PropTech

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  Is it better to forego a real estate agent and use an online tech company to sell one’s house?
  proptech real estate agent forego tech • • webstopreq  

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  I approach this answer from a different perspective. For every way that one can sell anything, there is always that one exceptional sale….”I sold my house online for $50,000 more than the agent(s) said I could get, and I did it on my own. Real estate agents don’t do anything but waste your money:” The exceptions always exist. But you have to remember. They are exceptions, not the rule. Are you willing to lose out on a sale because you know you are the exception, and you are smarter than everyone else? (if you are this person, there is no reasoning with you so you can stop reading) The extreme vast majority of home buyers are going to be using a local real estate agent. Local real estate agents, for the most part, can control which homes a prospective buyer sees by merely saying “I couldn’t reach the listing agent to set up the showing” or “I’ve heard about some concerns with that property, let’s save that one for last.” There can be 20 reasons an agent can use to try and sway a client away from any property. So, if you market your home online, you have most likely eliminated 50% or more of prospective buyers from seeing your home. Fewer buyers to see the house, fewer offers, which translates to no sale or lower sales price. Why would the agent not want to show you the home? Simple business economics. Almost all real estate agents are effectively self-employed and working on a commission basis. If an agent can show two similar properties, one marketed at full commission rate and listed by a local, knowledgeable agent. The other sells at a discounted commission rate (because it sounded useful to the seller). The only contact is some 800 number to a person sitting at a desk in the Philippines, which means the buyer agent will have to do more work for less money…which home do you think the buyer will see? The biggest challenges with discount and online home sales companies are the lack of communication and control during the sale, which puts this burden on the buyer’s agent to hold the transaction together. Being effectively self-employed, the agent will try to avoid this if possible. In a scorching real estate market, selling your home through an online service might work out okay for you, but the odds are against you. There are only two ways to get the most offers on your home, Offer it at a price that is significantly lower than market value or get the most buyers to see your home. Listing your home through a local, knowledgeable real estate agent, affiliated with any of the name brand franchises will get the house not only more visible to more people, but buyer agents are more willingly going to want to show the home because they know the listing agent will make the process go more smoothly. The choice is yours. Try to be the exception to the rule or, follow the rules for an exceptional sale. The odds are in your favor going the traditional route. Martin Straka NMLS#589189 (973) 598–5006 === There is “some value” for “some people” from the “we buy your house for cash today” firms, but understand their business model is to buy today and sell tomorrow (or at least very quickly). They know they can’t sell for more than market value, so if they’re going to make any money on the sale, they must buy below market. They also don’t want to buy homes that need significant repairs or upgrades to sell at the market (roof, water heater, kitchen, baths, carpets, and windows). They are only not going to buy homes that are not instantly marketable with few or no upgrades or repairs. They’re not in the market for “fixers.” On top of that, Zillow’s fee to the seller is 7.5%. I’m guessing others are similar. That’s 1.5% to 2.0% more than is typically charged by a local Realtor and doesn’t include any deductions for repairs they deem necessary. Why would anyone want to sell their home for less than market value? It might be because they need/want to sell in a big hurry. They might not want to do what’s necessary to get top dollar by getting the house ready for great listing photos (“stage” the house with their furniture, paint, clean, declutter)**. They might not want to have to leave while a Realtor comes to show their home. Some people might not know the actual value of their home and be attracted to a “great” price and simplicity. Let's say similar homes in your neighborhood recently sold for $250,000. Zillow needs to offer a bit less to make a profit when they sell, so they offer 4.0% less, $240,000. Zillow’s 7.5% fee is $18,000, so the seller nets $222,000. If you asked me to list the same home, I’d suggest you list at the market, $250,000. My fee is 3.0%, and the buyer’s agent’s cost might be 2.5%. So if it sold at list price, commissions would total $13,750, and the seller would net $236,250, or $14,250 more than selling with Zillow.
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  Why have real estate mobile apps been a must for the industry?
  proptech real estate mobile apps • • webstopreq  

