Real estate 2.0: smart technology improves service

Members of Generation X, born between 1965 and 1978, have become known as the “Accelerated Culture,” crossing into today’s world of technology. And members of Generation Y, born after 1978, are the first to grow up completely immersed in a digital, Internet and wireless-driven world. Though under 30, many Gen Y members are now shopping for their first homes. Their savvy technology skills are changing the way all generations do business, including REALTORS®. In fact, many Spokane area REALTORS® are adopting “Real Estate 2.0” technology skills, pioneered by members of Gen Y. Chances are high that your REALTOR® uses very smart technology today, saving you time and money.

According to the 2007 Realtor Technology Survey sponsored by the National Association of REALTORS® (NAR), being instantly connected to clients is critical. REALTORS® have invested a lot of time and money to build and improve real estate technology, and the demand for additional technology is high. The Internet does not eliminate the need for a real estate agent or to visit potential properties; however, it just makes the process more efficient, organized, and often less frustrating. Typically, the Internet-savvy consumer sees fewer properties than in the old days, spends less time on the search process, makes a more informed decision, and ends up more satisfied than was possible before this new technology became available.

Mark Lesswing, chief technology officer for NAR, says “industry technology used by your REALTOR® is evolving in three key areas: adornment, mobile processing, and real-time real estate.”

1). Adornment can be defined as the appearance and usefulness of information found on a REALTOR’S® Web site. Today’s connected consumers demand a great deal of up-front information. They may start their initial “self-assessment” of the market while building initial rapport with their REALTOR®. Successful REALTOR® Web sites today include professional qualifications, location and contact data, industry and market data, financial calculation tools, search tools for listings, photo and video tours, blogs and relevant local demographic information. In 2006, according to NAR, six in 10 REALTORS® had a Web site for business. About 30 percent of them have had a Web site for at least five years. Over one-third of the REALTORS® report they had a prior career in management, business, finance or sales. They know the importance of technology to you, their client.

2). Mobile processing streamlines the paper. If you’ve bought or sold a home, you know about the seemingly endless documents involved. To better manage the “fat packets of paperwork” in the transaction process, REALTORS® in large numbers are turning to automated forms and transaction management software, often integrating with lender and title transaction needs. With three of every four REALTORS® surveyed saying they manage as many as 20 documents for each client transaction, this type of technology streamlines the process for everyone involved.

3). Real-time real estate is how technology truly serves you and your REALTOR®, often with “24/7” capability. Consider the Smartphone, for example. A Smartphone is a mobile phone offering advanced capabilities beyond a typical mobile phone, often with PC-like functionality. Three years ago, less than one of 10 REALTORS® surveyed used a Smartphone or other PDA. Two years ago, usage was up to one of every four REALTORS®. In the coming year, 30 percent of respondents plan to purchase new or upgrade their existing Smartphone or PDA.

Speaking of Smartphones, technology already allows consumers who see a “For Sale” sign to view listing information found on that REALTOR®’s Web site from an Internet-capable cell phone. Or, while driving by a property, an interested party may text a message directly to a REALTOR’S® cell phone, and receive an instant auto-reply download of property data, or a call-back right away.

In addition to hand-held tools and auto text-messaging described above, more resources in use by REALTORS® include new lockbox technology, 360-degree photo and video open houses and virtual search technology (rather than a gasoline-driven search to seek out current neighborhood market information).

This month, members of the Spokane Association of REALTORS® are upgrading to ActiveKey® lockbox technology, offering several new features and added convenience.

As an option to the PDA or Smartphone, ActiveKeys® use wireless technology to unlock the lockbox with the press of a button. ActiveKeys® are back-lit and also have a built-in flashlight to better illuminate dark doorways and entrances. They record the agent’s name and office each time a property is shown, and they show an instant alert on the listing agent’s own ActiveKey®. Statistics can be easily downloaded by the listing agent to advise a seller of all “real-time” showing activity. They can also display messages from the Multiple Listing Service or the brokerage office.

Savvy REALTORS® know how to provide instant access to information and real-time communication. The National Association of REALTORS® offers a special technology designation called an “e-PRO.” After completing and passing an extensive on-line technology course of study, a REALTOR® becomes an e-PRO Internet-certified professional. Currently, there are 51 Spokane-area REALTORS® who are e-PRO Internet-certified.

Nielsen Online reports that the number of visitors to real estate sites is up. Your REALTOR® has the NAR Center of Realtor Technology ( www.realtor.com) behind them as an industry advocate, an implementation consultant and a technology information resource. Contact any of the 2,000 professionals who are members of the Spokane Association of REALTORS®. Consider them a valuable resource, because today’s REALTOR® has a great deal of smart technology available.