The Real Estate Tech Guru Craig Grant joins Monica on the show today to do a tech overview in the real estate industry. They discuss several different tech items that are around or will be around in the next 5-10 years, and how this will directly affect REALTORS® and agents. This is a great episode to familiarize yourself with tech concepts that are prevalent in today’s real estate climate.
The first tech item they talk about is the next generation of cars. Right now cars are starting to integrate with smartphones and AI; down the pipeline, there will be developments that will change real estate. 100% autonomous driving is going to change the look of a car, and what kinds of garages and car-related amenities people will need.
Smart homes are growing more than we realize. Over 50% of US households have a smart speaker, like Amazon Alexa or Google Home. You can get three smart devices and qualify yourself as a smart house. Smart house technology is going to continue to grow, especially now that younger generations are interested in real estate. Smart home technology can also provide companionship for the aging generations. For safety, it is crucial that your devices and your network are locked or password protected. Craig talks about a few other things to think about as a REALTOR® in a smart home.
The third piece in the tech world is internet-based tools. Today, most agents rarely have to go into the office because the cloud allows people to be more mobile and work remotely, rather than in a physical office. EXV is one of the fastest-growing companies, and they do everything through an internet portal. Craig and Monica also talk about the tech arms race and the implications on REALTORS®.
Big data and predictive analysis is the collection of massive amounts of information, then using that data to predict what will happen in the future. This stuff already exists in the real estate market, but there are developments that will allow it to work with your MLS. It’s like getting coupons on the things you already buy.
Artificial intelligence is when a computer is learning your behaviors, and attempting to act like a human. The most common form of this is a chatbot, where a computer is available to respond to clients at any time of the day. In the next few years, we may see where your CRM can basically work as your personal assistant. AI also influences algorithms. This helps both buyers and sellers by providing more detailed searches and descriptions.
Craig and Monica talk about some cybersecurity concerns, and what type of things REALTORS® have control over. Most don’t realize how many problems they could create in the tech/legal world. Agents often collect more information than they really need. They talk about some of the specific types of information we don’t need and encourage REALTORS® to just stop collecting it. PII and wire transfer fraud are the two biggest offenders when it comes to cybersecurity concerns. Letting vendors handle this information can remove you from these situations. Craig talks about some other things you can put into practice to help protect you from data breaches.
iBuyers are another facet of technology in the real estate market. The problem with the iBuyer model is that while the sales pitch is awesome, they wrap in other costs in the inspection and closing costs. People who sell their house through an iBuyer are losing about 15% in a transaction.
Augmented reality is being used with virtual staging, and virtual reality could be used to do a rendering on a property before anything is even built. While augmented reality is already mainstream, virtual reality will be mainstream in probably the next 10-15 years.
The last tech item they talk about is 3D printing homes (contour printing). It’s already happening, and the idea is that you can build an entire house all through 3D printing. This would greatly diminish the time spent to build a house, as well as money spent on labor. The major builders are working on this to see how they can build entire communities.
Most REALTORS® are scared of the technology, but this stuff will help the business. Don’t be afraid to reach out and learn new things — you never know how it will boost your business!
“Your relationships are still the best way for you to get business and maintain business, and that’s what people want in the real estate business. That’s going to be what we carry on into the future as we adapt to these things.” — Monica
“I think a REALTOR® needs to understand it, they need to learn how to sell against it, and give their customers options and realize it’s out there.” — Craig
About Craig Grant
In addition to being the CEO of RETI.us, the Real Estate Industry’s Online Home for Technology Education, Craig Grant has an amazing ability to present technology topics in a fun and easy-to-follow way that the average REALTOR® can understand and apply to succeed in today’s fast-changing real estate marketplace.
With over 150 speaking engagements around the country each year, including some of the industry’s top events with sessions for NAR, many state associations, national franchises and more, it is easy to see why Craig is considered the Real Estate Tech Guru.
Craig has a collection of very popular classes that deal with helping today’s REALTORS® use all facets of technology, the Internet, websites, social media and more in their business and daily lives and would be a great addition to your educational calendar.
Craig Grant grew up loving all things technology and the Internet. After graduating from the University of Florida, he spent nearly a decade as the regional manager and corporate trainer of the New York Times Regional Media Group. Craig then created The Real Estate Technology Institute (RETI) and EasyRealtySites, two companies whose focus is on creating partnerships with REALTOR® associations and companies and helping elevate their members through technology education, training, and solutions.
Craig is a certified GRI, CRS, e-Pro® and RPR® instructor for all technology and marketing courses, a member of the GRI Task Force, and former Chairman of the Florida REALTORS® Education and Technology Committee.
In his spare time (that isn’t spent online) Craig is a sports fanatic who can be found participating in or watching sporting events with family and friends.
- Visit Craig's web site: https://craiggrant.info
- The Real Estate Technology Institute
- Consumer Electronics Show
- Visit Monica's website: FuntentionalLiving.com
- Visit Monica's blog: FranklinTNBlopg.com
- Email Monica
- Center for REALTOR® Development