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  Many businesses are building their mobile apps, and there are many reasons why you should invest in a mobile app. We are in a digital era, and if your business does not have a mobile app, then it means you are lagging behind your competitors. You could be missing out on a huge opportunity to attract potential clients, no matter how far they are. Just having a website will not give you an edge over your competitors. It is a matter of ensuring that you have got the right strategies in place for online marketing. Owning a mobile application for your business is probably the most rewarding solution to give an edge over competitors. The world has shifted from desktops to smartphones and is offering tremendous ROI. If you are planning to establish a mobile presence for your business, you should first know about the benefits of a mobile app. Mobile websites and apps can look similar at first glance, and it isn't effortless to determine which is most suited for your business requirements. There are several factors, such as – target audience, available budget, features, and purpose. that decide if the mobile app is suitable for your business or not. Some of the benefits of a mobile app are: Gives more value to the customers Customers don't have to wait Reduces cost and increases customer engagement Mobile apps aid promotion and offers excellent support Enhances the visibility of your brand Mobile apps are the best social media platform
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  What are the most interesting companies in PropTech, and why?
  proptech interesting • • webstopreq  

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  I think Compass is by far the most interesting. They are combining lots of different little companies like contractually CRM into their system. They are the leaders in the concierge program for sellers and are also now starting bridge loans for our clients to be able to buy first and seller after. The company is focused on and having the best agents and giving them the best tools to do our jobs better. It’s an incredible company based on real core values and people.
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  What is the best way to integrate technology into a real estate agency?
  proptech real estate agency integrate technology • • webstopreq  

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  Technologies serving real estate agencies and their clients Upset by new entrants "Pure Players" (real estate agencies 100% online) and trading platforms, real estate professionals have had to adapt to consumer expectations. Goals: To be where pure players are: promoting their assets available on the platforms consulted, make themselves more visible on search engines and social networks in particular, offer unique services that value their expertise as professionals. Qualitative "visits." To facilitate sales or rentals, the quality of the presentation is crucial. Exit the poorly framed photos and dark. The big winners rely on immersive visuals: 360 ° visualization that allows you to visit all the rooms without leaving home and even better, augmented reality with virtual reality headset that gives us the feeling of moving and physically visiting the property in question. The good price Many websites and applications allow individuals to estimate their property in real-time. Agents must have competitive tools available online and / or mobile to capture their potential prospects.
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  How is digital marketing helpful for the real estate sector?
  proptech marketing digital marketing • • webstopreq  

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  The real estate sector is a B2C sector. Digital marketing for any B2C industry is incredible because you can start generating leads easily just by doing your Digital campaigns. You can either outsource the activity or hire an in-house team if you have the budget. If you think getting customers is essential in real estate, then digital marketing will play the same role. === In real estate, digital marketing applies to maximize the leverage of reaching out to the target users through various channels, such as: Blogging PCC or Pay Per Click Social Media SEO or Search Engine Optimization E-mail Marketing === Digital marketing is only media in today’s market scenario helping real estate developers, and marketing companies generate leads at the lowest CPL. Choose the agency wisely, in any case.
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  What makes you choose one real estate website over another when searching for a home?
  proptech website home searching • • webstopreq  

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  In my market, there is no choice. Only one website represents the properties available in our market. The same is true in many areas of the United States. In our market, Realtor.com authorizes to make our sales listings publicly available. Property sellers have an option to prevent their properties from being publicly accessible, and this site reports what has been listed on our multiple listing service within 24 hours from its listing. Many “free” or popular websites do not pay for local MLS content - and will always be less useful than one that does pay to reproduce that content. === Several reasons come to mind. Here are a few: Ease of use Content relevant to what I’m searching for, e.g., listings of all the homes for sale in an area. Many Realtors and companies who maintain websites have what is known as an “IDX feed.” IDX stands for Internet Data Exchange, a standard for displaying listings on the Internet established by the National Associations of REALTORS (NAR). Finding an IDX compliant website means you’re looking at all the homes currently for sale in an area. Many portals such as Zillow often do not have a direct IDX feed for an area and ‘scrape’ listings data from other websites. A method is to register and get notifications for new listings and price reductions for homes like you’re looking for. For sellers, access to sold data for homes like your to help you establish a reasonable listing price along with other ‘fix up’ and staging tips.
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  How long before a phone app replaces real estate sales people?
  proptech phone app • • webstopreq  

