Immediacy is critical in today’s marketplace. With the growth of technology and an ‘I want it now’ mentality, real estate agents have a decision to make–embrace new technology to stay in the lead or pretend it’s not really that important and fall behind.

In the past, communication of information was somewhat controlled. MLS and other sources of data were filtered to the consumer through the agent. However, the tides have now changed with consumers gaining access to oceans of data via the Internet. In fact, 84 percent of home buyers surveyed in a 2007 Profile of Home Buyers and Sellers, conducted by the National Association of REALTORS®, used the Internet to start their search. And, even though that percentage seems to grow each year, it doesn’t mean that the need for real estate agents is declining. The good news is that most of those home buyers end up using a real estate agent to complete their transaction.

The role of the real estate agent and the consumers’ expectations for their relationship with the agent are evolving. Many potential home buyers are looking for faster response times and a higher level of customer service from agents. Seventy-eight percent of the time, consumers are willing to work with the first agent that responds to their inquiry. And, when asked if there was anything they could change about their agent, 35 percent of consumers stated that they wanted “faster response times.” So, there’s a great benefit to agents that embrace new technologies to stay connected with their clients.

What are these technologies that are becoming so critical in gaining a competitive edge and building the relationship between client and agent? Multi-function ‘smartphones’ are growing in popularity with agents according to NAR’s 2007 REALTOR® Technology Survey. Nearly 60 percent, close to 80,000 real estate professionals of the NAR membership, either have or plan on getting a smartphone for business. Smartphones are more than your typical mobile phone in that they offer advanced capabilities, like GPS navigation, mapping, internet browsing, email and texting, digital imaging features, contact management, and other applications. With all of these features, agents have the ability to keep in constant contact with their clients, stay mobile and access information in the field rather than having to depend on going into their office for more data.

Access to email is becoming a key factor in staying competitive among agents. According to research of the 2006 real estate market by the California Association of REALTORS, 83 percent of Internet buyers chose email as the preferred method of contact with their agent. And, a large portion of home buyers expect their agents to answer emails within 30 minutes. Rather than make frequent visits to their offices to check email, agents using smartphones are able to set up automatic features that forward emails directly to their phones when they’re out in the field. Other information collected via agent’s websites—leads from online forms, showing appointments, emails, and more—can be forwarded and accessed on the smartphones, as well.

Another use of technology that’s rapidly becoming popular is agent websites. Forty percent of home buyers using the Internet favored agent websites as a key source of information. Many agents are taking note of this fact and work to develop extensive search options, provide neighborhood statistics and feature other relevant information on their site to help drive traffic and convert visitors into clients.

A recent RISMedia magazine article offered some great tips for further developing a robust agent website that builds relationships and referrals. Here are a few highlights:

Construct predefined searches for prospective buyers visiting your site. If there are certain neighborhoods in your area that are getting a lot of attention, showcase available homes through a featured section on your website.

Provide enticing visual content like 360-degree views, virtual tours, videos, multiple still photos of each property and images of neighborhood features.

Include specific information regarding community and lifestyle features. Become the local authority on targeted areas in your marketplace.

Other trends that support using new technology and the Internet as a major marketing channel is the boom of social marketing and community forums online. Many agents are beginning to participate in blogging sites like MySpace™, Craigslist® and YouTube™ to capture new clients and to present themselves as experts in their local areas. What’s even better is that many websites are starting to offer alternative views of their pages to accommodate smartphone browsers. So, an agent using a smartphone can capture information from a site to support their efforts with clients in the field or can even post content onto these sites remotely.

Technology can be a tremendous help to agents trying to gain a competitive edge in the marketplace. The possibilities and opportunities available to agents willing to embrace these technologies are extensive. My advice is to welcome new technologies and watch your business grow in exciting ways.

Best,

Steve