At times, Real Estate and Technology seem to be competing forces. Real Estate Technology is almost a contradiction in terms to some. This industry is known for being resistant to change and slow to adopt innovation. It has become traditional “old school” stability and tradition versus modern tools and forward thinkers. We’re all too familiar with the old school “If it ain’t broke don’t fix it” mentality – at times it seems the overpowering mainstream of Real Estate is doing business this way since time began and most are resistant to change. In a recent edition of Real Estate Weekly, Peter Boritz, CEO of Real Data Management, summed up technology use among real estate companies:
“Soon, real estate companies will find enormous value in mediums like online video, sophisticated e-mail marketing, animation, and social networks.
The industry is already observing apartment brokers using low-quality video footage that’s easily captured on a PDA, uploaded to a computer, and published online. Instead of meeting that broker to view apartment features, prospective tenants can see it for themselves. This indicates a demand for tech-driven marketing in what has traditionally been a handshake business.”
True, most modern -day real estate businesses are using email and mobile devices and keeping up – but not expanding. The forward thinkers ponder how they can use existing and future tech to work smarter, faster – and make money. The truth is, whether industry veterans want to admit it or not, technology can be a game changer in Real Estate just as much as any other industry. With digital files, web 2.0 applications, mobile communications, voice recognition, and video readily available it won’t be long until one of the most unchanged bricks- and- mortar industries looks nothing like it did even ten short years ago. If businesses don’t keep up, they will almost surely fall through the cracks.