The real estate revolution: How technology is transforming the market
By: SHEENA CONOLLY
CEO, BROKER/OWNER, CAYMAN ISLANDS SOTHEBY’S INTERNATIONAL REALTY
Incredible changes in technology have taken place in my 25-plus years in Cayman real estate.
It has taught me that adaptability is key.
I built my company on a foundation of client value, with an in-house team that includes web developers, photographers, videographers and marketers for cutting-edge digital services. Today’s changing market demands tech-savvy real estate advisors. From paper transactions and the multiple listing system to AI-driven buying, the industry thrives on disruption.
The pandemic accelerated trends like data analytics, smart homes and virtual reality – all tools for agents to deliver superior experiences for buyers and sellers.
Here are seven tools that are transforming the real estate landscape:
ARTIFICIAL INTELLIGENCE AND AUGMENTED REALITY: Virtual and augmented reality are revolutionising the property-viewing experience for buyers. This includes 3D virtual tours, virtual staging and real-time property modifications. Exploring real estate globally has completely transformed the real estate purchase process.
AI TOOLS EVOLVE: Tools such as ChatGPT, Gemini and others have impacted the ability to assist and support buyers and sellers.
21ST CENTURY COMMUNICATION: Text messages, instant messaging, Facetime, Zoom conferencing as a modern and preferred forms of engagement.
MARKETING IN A DIGITAL WORLD: Staying current on digital channels is imperative in the real estate market. Utilising social media, Google/Bing SEO/SEM, digital advertising and innovative ideas is crucial to growth long term in our industry.
GEOGRAPHIC INFORMATION SYSTEMS: Cayman’s Lands & Survey Department has always been at the forefront of technology, providing systems to realtors that are at the forefront of our region and assist with every single property transaction.
PHOTOGRAPHY AND VIDEOGRAPHY: As early adopters of in-house videographers and photographers, our equipment and team are constantly learning, upgrading and creating new ways to showcase property in the Cayman Islands to be at the forefront, visually.
CYBER SECURITY, DATA PROTECTION, DUE DILIGENCE: Realtors have a commitment to protect sensitive data, comply with local laws and regulations, and make every effort to prevent and shield against cyber intrusion.
TOMORROW, THE FUTURE: INVESTING IN TECHNOLOGY AND PEOPLE
I believe in the power of technology and people. I also know technology isn’t here to displace agents. Real estate will always need experienced professionals with extensive local knowledge to facilitate transactions and stand with clients.
We must embrace technology with open arms, to make us better, faster and smarter professionals.
The complexities of running a real estate company have grown significantly over the years, and to be at the cutting edge, we must continue to invest resources to support this area of the organisation, and the industry.