Thanks to internet, anything you wish for can be delivered to your home in a matter of hours or days (Stair and Reynolds, 2011). Indeed, technology has been one of the biggest changes the society has experienced. With technology, virtually anything is achievable; a consumer in Africa can purchase his products from an outlet store in New York right from his house. Because of the advanced technology, business has also improved. Today people are conducting business online; this is what has popularly been referred as e-business. According to Schneider (2010), e-business is the “application of information and communication technologies in support of all activities of business”. Electronic-business is the new face and form of business in the world today (Schneider, 2010). In this paper, we will assess how the real estate business has benefited from internet and mobile technologies.
Key areas and technologies in which E-business has changed the way real estate companies operate
Thanks to information communication and technology (ICT), Real Estate business has improved and taken a new form (Stair and Reynolds, 2011). Such new changes have enabled tremendous growth in the Real Estate industry. According to research findings, Real Estate industry is one sector that relies on technology most to conduct its activities across the globe (Stair and Reynolds, 2011). In an effort to improve service delivery to its customers, the Real Estate industry has fully relied on ICT to meet the needs of the customers. With the use of technology, Real Estate professionals have organized their business attracting more customers (both sellers and buyers) and investors too.
The three keys areas that have changed in Real Estate industry due to technology are marketing and advertisement, sales (selling and buying of products and services) and issues of investment management. ICT has enabled business transactions in the Real Estate industry to become friendlier and therefore benefiting Real Estate brokers, realtors, Real Estate professionals and all customers at large (Otto, 2012).
Marketing and advertising have improved vastly with the use of modern technology. Generally, a number of technologies have enabled such changes to occur boosting business in this industry. A few years ago, the most reliable form of technology in the Real Estate sector was the MLS book (Stair and Reynolds, 2011). The MLS book was not easy to access and interested buyers were forced to visit an agent to have an access to information. Today however, this form of technology has revolutionized and now agents and buyers can be able to access MSL data right from their home via internet (Stair and Reynolds, 2011). This saves time and reduces costs. In addition to these improvements, different companies’ websites are able to provide clients with adequate information regarding different properties. This has definitely taken marketing to another level. With special software designed for internet users, buyers have more information at their fingertips enabling them to make informed decision when it comes to buying homes (Otto, 2012).
Real Estate advertisements have taken a new twist with the emergence of technology. Today most Real Estate companies are using internet to advertise their products and services. Through interactive websites, now clients can be able to connect with the products they desire (Otto, 2012). It has been reported that in the last four years, companies have engaged much more in internet advertisements since here, they can be able to target a larger audience (Otto, 2012). Companies’ websites are designed with videos that enable clients to have a glance of the wide variety of available properties (Mvay Real Estate, Ltd, 2012). Using the internet, different company websites are able to carry out both traditional advertisements and listing. This has enabled easy information access in cheap and timely manner.
On the other hand, the future of Real Estate has seen its way through company blogs. According to the manager of McVay Real Estate, an Australian leading Real Estate firm, “the future of Real Estate is the marketing blog” which according to him is a very special and unique way of marketing (Mvay Real Estate, Ltd, 2012). Companies have discovered that blogs are providing Real Estate companies with numerous opportunities to target a wider population and eventual reach out for their customers. Through blogs, a Real Estate firm can be able to talk about new things, explain about their products, respond to the clients regarding different inquiries, and compare what is being offered by other similar companies (Schneider, 2010). More importantly, most companies are tapping customers from social network such as Twitter and Facebook connecting them to their blogs, which are obviously more informative. This increases customer base and effective communication.
One such a company that is has embraced technology is McVay Real Estate (Mvay Real Estate, Ltd, 2012). This Australian property selling company has adopted the technological changes to enable it to meet the market demands. One obvious feature is the company website, here the McVay Real Estate Company is able to explain and enlighten the public about it services and products offering viewers with an opportunity to learn more about the company and its products (Mvay Real Estate, Ltd, 2012). In addition to this, the company has a blog that is used to inform, advice, and acquire client’s feedback regarding their services.
In this era of mobile phone technology, new application designed for our cell phones are taking business to the next level. Real Estate industry is no exception as new software designed for mobile phones are enabling business to become a reality in this industry. A new mobile phone application known as QR code has enabled marketing listing to become more effective for mobile phone users. This application enables clients to have instant messaging service or “quick response” and hence become connected with their desired products (Schneider, 2010). This has enabled effective communication between entrepreneurs and clients.
Concerning buying and selling, Real Estate companies are also relying on technology to make business transactions. Today, if you are interested in a certain house, you can buy the product right from the comfort of your house (Schneider, 2010). New technologies are enabling people to have easier and faster transactions. As such, Real Estate companies are using internet to make payments hence reducing cost and saving client time needed for travelling all the way to make payment. Today, a customer can be able to pay for his product via internet. There are a number of available payment options including Payoneer master card, wire transfer, and PayPal among others (Schneider, 2010). This payment options enables money transaction to take place via internet.
McVay Real estate has not been left behind either. The Australian leading Real Estate firm has been receiving payments via online using credit cards, wire transfer and PayPal just to mention a few (Mvay Real Estate, Ltd, 2012). In fact, looking closely at the company policies, the firm has clearly outlined that any client can make payment via online which has been said to be very reliable. This saves time.