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  Never. When I first became a Realtor in 2000, I had just sold a property using a flat fee listing Realtor. We paid $300 upfront with an agreement to pay an additional $1k once an offer was received and to do the paperwork to closing. Well, the buyer found the listing on Realtor .com and offered cash, and we closed without a hitch. We saved $18k, and the listing Realtor made $18k. This seemed like such an easy way to earn money, so I left the Stockbrokerage industry as a CFO (series 27, 24, 4, 7, 63) and began a career in Real Estate. I also thought that Real Estate would go the route of Stock trades. What I didn't know is that every residential Real Estate transaction is unique. There is a lot of drama and hand-holding involved. You have many variables with the property, buyer, seller, listing Realtor, Buyer'sBuyer's Realtor, attorneys for the buyer and/or seller, title issues, lender, and problems. The list goes on-and-on. It really can be a messy situation, just getting the sale closed. If every transaction was straight forward then yes, a cell phone app may work. Some discount, internet-based Realtors may work, but if you need to negotiate a deal and get it signed sealed and delivered on a Sunday at 8 pm, most of these limited-service Realtors will not assist you. So although many aspects of Real Estate could accomplish with an app, an app can't hold the Seller'sSeller's hand and also not be able to come up with creative solutions to get the transaction to the closing table. Never. If was going to happen, it already would have. A phone app can not replace a human being, nor can it do everything that a Realtor does. People who think that an app will replace Realtors misunderstand who we are and what we do. There'sThere's a lot of misinformation out there and the idea that Realtors do nothing but set up a few showings here and there couldn't be further from the truth. It'sIt's pretty insulting to continually hear people trying to boil all of our knowledge, expertise, and countless hours of hard work down to "All they do is open a door for me." If that's what you think, you need to do a little more research because you don't know what you're talking about. === What most people miss (including the previous question answered) is that the value of a Realtor is more in the negotiation process than almost anything else. If all you're talking about is viewing a house, we're probably not far away from people putting on VR headsets and "walking through" a home. So, if all you're talking about is the showing part of a real estate purchase or sale, then your premise may come true. But there's so much more to a real estate transaction beyond that; I'd guess it will be a long time before an app can do that. There's so much more to a real estate sale than buyer and seller agree on the price and closing date. After that, there are dozens of things that can ruin the deal. Of course, they don't all happen on any one transaction, but I guarantee 5–6 will. Yet an experienced Realtor (hopefully on both sides) can usually find a solution to each that's acceptable to both buyer and seller, and the sale proceeds. === Hopefully, long time because the personal interaction of a realtor is crucial to the majority of real estate transactions. Anyone can "find" a house, but getting the inspections and closing is not that easy. === That is where it is heading. Can an app do what a Realtor does? NO. It is changing. People are gullible, so it will make it to the finish line, but will it cross over? Your guess is as good as ours. === Have you ever gotten a bum deal trying to buy a used car from a private individual online? I once bout a $2,500 car to find out a few months later that it was going to need a new ABS module. OK, no big deal I figure until I find out that to replace the module was going to cost me $5,200! Imagine all the things that can go wrong buying a house. === It'sIt's already happening with companies such as Opendoor and Zillow. Now it's just a matter of time before most people turn away from alternative ways of buying homes (e.g., getting a real estate agent) to just doing the majority of the home buying process through an app or online.
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  How do real estate websites know all of my property’s details?
  proptech website • • webstopreq  

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  There are two primary places that real estate websites get info about your house. First is the county tax record that is typically on the web at the county tax website. The second is from the last time the home lists on the MLS, the seller, and the seller's agent likely voluntarily entered a lot of info and pictures.
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  Do people sell real estate on TikTok?
  proptech sell tiktok • • webstopreq  

