failure to enforce your policies banning misinformation is shocking and casts doubts about your company’s commitment to a complete and accurate Census,” wrote Harris. “These advertisements should never have been approved. I am concerned that after receiving credit for combatting misinformation about the 2020 Census, you and your company are now backing away from full enforcement of those policies.”
She further expressed her belief that Facebook’s ability to effectively combat misinformation during the 2020 census will presage its ability to combat similar misinformation during the
upcoming elections. She adds, “I understand that you are working with civil rights groups, including The Leadership Conference on Civil and Human Rights, to prepare for the upcoming elections, and I encourage you to continue this work and to heed the advice you receive from the civil rights community.”
Harris further notes that despite Facebook’s robust content and policies regarding advertising policies and even after receiving public recognition and credit for the steps it has taken to guard against census misinformation, the company went ahead to approve and run thousands of adverts from Trump campaign that solicited users to “take the Official 2020 Congressional District Census today.”
It gets interesting, users who actually clicked on the adverts were not taken to a government website, but rather to a campaign webpage, deceptively designed to resemble an official government website featuring the text that read, “Certified Website of President Donald J. Trump” and “For Official Use Only.”
Kamala cautions that the advertisements themselves are a violation of Facebook’s policy prohibiting misleading information about the when and how to participate in the
census including misrepresentation of the dates, locations, time and methods of census participation. Nevertheless, she admonished “these advertisements were approved and remained on your platform for hours after Facebook was made aware of them.”
“Facebook’s failure to enforce your policies banning misinformation is shocking and casts doubts about your company’s commitment to a complete and accurate Census,” concluded Harris condemning the social media conglomerate for its actions. “These advertisements should never have been approved,” she continued. “I am concerned that after receiving credit for combatting misinformation about the 2020 Census, you and your company are now backing away from full enforcement of those policies.”
She demanded Facebook to answer some questions related to the issue. Read the full letter here.
Sources & Works Cited https://www.harris.senate.gov/news/press-releases/harrisdemands-accountability-after-facebook-approves-trumpads-containing-census-misinformation https://twitter.com/SenKamalaHarris/ status/1236042664702873600
