The driving forces of change

The driving forces of change

How the latest tech trends are changing the way you do business

Every aspect of today’s real estate industry is impacted by technology. Buyers can purchase a house online without using a pen to sign the contract. Drone footage allows clients to visualize their new home without visiting the property. Keeping up with the next big thing may feel like a full-time job, which is why we’re breaking down the latest tech disruptors to watch out for.

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Personalized Search on royallepage.ca

How many times have you accused your phone of listening to your conversations? One moment you’re dreaming about a vacation to Hawaii and suddenly you see ads pop up for tours in Kauai. What about when Google notifies you with information about your commute to work just as you’re climbing into the driver’s seat, or sends you the results of last night’s hockey game before you have the chance to look it up?

It’s like there’s an Internet wizard hiding behind the curtain, pulling all the strings. Of course, your phone isn’t actually reading your mind. The latest tools in predictive and personal search are scanning and digesting information across the web, delivering the appropriate content to users.

That same innovative technology is coming to royallepage.ca, through our personalized real estate Recommendation Engine. The service will learn from each user’s behaviour before recommending homes that are tailored to their unique interests and preferences in the search results.

With more targeted content and an improved user experience, consumers will find ideal properties faster, meaning more inquiries that can quickly be converted into leads. Your clients will appreciate the enhanced search capabilities, and the Recommendation Engine will also save you time, versus spending time needlessly combing through unsuitable listings.

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The home IoT market is expected to grow to $53.4 billion by 2022*

Become a Voice of Authority

“Alexa, what’s the average house price in my neighbourhood?”

When it comes to delivering timely, value-added content to prospective clients, it really could be this easy.

REALTORS® are using smart home devices to broadcast audio content to listeners. In other words, you now have the ability to answer a homeowner’s question directly without picking up the phone (or sending a DM). Instead you can create a flash briefing: A pre-recorded audio file which can be played over an Amazon Echo smart home speaker like a mini-podcast.

“Flash briefings are created to provide a quick overview of newsworthy content, and are updated daily or weekly,” says Sunny Tung, Senior Manager, Digital Product Development , Royal LePage. “REALTORS ® are using flash briefings to provide helpful tips, housing reports, information on open houses, or to talk about a recent transaction.”

As a result, voice speakers are skyrocketing in popularity. Users can subscribe to a wide selection of flash briefings, and then ask Amazon’s Alexa to play them at their leisure. With the rapid growth of smart home technology and connected devices, audio recordings are proving to be a worthwhile addition to your marketing strategy. They allow REALTORS® the opportunity to demonstrate authority, build trust, and maintain a subtle presence in your clients’ lives.

What is IoT?

The Internet of Things encompasses all devices that “talk” to each other and are connected through the Internet.

Implement your own Flash Briefing:

• Create an Amazon Developer account.

• Record your flash briefing as a voice memo on your phone.

• Upload the recording to your computer.

• Choose an audio hosting service (such as Libsyn or Effct).

• libsyn.com

• effect.co

• Set up the Alexa Skill by visiting the Amazon Developer console and selecting <Flash Briefing> under the list of Alexa Skill models.

• Paste the RSS feed provided from your audio host in the setup menu.

• Create a profile page for your flash briefing and submit.

Stay ahead of the curve and differentiate yourself as a go-to source for real estate information.

Get Ready to Smarten Up

Smart homes are the new real estate upsell. Functions such as smart speaker systems, smart security, smart appliances and smart thermostats are changing the landscape for REALTORS® and homeowners alike. But the question is: are you taking advantage of IoT to increase sales?

There’s no denying it – being able to adjust lighting and music controls from your handheld device is appealing to most homebuyers in today’s fast-paced world. Having your blinds set on a timer so they automatically open at sunrise every morning offers a serious dosage of the wow factor. But IoT is more than just a luxury feature. It’s changing the real estate game as we know it.

What does this mean for your real estate business?

A smart home is an efficient home. Smart features lead to cost savings, as IoT-enabled sensors help to reduce costs in regards to heating, water, air and electricity. For example, a smart water heater can be scheduled, rather than running wastefully while no one is home. Use the data to show a potential buyer exactly how much money they are saving each month with IoT technology.

Predictable maintenance brings peace of mind. There’s no way of escaping the ongoing maintenance that comes with owning a home; but what if you could predict when problems may occur and fix the situation before they cause massive issues (and dents to the bank account)? IoT-enabled sensors will monitor a home for inconsistencies that may arise and send notifications when maintenance is required. By presenting this data to potential buyers, you can help them rest assured there aren’t any concerns requiring immediate attention. This is especially relevant when it comes to commercial leases, as you can ease the mind of a prospective tenant who is concerned about how the costs of upkeep may impact their business.

Simply put, smart properties are smart business – at least for those who are using IoT effectively.

• matterport.com

• rooomy.com

• magicleap.com

Creating a Buyer’s Dream

When it comes to selling a property, you have one key goal in mind: help the buyer imagine what life would be like if this was their home.

There are many methods to go about this, from staging to capturing professional photography, to hosting open houses. But the latest in virtual tours and augmented reality (AR) is taking the marketing world by storm and it’s going to have a massive impact on the way real estate is sold and leased in the near future.

A virtual tour is an immersive walk-through of a property, which allows a prospective buyer to feel as though they are actually walking through the space. AR creates an interactive experience based on a real world environment, with the added capability of using digitally created elements.

In the past, creating a virtual tour was expensive. Now, with the recent growth in AI and the competitive landscape of startups looking to maximize on this potential, the cost is becoming more attainable. Brands like Matterport and roOomy are leading the charge in virtual technology, and before you know it, you’ll be able to use the images shot from your phone.

Not only will virtual tours of your listings become more affordable, but you can also start leveraging virtual staging technology, where you can have houses virtually ‘cleaned’ of clutter and staged with luxury digital furniture. To take it a step further, Magic Leap—a leader in AR technology and creator of AR glasses—allows the wearer to walk around and see life-sized digital furniture without being constrained by looking through the screen of a phone or tablet.

Gone are the days when open houses were limited by the confines of geographical boundaries. Virtual tours and AR staging open the doors to buyers from different cities and countries, helping them feel more comfortable and confident making a buying decision through the use of this game-changing technology.

Prediction: by 2020, there will be 20.4 billion IoT devices**

*statista.com/statistics/682204/global-smart-home-market-size/

**gartner.com/en/newsroom/press-releases/2017-02-07-gartner-says-8-billionconnected-things-will-be-in-use-in-2017-up-31-percent-from-2016