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  I have yet to see it, but of course, as with anything, I will refuse to say no. I’m sure that someone on TikTok is using it to sell real estate. I don’t think it is too ubiquitous yet, however. I have seen plenty of people sell real estate digitally, and increasingly on social media. I believe that it would be smart to use TikTok for real estate purposes, especially with how popular it has become. I will say that, in general, as a real estate agent, it is becoming increasingly difficult to market yourself. The internet has become a tricky place because it is easier than ever to sell yourself and your properties online; however, with the number of people on it, it is hard to be found online. I use and have colleagues and friends that use Instagram, for example, to sell themselves and their properties. It is valuable because you can post multiple pictures and even a video walkthrough. This is great for potential buyers or renters to parse out if they like your property or not. Seeing the value and success in social media, I would urge people to use TikTok too. I would encourage agents or owners to leverage any social media platforms they have. It may be unconventional, but there is no doubting TikTok’s immense growth within the youth community, especially as a successor to Vine. Post little walkthrough videos or video highlights of your properties with information on how to reach you. Link to other social media channels or a personal website. Anything to make you stand out in this industry is valuable, and people aren’t selling real estate on TikTok yet, it’s only a matter of time until they do.
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  How can a real estate company use technology for a lead generation to client management?
  proptech lead generation client management • • webstopreq  

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  Technology brings in a vast database, analyzing this data at micro levels will bring in the right inquiry bank: which data to gather and how to be interpreted is quite a simple task-specific to the project. Project location and budget are crucial things with which one can figure out the buyer category. Once the buyer category is found, now it's time to use available data to figure out prospective buyers locations Now that the location of potential buyers been enlisted, it's time to design methods of reaching them through various media of advertising. Enlighting the prospective buyers about the project with proper approach and explanation of how the current plan could be a great solution meeting his future dwelling needs Now with an example A real estate project is coming in a tier 2 city in a place which is 6km away from the city center and about 10 km away from the outskirts, which are filled with agricultural fields. Now the primary source of income in the city being trading of goods and agriculture. Prospective buyers will be from Category 1. the section who wish to locate to a place having close proximity to the city center and not so far from their fields Category 2. the section involved in a trading job in the city and looking for a location which is not too far from the city center and at the same time is economical and spacious away from pollution and not so overly crowded Category 1 Now the reasons which bring in the urge to move to a location close to the city could be better education and medical prospectives. So use data of people who own lands and narrow down that data with further filtering the one who desperately looking for better educational (I.e., narrow down search to find the families with school-going kids) and medical care (I.e. close down search to finding the families with senior citizens and infant as they are the one who needs more medical attention) Category 2 Now the reasons which bring in the urge to move to a location away from the city could be desperate to have a break from noisy, overcrowded, and polluted environments and have the luxury of spacious accommodation at less cost. So use data of people who are involved in trading jobs and having houses in a busy locality.
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  What does UX mean for PropTech?
  proptech ux • • webstopreq  

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  A friend shared her experience of having to download a mobile app to get access to an office building even as a one time off visitor. Her frustrations resonate in me, and in retrospect, there are plenty of apps created even for one-time use. And I'm one of those who avoid these apps at all costs, keeping my phone clean from annoying notifications, updates, and other undesirable ads. When I started my proptech startup, my team deliberated if we should create a mobile app or just a website. I have no regrets about not building a mobile app. Downloading an app is simply a chore, a barrier for initial user engagement. You need to wait at least a minute to search, install, and to start an app! Then you realize the app doesn't perform as you expected it within the first 30 seconds, and you decide to uninstall it. Absolute waste of time! However, it is worthwhile to build a mobile app if the user carries out specific tasks reasonably frequently, and it will not perform as effective on a mobile responsive website. That's your everyday app- Gmail and Google Map! The daily necessities. So here’s the first UX design consideration for PropTech: Do you need a mobile app or a mobile responsive website? Having a mobile app doesn’t make you more tech. We see the hype around co-working and now co-living. One may argue if these are genuinely tech companies. But undeniably, these new models are disrupting the market norm, offering exciting alternatives for a sizable group of audience. The audience seeks flexibility, a shorter commitment period (freedom!), and a sense of belonging in a community. These models are winning the experience economy and shaping new user expectations on human interactions and how we forge relationships — a reason why community managers are critical hires to bring success in such a model. This leads to the second UX design consideration: Design valuable human touchpoints to delight your users. Another friend, a lead product manager, shared the project she is working on, advancing users from finding their home to owning them. This idea alone excites me since I had a bad experience in getting my own home. The law firm screwed up my application for getting a home loan from the bank. Their appointed executive, not a lawyer from the law firm, miscalculated on the down payment and loan amount. I had to write the cheque over and over again, then calling into the law firm and the bank to get the loan done. Writing a check is not fun at all, and I wonder why I am paying lawyer fees for the time and energy wasted in traveling and calling the different parties. I wish the entire bank loan application was made digitally and immediately. In short, I don't want to deal with human errors. So the third UX design consideration: Determine where technology should be designed to keep humans out. Nobody has a crystal ball to tell the future of UX for PropTech, but this is what I notice in human expectation. People like me who have increasingly less mental resources nowadays (or maybe I am just getting old). Intuitive design and technology For first time users to make smart decisions and to execute them swiftly. End-to-end support, one-stop solution To provide extra convenience, preferably at no cost. Valuable human touchpoints to delight, not frustrate. Zero human errors. More meaningful relationships. And what is your thought or expectation about UX for proptech? Or may I rephrase? What do you wish your first-hand encounter for getting your home, booking holiday stay, setting up your physical office, or retail space be like?
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  What's the best tool for real estate sales agents to track leads and viewings done?
  proptech real estate agent leads • • webstopreq  

