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Real Estate Tech: Terms and Trends for Veterans and Newbies in the Biz

Cherianne Luise Mangrobang  —  2 months ago ( Jun 19, 2017 )    |    Technology

The good news is that getting into real estate industry is lucrative; one just needs to take on the challenge to keep up with the competition and the market. Thanks to technology, the challenge changes from where to find your customers to how to get their sweet yesses and how to enjoy opportunities. Whether you’re a newbie or a veteran, here are what you ought to know about terms and trends in Real Estate Technology.

Millennials

Also called the Generation Y, millennials are those people born between the early 1980s and the early 2000s and are considered digital native. They are in-depth and highly connected in modern creations, such as smartphones, computers, the Internet, and social media, and as today’s predominant workers, they have a high purchasing power. Since they are also exposed to vast of information, millennials are open-minded in investing that’s why they are favorite prospects of businessmen.

Mobile Technology

Generation Y or not, everyone has gone gaga over using smartphones and it means a lot for the real estate industry. Mobile technology is a powerful tool to reach that big number of potential customers, who are only few screen-taps away. Thus, nowadays the effort in creating mobile apps, mobile ads, and mobile-friendly websites are so extensive.

Digital Marketing

The term “digital marketing” is becoming too broad now because there are various ways to do it. However, digital marketing is simply promotional efforts through all possible channels online. It has different types, including mobile marketing, email marketing, social media marketing, and content marketing, and in order to become efficient in any of these, you should also know how do it properly so you will achieve the results you are aiming for.

Big Data

Gathering information about your target or potential customers doesn’t mean lots of paper and field-work. In fact, just subscribing to online tools such as Google Analytics or Facebook Ad will allow you to have big data of your prospects. You will know their behavior, interests, location, demographics, employment status, and more. Big data is also beneficial in working smart to tailor your business path and ad campaigns, instead of just working hard to get attention.

Marketing Platform

Although there are available tools and ways for your business to get its much-needed exposure, counting on an effective platform to get the boost you need is a wise decision. This is what an online marketing platform or marketplace is all about. It’s like a center stage for performers or a pulpit for speakers, but the difference is it also gives you the business assistance.

A marketing platform is valuable if it has good reputation, a high traffic of visitors, it is searchable online, makes it easier for you to engage with your customers, and fits your business. A topnotch example for this is Lamudi Philippines, which is a leading real estate marketplace that guides sellers, renters, and buyers. It does not only boost online campaigns, but also give updates in the latest trends and helpful tips.

Virtual Reality

The most engaging mobile games let the players feel as if they are the ones who are fighting or walking in a virtual wonderland. This is how virtual reality technology works and what real estate players are adapting now. It’s a fashionable tech that allows buyers to tour virtually a property for sale through an app or website. With this technology also, companies can accommodate more potential customers anytime and lessen the effort of personally touring them with their agents. In fact, it is also quite helpful showcasing yet to be built real estate projects.

Drones

Drones are remote-controlled, unmanned aerial vehicles with cameras attached to them and can take aerial shots. The real estate industry utilizes this high-tech gadget to present their properties so clients will get to know more about what they will eventually buy. Aerial photography provides a view of an entire property and its neighborhood.

Smart Home

A smart home is a house that is equipped with automated devices. It is a residence that offers its owners and residents much convenience as almost everything can be controlled and operated with the simple tap on one’s smartphone. Perfect for tech-savvy homebuyers, it offers a convenient abode for those who require a place that fits their modern lifestyle.

Cherianne Luise Mangrobang Cherianne Luise Mangrobang is the PR & Partnership Officer of Lamudi Philippines and MyProperty.ph, two of the country's largest real estate websites.