Another area that has changed because of internet technology is Real Estate investment management. The use of internet and wireless technology has brought big changes in the investment management in almost all Real Estate companies (Schneider, 2010). In the past, management of Real Estate meant doing a lot of research, preparing reports, and making presentations all, which were done on papers using a pen (Schneider, 2010). This sounds very exhausting. Imagine having to make calculations and all the reports manually. It is obvious very demanding. However, things have changed and management of Real Estate has changed considerably. Thanks to internet, Real Estate management has become much simpler. According to the manager of McVay Real Estate in Australia, “going wireless” as he put it has really brought changes and enabled business to become more effective (Mvay Real Estate, Ltd, 2012). Today, using the internet McVay Real Estate can order supplies and services without incurring transport costs (Mvay Real Estate, Ltd, 2012). The management can be able to compare cost and quality of its competitors via the internet. Through the internet, the company can be able to provide its customers with more information about their products and services.
Potential applications for newer technologies such as mobile devices
Although technology has brought many changes in the business sector, much needs to be done to sensitize and educate the public on how to use the mobile applications, which have a high potential of bringing changes in the Real Estate industry. Today, mobile phone as a technology has enhanced communication, which is one very important aspect of business (Schneider, 2010). With improved communication, business has become better than ever before. As such, mobile applications have the ability to improve business in the Real Estate industry. Generally, with application of mobile phone designed software (applications), there is a possibility of improving marketing (Schneider, 2010). In addition, new technology of mobile phone can improve communication and coordination, which means better management. Therefore, the two key areas are marketing and management
Foremost, with new technology such as mobile phone application, Real Estate companies can be able to improve marketing. Today, the industry of Real Estate has become very competitive (Schneider, 2010). In order to target many customers, Real Estate companies should be ready to accept and embrace technology. One such potential technology is the mobile phone and its applications. This is because virtual everybody has a cell phone. Today, Real Estate can rely on the mobile phone technology to communicate and provide more information to all potentials customer. Different phone are being designed with different applications that enable customer to have a variety of options. For instance, there is one application that enables you to subscribe and receive alert regarding new homes on sale or properties (Stair and Reynolds, 2011). In addition to this, internet-enabled cell phones offer a wide range of options. You can use the internet or use other applications to meet your market desires.
There are a number of applications available for different phones with different features. For instance, there is one for iphones and tablets with unique features (Stair and Reynolds, 2011). This application enables Real Estate companies to list homes on sales, rentals and many more products (Stair and Reynolds, 2011). With such application, individuals can be able to see the location homes, view the products/properties, and even share the information with friends via social networks like Twitter and Facebook. This has the potential of improving sales and marketing for Real Estate firms. For McVay Real Estate, the firm has utilized this application to target its customers. Customers of McVay Real Estate have widely used the alert application, which sends information about new properties and their location (Mvay Real Estate, Ltd, 2012).
With the new mobile technology, management in Real Estate is now a reality. Some of the most modern phone applications are designed to fit in issues of management not to mention increasing issues of communication. With such applications, Real Estate companies can now be able to acquire benefits that will ensure high profits. The use of mobile phone and its application can help in updating data and informing customers eventually leading to organized management outside the office. The aspect of clients accessing organized information is by itself proper and effective (Mvay Real Estate, Ltd, 2012). On the other hand, a manager can use his mobile phone to handle several issues. Communication is another important aspect of management. In case the manager is not in his office, one call using the cell phone can set everything straight.
Conclusion
In conclusion, the world has become a global village and many things have improved in all aspects of life (Otto, 2012). Business has not been left behind and many entrepreneurs are embracing technology, which is obviously making improvements in many business areas. Real Estate industry is one industry that has embraced technology. In fact, according to research, the Real Estate industry is said to be one of the business sectors that has embraced technology in a very big way. Using internet and mobile phone technology, Real Estate industry has improved its services and it is continuing to deliver to its customers across the globe. One such company is McVay Real Estate an Australian leading property and sales company (Mvay Real Estate, Ltd, 2012). McVay Real Estate represents a modern Real Estate firm that has embraced technology. According to the company’s representative, McVay Real Estate has seen many improvements in sales and profits have rising after embracing technology. Clients on the other hand have not been left behind as they are using technology to acquire their desired products.
With technology, people do not need to travel here and there assessing different properties. All an individual should do is to visit different Real Estate’s websites. Here, an individual can access a variety of properties on sale. Through your monitor, you can be able to have a glance of the interior design of your home dream. Indeed, internet has taken Real estate industry to another level.
Now the question is what is the future of Real Estate industry in this era of globalization? Well, many researchers agree that the future of Real Estate in this era of information technology is very bright. Many Real Estate companies are adapting technology and as it appears, business is doing very well. For marketing, entrepreneurs have said that blogs are the next big thing in this industry. Blogs are really helping the Real Estate industry to get more customers every day. In my opinion, there is need for Real Estate companies to focus more in social networks because they can target a larger audience.
Reference List
Mvay Real Estate, Ltd. (2012). McVay Real Estate. Web.
Otto, D. (2012). New Real Estate technology launches Will save agents hours in time spent chasing potential customers. Web.
Schneider, G. (2010). Electronic Commerce. Sydney: Cengage Learning.
Stair, R., & Reynolds, G. (2011). Principles of Information System. Sydney: Cengage Learning.