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  There are many sales tools available every real estate needs: Google suit: Your office in the cloud Trello: task management Slack: internal chat Hootsuite: Social media management CRM (Customer Relations Management) software is more than just a database of contacts for real estate agents. It is as mentioned above, a virtual assistant for realtors and brokers that help getting work done fast.
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  What is the impact of advanced technology on real estate?
  proptech impact advanced technology • • webstopreq  

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  Various innovative technologies have made inroads into the real estate sector in India, right from property search to construction and signing of contracts. Leveraging these technologies is likely to reshape the future of the real estate industry in 2019. For a buyer, the changes are welcoming, but for property developers and consultants, these changes could prove disruptive and challenging. Technologies that facilitate property discovery, map-based location services, amenities-based searches, dynamic pricing models, marketing, online credit score and EMI services, online agreements, 360-degree videos, online token payment facilities for property bookings, etc., are some of the developments that Advanced Technology to Impact Real Estate Sector in 2019. Adoption of Tech and the Data Flow in Market With the advent of new technology principles and its adoptions, it has increased the flow of data in the market. The enhanced listing websites and mobile apps, as well as online linkage to financing sources and e-signed documents, have streamlined the process of buying, selling, and marketing properties. With technology can also provide quicker methods for investment companies to decide if a deal is worth pursuing. This is how advancing technology impact the real estate sector in 2019. There will be a time when Blockchain-enabled transactions could allow itself to be a game-changer soon.
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  How will drone delivery routes be determined, and what kind of impact will they have on real estate?
  proptech drone • • webstopreq  

