New technology will change the real estate industry forever

Wearable devices are trending in technological advancements and are changing the way people share and retrieve information. Recent releases like Samsung's Galaxy Gear and Google's Glass are building on the success of smart phones and tablets in keeping people more connected than ever before. They are no longer just hardware for our amusement; they are changing the way business is conducted. In an industry built on info and building relationships, those in the real estate industry have a tremendous amount to gain by leveraging advances in technology. However it does raise some interesting questions; How does new technology change the real estate industry? How can brokers and agents use the latest technology to gain an advantage? And why we all must evolve and adopt this kind of new technology today? Smart phones, tablets and wearable technology allow you to stay connected and retrieve market information without having to return back to your desk. Wearable devices are poised to be popular for a reason, they aim to make life easier and therefore will make business more efficient for everyone. The old model of giving an agent a desk and a phone and telling them to go get business is obsolete. They have access to more information than ever before, allowing them to be more knowledgeable as real estate professionals. They are more efficient as this info can be accessed from anywhere, anytime. This gives them the ability to spend more time on site showing space, securing exclusives and meeting with clients. The real estate industry is already benefitting from more educated consumers - property owners who want to manage and market their investments more effectively, commercial tenants who want to pre-research spaces that meet their criteria, and residential buyers and tenants who want to pinpoint the ideal home. Info long produced and reserved for professionals is now available to everyone. Giving clients' access to accurate and detailed real estate info will allow agents to focus their time on finding the best possible opportunities for them and has the ability to shorten the real estate lifecycle. It will also lead to better real estate decisions which are more tailored to an individual client's needs, meaning more satisfied clients. For example, online resources such as WebMD and the Mayo Clinic website have enabled the general population to research and better understand medical and health issues. Rather than replacing doctors, these resources have actually helped medical professionals to engage in better, deeper conversations with their patients and form a more collaborative relationship. Educated, informed patients are often easier to treat and more receptive to discuss options. Similarly having more informed clients helps professionals manage their client's expectations and steer them through the transactional process. In the real estate industry where info is paramount, real time market data is no longer a luxury, it's a necessity. Brokers and agents earn their commission by leveraging what they know and connecting it to who they know, brokering the deal. Prime listings can come and go in an instant - speed in decision making can mean the difference between closing a deal or losing out to a competitor. Relying on out of date technology can lead to misreading the market or mispricing and resulting in the space sitting empty for months. Changes and advancements in technology are speeding up the process for all parties involved. Imagine looking at a property and wishing you knew more about the availability. You'd have to go back home or to the office to research the listing. Now picture the same scenario but while wearing Google Glass - a wearable device that responds to voice command and displays content right on the glasses lens. The difference to accessing that info to aid in your decision making is the blink of an eye. But can you also imagine the ease of wearable technology combined with an innovative all-inclusive database? We can! Agorafy looks to streamline the industry process with both commercial and residential properties. It is as easy and simple as Google glass but available and ready to use now. We have an eye on the future and are continually expanding our platform to accommodate current technology and future developments. Agorafy is an intelligent decision engine that streamlines how real estate professionals operate while empowering property owners, buyers and tenants to take control of their own real estate needs. It aggregates all available listings and property information onto a single, easy-to-use interface, removing unnecessary industry barriers. This enables better, more informed decisions and greatly accelerates the overall real estate lifecycle by putting the most comprehensive and accurate information at your fingertips. Agorafy is an open platform organizing and sharing real estate information in New York City. We believe in creating value for real estate professionals by providing them with a wealth of knowledge at their fingertips, which can be accessed from anywhere, anytime. Spend less time retrieving information and more time on closing deals. Richard Du is the founder and CEO of Agorafy, New York, N.Y.