Even before the pandemic, the real estate industry was moving into the digital realm, with home listing websites, virtual home tours and electronic signature programs gaining popularity in recent years. In 2020, even more of the home buying and selling process went virtual, and it seems that certain “remote” real estate activities are here to stay.
That’s why it’s essential for real estate leaders to embrace and adopt new technology—but this leap can be easier said than done. Below, a panel of Forbes Business Council members shared some common technological obstacles today’s real estate professionals face and how they can overcome those challenges.
1. Concerns About Data Security
The biggest challenge I have encountered when adopting new technology was the concern around data security in the process of data migration. We had to think about how to ease into a modern data center phase by phase and how to extract and transport legacy datasets that are not compatible with modern technology. It was crucial to work with our CTO and chief data architect to ensure a smooth rollout. – Xueyan Hua, Zhongtian Myhome Group
2. Security Of Technologies
Digitalization opens you to the risk of a cyber breach, which carries with it financial, operational, emotional and reputational costs. Make sure that the technologies you use are as cybersecure as possible. Because most cyber breaches are caused by cyber(in)secure behaviors, make sure your behaviors with those technologies are cybersecure as well. – Andrzej Cetnarski, Cyber Nation Central®
3. Loss Of Face-To-Face Interactions
One potential issue is the loss of face-to-face human connection when going online. Adopting technologies doesn’t mean having to forego human connections. Educating real estate professionals, encouraging adoption, humanizing tech transactions and preserving all high-value transactions in person is key. – Zeenath Kuraisha, Asia Pacific Sales & Marketing Academy
4. Access To Secure SREs
Real estate professionals will need to design and architect smart real estate (SRE). In today’s world, almost every device is smart. Hence, these SREs should have unlimited access points that are secure, reliable and scalable. The SREs cannot have any dead or low bandwidth zones. One way to overcome this issue is to build a network signal booster as part of the SRE design. – Biju Chandrasekharan, ByteWave Digital Inc.
5. Buy-In From Employees
Most of us work as a team and with partners. Sometimes the partners have to be brought up to speed and have buy-in at the frontend of the adoption of different technology. The key is to discuss and share the knowledge base to grow. This will help create a common adoption of the whole base to grow further. It will also streamline complementary technologies rather than a duplication of similar functions. – Chander Mishra, Blue Ocean Capital LLC
6. The Time To Learn New Tech
Schedule time to adapt and learn. From CRMs to marketing automation to SEO, commercial real estate marketing has changed. When we roll out new tech to our team, we offer training to help keep everyone up to speed and to be able to harness the power of the tech stack. That said, remember most people do not like change. Anticipate resistance until the benefits have been actualized. – Lee Kiser, Kiser Group
7. Integration Of Data And Workflow
Leading your team to the adoption of new tech is the biggest obstacle to advancement. Before introducing new tech, make sure it solves a problem for your team or your clients and then research your options. Buy the most intuitive option, the one that most easily integrates your current data and workflow. Then train and train. Offer constant support via tutorials or a designated support person. – Kristin Geenty, The Geenty Group, Realtors
8. Not Understanding New Innovations
The largest institutions are usually the slowest to adopt new technology because things are being done the way they’ve always been done. It’s been run by dinosaurs for a long time who don’t value the influence of social media and the power it has to convert prospects to customers. Be open to change and see how much of an impact new technology can have on your business’ bottom line. – Cindy Diffenderfer, Orion Haus Homes and Hotels Inc
9. The Temptation To Post Irrelevant Content
One challenge is being too conservative and not embracing social media platforms like LinkedIn for targeting high net worth offices and individuals. Resist the temptation to post only about the property you have to sell and focus on your story and you instead. People buy people on LinkedIn and once people have bought you, they will buy your real estate. – Chris J “Mohawk” Reed, Black Marketing
10. The Education Of Your Team
There will always be varying degrees of understanding when it comes to new technology aptitude and adoption. It is not the technology itself but making sure everyone on your team understands how the new tools work. Nominate someone familiar with it as the educator for the rest of the office. Give new users time to understand it and be a genuine level of assistance if needed. – Alex Argianas, Arginias & Associates
11. Balance Of Remote And In-Person Team Members
Real estate companies are facing challenges dealing with a population that is partially remote and partially in person. Hybrid tech capabilities are key because they create opportunities for individuals, both remote and onsite, to network, meet and collaborate with one another on their own terms. Whether that’s virtually or in person, it’s up to them. – Ryan Simonetti, Convene
12. Encouraging People To Use The Technology
Within the ever growing proptech industry, adopting new tech can be difficult. It’s one thing to have the technology and another to get people to use it. Real estate professionals thus need to focus on using technology to create engaging and meaningful experiences in both digital and physical environments. To do this, they can leverage data from this technology to make more informed investments. – Chase Garbarino, HqO
13. Not Committing To Using The Technologies
Don’t adopt technologies without continuing to use them. Technology can definitely be one step forward, two steps back when it comes to consistency of use. The tools that professionals use can be the most beautifully crafted and capable software, but if the user doesn’t commit to using it, it won’t positively impact their business. Take the time to build habitual use with one platform at a time. – Udi Dorner, SetSchedule
14. The Reluctance To Learn New Systems
Accustomed to old technologies. Realtors are so reluctant that they don’t realize how new technologies can simplify their work. They are so used to their old process that they don’t want to adopt any new technology. To overcome this they need to know to what extent new technologies will help them and how they can accomplish more in less time with new tools and processes. – Sanket Shah, InVideo Innovation Pte Ltd.
- 1/21/22 | Forbes – 14 Common Real Estate Tech Challenges And How To Overcome Them