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  If history likes to repeat itself, the first routes of the drones will be the right side of the train tracks. Historically speaking ( and the movement of information is my study ), the first airmails were done following train tracks, and the information that became formal rules were, You flew to the right of the tracks. so that’s the first step Now the next steps will be the main streets of 2 lanes with parking so that the center is bright with defined sides. After that, it should be small and smaller streets. BUT NOTE: the first thing most of these companies will do is the visual inspection of the route, power lines cause drone failure upon impact. === The FAA, NASA, and interests around the world are working on the tech for ‘autonomous drone traffic management’ so that hundreds of drones can fly safely in an area. They’re taking is seriously and are also re-building the old, since the ‘50s, ARTC Air Route Traffic Control systems to accommodate drones and spaceports into the system along with planes and helicopters. When the tech’s decided, it’ll be built into drones. Meanwhile, during this period of active prototyping of delivery drones, the FAA’s granting waivers for outfits one at a time per area if they can prove they can operate safely beyond visual line of sight with their infrastructure and sensors. DJI is already building ADS-B into its enterprise-class drones for avoiding planes and helicopters. There are several schemes for ‘Positive Id,’ and I expect that there will be some transponder decided soon enough. DJI has already released an app that will show the identity of their drones flying in an area on a smartphone, much pissing many pilots off, and will be ready to build whatever’s decided, along with others like Skydio and MatterNet. Most of the operations approved have been with waivers from FAA 107 Small UAS regulations for drones under 55 pounds operating up to 400 feet to stay out of plane and helicopter traffic, which should be 500 feet or higher. Significantly, UPS sought approval for their delivery drones under FAA Part 135 Air Taxi, the same charter airlines, which will let them fly drones larger than 55 pounds in the same airspace with planes and helicopters. I’ve seen pictures of a turbine-powered drone that looks like it can carry a load like a pickup truck that UPS proposes to fly between their locations. It looks like the easiest route to approval now is for point-to-point operations, between landing pads on kiosks. Zipline’s been doing this for a couple of years, has ticked up more than 20,000 deliveries of medical goods and lab samples in the US and rural Africa: Zipline - Lifesaving Deliveries by Drone. UPS bought off-the-shelf systems from MatterNet and was operating them shortly after approval: The Technology Supporting the UPS Medical Delivery Program - DRONELIFE Delivery to residential and commercial addresses is stringent, so Uber Eats has opted to start with landing pads at the participating restaurants that deliver to a fixed point out in the neighborhoods serviced for drivers to pick up and deliver to the customer’s door. They may be using an already approved system like this: Flirtey Unveils New Delivery Drone - DRONELIFE I don’t think there’s going to be a problem with real estate, except maybe noise. If I fly a big drone like an Inspire over my neighborhood less than a couple of hundred feet, it sets the neighbors’ dogs barking, and I haven’t heard one of them even larger drones yet, which might be quieter, with more massive props spinning slower? Google Wing’s the first residential delivery system, started a couple of months ago in Christiansburg, Virginia, but I haven’t seen reports about routine operations or noise yet: Google affiliate begins drone deliveries in Virginia town. Routes will likely be ‘direct’ between landing pads, or from a distribution center to addresses. One scheme published has the customer put out a barcode the size of a beach towel, and the drone navigates to the address by GPS, finds the barcode, hovers over it, and winches down the package.
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  What is the best project management app for a real estate company?
  proptech project management • • webstopreq  

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  IC Project is a comprehensive and intuitive project management tool. I have been using it for several months and I can honestly recommend it. Productivity and organization in my company have greatly improved with this tool. It's a great solution to effectively manage your team. I don't have a real estate office, but in my opinion, IC Project will be perfect. You will effectively manage tasks, projects, work time or calendar. It's crucial in your industry. What’s more, the customer base is important to you - in IC Project you have a built-in CRM, thanks to which you can see each customer and the task you did for him. Customers can enter the system from outside and see the sections that you share with them. I have used many similar systems so far. IC Project wins with the competition because it has a lot of functionality, and at the same time is very easy to use. Some of the features: project management task management on Kanban boards work time tracking transparent calendar and leave management built-in chat and e-mail reports and service tickets Gantt charts contractor base and invoices extensive notifications and mobile app Since I use IC Project, I don't need other management programs because I have everything in one place. I started using the system through a free 30-day trial period. I think this is a good option to test.
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  What online instrument do real estate agents use daily?
  proptech real estate agent online • • webstopreq  

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  Here is what I use pretty much 365 days a year. MLS CRM Craigslist Facebook Email === One online system real estate agents (and their respective companies) use on a daily basis is a CRM system. CRM helps with real estate operations in several ways. It helps them track both their current sales/potential clients, match clients with listings, and ensures that their customer service is personalized, among other things. You’d be hard-pressed to find a real estate business that does not use CRM software on a regular basis.
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  What are the essential technology tips for commercial realtors?
  proptech real estate agent • • webstopreq  

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  In commercial real estate agency, the use of technology is now established and essential. There are so many different technology tools that can be used by property agents and property managers daily. That being said, it is remarkable how many salespeople overlook the advantages that technology provides. You still hear of salespeople that cannot get used to email or computer use.
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  What are the biggest barriers between real estate and proptech in your country?
  proptech barrier • • webstopreq  

