And as you’ve seen, our new world order now includes video conferencing, online shopping, home deliveries, and virtual social events, just to name a few… in terms of technology dominating our lives, this has never been truer than it is now.
So, what does a hardworking, smart, relationship-focussed Realtor like you do now? You innovate and embrace technology like you’ve never done before, that’s what!
The Board has been keeping you abreast of new tools, and tips and advice on how to handle buying and selling during COVID-19. Check out our recent news release for more information if you haven’t done so already.
During our research, we’ve come across some other innovative technologies that you may want to look into to help you run your business during this pandemic, and beyond as well.
First up, is the role that Artificial Intelligence (AI) is playing in the business of buying and selling real estate. AI tools now have the power to quickly review and extract due diligence information for you from strata/condo documents.
AI powered tools also allow Realtors to provide an address, square footage, and strata documents to a service provider, safely and securely. The AI then reviews everything and produces a report within minutes.
The report, typically delivered by email, will include things such as budget/reserve charts (with comparisons to similar buildings), a list of key bylaws (e.g. pets, rentals) and flagging of any reported problems (e.g. leaks, theft, litigation, special levies). Realtors can then add their own notes to the report prior to sharing it with clients. As an example of this, check out the Eli Report, which is available here in BC.
Next up is Virtual Reality or VR as well as Augmented Reality (AR). VR technology has come a long way since the days of the “Lawnmower Man” featuring former Bond man, Pierce Brosnan – remember that movie??; ahem, if you have no clue what I’m talking about, then just check out the new series Upload on Amazon Prime.
VR and AR allow you to create immersive real-life experiences when you are looking to showcase what a home would look and feel like, even before any construction begins.
You can leverage VR and incorporate 3D architectural visualizations, make the experience interactive, add video and narration to create a guided wayfinding experience, and even include drone/aerial photography and videography.
What a great tool to use, especially as it allows you to show properties even before ground has been broken, right? Or, you could use VR as another added tool, alongside virtual tours, and live streaming of open houses. As an example of a local firm in this space, check out LNG Studios.
Last but certainly not least, is the power of 3D modelling. While this is still an emerging technology, it has evolved quite a bit since the days of those Lego like brick people you likely saw in earlier versions of computer-aided designs (CAD).
Now, you can leverage 3D modelling to create interactive navigation tools that display street level as well as aerial views. You can also take your buyer or seller through a 3D experience that shows real time data on things such as traffic and energy consumption alongside a city’s geospatial information. And you can replicate interior spaces to truly enhance your clients’ experiences.
This allows a prospective buyer/seller to obtain a true and authentic feel for the neighbourhood and the community in which they are thinking of moving into. And you and they can do all that from the comfort of your and their homes and/or workspaces. How’s that for impact? If you’d like to see an example of a company in this emerging space, check out Geo Sim Cities Inc.
Well, that’s it for now from your intrepid Communications team at the FVREB. We’ll be back soon with more tools to help you get through this challenging time.
As always, we welcome and encourage feedback so please feel free to reach out to us at firstname.lastname@example.org. If you’ve come across an innovative tool that helps you with your business and you don’t mind sharing it with others in the profession, please let us know so we can take a look at it as well.
Stay safe, stay well, and stay healthy out there by following Dr. Henry’s safety and health protocols!
Sources: FVREB Communications & Professional Standards