Technology is at its most useful when it is solving problems and making experiences more user-friendly — a rule that applies to real estate tech.
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In an ever-shifting real estate market with more licensed agents than ever, savvy agents are constantly on the lookout for new tools to give them an edge.
Technology is at its most useful when it is actively solving problems and making experiences more user-friendly — a rule that applies to real estate tech.
Two technology tools new to real estate were discussed during an Inman Connect Now virtual session on Thursday, featuring openigloo CEO Allia Mohamed and zoodealio CEO Kala Laos, moderated by Jeff Lobb of SparkTank Media.
Zoodealio is a software that enables agents to generate leads like an iBuyer, but keeps the agent front and center, unlike bigger iBuyers. Laos discussed how the product is giving agents the ability to aggregate multiple offers into a clearly presented system.
“We’re seeing this shift from agents providing CMAs to providing that instant cash offer,” she said. “The technology that we’re really seeing change this is the ability to aggregate all of these offers and pull them into a digital solution so that the seller can see those cash offers just like they could see a CMA.”
Openigloo operates a consumer-facing platform that allows renters to leave reviews of their rental buildings and landlords, in an effort to bring more transparency to the rental market.
“On the homebuyer side they’ve got the knowledge of their broker or agent, they’re doing home inspections, they really have everything upfront before they make a big transaction,” Mohamed said. “Renters are spending a lot of money on this purchase as well, this is 30 or 40 percent of your salary but we don’t get that same sort of information.”
The plaform combines tenants’ reviews with data they provide on how much rent they pay and whether their safety deposit was returned, along with asking them to provide pros and cons of the building to ensure the review is balanced.
Agents can use the platform by incorporating a building’s openigloo score into their marketing pitch and by connecting agents who post their listings to the portal with pre-qualified leads.
“A big contention in this market is wasting time. A broker shows an apartment to someone that’s just not qualified for the apartment or doesn’t meet the income requirements, or you see an apartment that’s just not going to work for that family,” she said. “What we’re doing for agents is we’re sending them ‘OK, this is the lead, this is their credit score, this is the move-in date, this is how many occupants. So now that’s already taken away six back-and-forth emails to get to the gist.”
With more agents working than ever and the market undergoing a shift as mortgage rates rise, the agents who survive will be the ones who can adapt, said Laos.
“I think we’re really going to see a real estate agent crash,” she said. “I think what’s going to remain are the ones that are super committed to their business, that are going to adopt the openigloo’s, adopt the zoodealio’s, and they’re going to put all of these together…and they are going to form their tech staff and they are going to really serve and support at a really high level and you’re going to continue to see the growth of teams and their producers that are going to adopt these technologies.”