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  The rise of information technology has changed the way we live. But as I noticed, the real estate sector has been considered as one of the most conservative niches when it comes to technological adoption. There are hundreds of startups that are trying to bring something new in the industry. But still, real estate remains more likely traditional industry than technological. Any ideas why so? Maybe you know the most significant barriers PropTech startups are facing in your country so far?
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  If automation technology replaced the role of the real estate agent, would it affect commission rates that home buyers and sellers pay to realtors?
  proptech commission automation • • webstopreq  

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  Your premise is flawed. First, your question that if a group is no longer there will they be paid less makes no sense. As for the rest, while I do believe that agent/broker roles will likely change and commissions will probably go down, the idea that real estate will become a point and click experience is absurd. There are way too many moving parts, and it’s way too complicated for that to ever happen, not to mention how much money is on the line. The real estate industry is different from other ones that got taken out by technology. When you’re looking for a car, or plane tickets, or hotels, those are easily quantifiable and merely a matter of which one has a better price. No two houses are the same, and market knowledge matters. The sad truth is that working with an excellent agent/broker can be a life-changing experience and huge money-saving one, but the bar to entry to the industry is so low that those are in the distinct minority. And many get little or no training. Here is an example of why someone who is outstanding matters: We had a client who was about to put down $5M in cash on a house. With your vision, they just go on a website and buy it. The reality is I discovered that they had tried to hide a significant flaw in the property that would have cost them close to $250K to fix. Upon my advice, they bailed out of the deal. It was some months later before they bought something, but they were much happier they waited. And so was I. That’s why you need us. === I have been a Real Estate Investor for over 30 years. It is ridiculous that if you sell a $300K house, it will probably cost you $18K in commissions. It is insane, yet almost impossible to overcome this insanity. The problem you have is decades of crony capitalism laws that have been passed to favor Real Estate Brokers. It is challenging to fight against decades of slowly adding laws all in the “Name” of protecting the consumer. In some ways, it is like Tesla having to fight against the laws about dealerships. And these laws vary in every state. This is why it is difficult because it is not about just coming up with a revolutionary change, but having to reverse laws that have been slowly built like laying bricks for years. And you got lobbyist fighting changes. When I post comments like this, I will usually get some Real Estate Agent comments they are protecting their customer and so and on. This is how monopolies justify themselves and get laws passed to keep the status quo. This is why I say it will take a big player to come in and be able not to overcome this massive obstacle. === Real Estate brokers are NOT a monopoly. Independent brokers and agents fiercely compete for business. In most states, the fees by law are negotiable. Some Websites use sophisticated algorithms and artificial intelligence to estimate property values. Still, they are no substitute for qualified agents and professional appraisers who know the market and what is essential. Most parts of managing real estate transactions require skilled people and simply cannot be automated. One of the essential values of good real estate agents is that they’re able to work objectively to minimize the inevitable emotion that comes with selling and buying homes, and to protect both buyers and sellers. Although I’ve retired from real estate, after being a highly successful agent, I would not try to list and sell my own home. Even when I was an active agent, I hired a colleague to sell my house rather than doing it myself and was, of course, delighted to reward the broker who brought me a buyer. When I bought land in a different state to build a new home, I would not have considered trying to search for myself. I had a buyer’s agent represent me beginning with the search and through the negotiating and closing. Without that agent, I might have lost that deal. The reason most sellers have better results with a professional real estate agent is that they’re worth their commissions and usually achieve a higher net price for the seller AFTER the commission has been paid than if the seller had done a for Sale by owner FSBO transaction. === I thought 20 years ago that it was absurd how much a Seller paid to sell their property. We found a flat fee listing Realtor and paid her $1,300 on the listing side and offered 3% to the Buyer’s Realtor. We saved $18k, and our listing agent ultimately got the Buyer side of the commission, so she made almost $20k. We were lucky, and we had a highly desirable, unique property. The typical homeowner may not have the ability to see past the clutter, dirt, smells, price too high, and more. So we will need assistance from a Realtor to help sell for a maximum amount. Every property, seller, buyer, realtor, mortgage lender is unique, so getting to the finish line in a property sale can be fraught with hurdles. Realtors may work for months with an unrealistic Seller or Buyer and ultimately earn no commission. It’s a shame the National Association of Realtors don’t raise the barrier to entry and have Realtors go on a Retainer basis like attorneys so that if a disloyal or unscrupulous Buyer or Seller wastes a Realtor’s time they will experience the economic damage, not the Realtor. === I don’t think so. Sure real estate professionals signed some sucker deals with their work product for decades now. I do applaud the way the industry engages technology. Sure there are current models that apply this question to some extent. Overall, consumers do value the informed professional services that full-service brokerages offer. Until the commission issue, there will be fixed costs that need to be covered by the professionals in the industry. The various laws across just the US alone are a hurdle as well. Compliance with all the different real estate laws is an onerous task if the industry goes to fewer players. There are labor laws, contracts, and tax laws, local, county, state and federal housing laws, consumer protection laws, criminal, environmental laws, intellectual property laws, copyright and patent laws to contend with. Real estate is one of the few industries practiced under 100% commission-based compensation. How many buyers/sellers would want to or can pay an upfront retainer? That hasn’t happened yet, so there is little incentive to pursue it currently. I do find it interesting to engage in these types of wonderment. I am thinking up the grand theme and all the changes needed to come close to accomplish and what a herculean task full accomplishment would represent. Without sounding like I’m anti-technology, but I could see this becoming a monopoly where homeowners lose marketing control of their real property, in perpetuity. With the digitization of our world, this will be a new frontier of property rights. No matter the outcome, it will certainly be interesting to live through. === The classical real estate agent and brokers are changing with the E-Commercial real estate company like Zillow and REDFIN are equivalent to brokers, and they don’t need lots of agents because they serve the investment community. Educated buyers, now you can list your home on the websites of these companies for Sale your house at a much lower cost than before. And the listing is available to all buyer worldwide. They have the full support system for you to do research and estimate home value and browsing the market for understanding the market you are looking for the new technology will not obsolete experts in local area if you are a million dollars producers and had good understanding of the local market to get the right deals for high price buyer. They don’t need to buy at the lower than market value but at excellent quality for luxury and enjoyment of your home, which can give the buyer the future appreciation and the pleasure of many years to come. Location and location and home quality for enjoyment === Well, you are assuming that automation will replace the agent. Well, I just want to know Will automation check on a vacant house to make sure it hasn't been vandalized? Or get the stuff fixed that has been? Is automation going to hold Open Houses so buyers can go by and see houses and talk with somebody about the area? Is automation going to take your side when your buyer backs out the day before closing? Is automation going to stand up for you when an agent messes you up? Whom are you going to call? Do you have time for that? I'm thinking automation is going to be an option only for those who have lots of time to get their house ready to sell, prequel all buyers who want to look at their home, negotiate the deal, pack move and make sure both parties
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  What's next in PropTech?
  proptech • • webstopreq  

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  I’ve been researching this topic to help a colleague at work recently, so I feel like I can provide an overview of what the proptech thought leaders have to say about it! Here’s what most of them agree about: AI is going to be immensely valuable. It predicts that by 2030, AI will add $15 trillion to the global GDP! The digitalization of the real estate industry still lags in comparison to other areas, so proptech companies have a lot to catch up on. We can expect further development of virtual reality, client validation, smart contracts, virtual assistants, voice bots, and more! Development of “hotelification.” “Hotelification” means that the rental properties are starting to resemble hotels more and more, by, for example, offering their tenants some amenities, like cleaning or dog walking. But this year, hotelification might turn into a full-on AirBnB experience by offering units to tourists or the tenant’s friends and family for a short-term rental. The quest to simplify all transactions will continue. Real estate transactions are known to be complicated. The companies are fighting to make them simpler and cut as many intermediaries as possible. The technology is finally making it possible so that we can anticipate even more life-saving apps. *Smart apartments will go fully mainstream. The technology is being adopted not only by the individual owners but across the whole residencies as a part of the owners’ portfolio. The companies will, therefore, race to provide the best UX possible. These are not the only predictions out there. However, these are the top 4 that has repeated the most consistently. Do you think they’ll come true by the end of the year?