Real estate in a mobile world: Our world is changing - fast

Our world is changing - fast. Technology is rapidly advancing. Innovation is touching every aspect of our lives. Industries are being reinvented and revolutionized. Barriers and borders are coming down. And at the center of all this commotion are little devices no bigger than a sheet of paper and, more often, smaller than a dollar bill. They, of course, are our web-enabled phones and mobile devices. Today, mobile is at the heart of the new digital ecosystem. According to GSMA, a global association of mobile operators and related companies, the mobile industry continues to scale rapidly, with a total of 3.6 billion unique mobile subscribers at the end of 2014. GSMA indicates that half of the world's population now has a mobile subscription—up from just one in five 10 years ago. Moreover, an additional one billion subscribers are predicted by 2020, taking the global penetration rate to approximately 60%. In fact, there were 7.1 billion global SIM connections at the end of 2014, and a further 243 million machine-to-machine (M2M) connections. Mobile devices are having a dramatic impact on the way we live, work and connect. The above numbers are staggering. Although, we have probably all reflected on the impact mobile is having on our lives, communities, and the global economy at one time or another. And all the while, mobile adoption and usage continues to surge. So much so that even tech juggernaut Google has changed its mobile search algorithm to feature "mobile-friendly" sites (like agorafy.com and the new Agorafy App) in returned mobile search results to adapt to this trend. Not surprisingly, the real estate industry is also being strongly influenced by mobile. Generally, mobile is impacting how and where we work, our productivity, the services we provide, and a new level of connectivity and customer service that we can offer clients, colleagues, and stakeholders. Real estate has long been a profession on the go. But, today's mobile devices give professionals a higher level of connectivity and productivity while away from the office. In fact, real estate professionals rely heavily on their mobile phones and devices to: get work done in the field; communicate with colleagues, clients and third-parties; search for and access information; stay on task; and generate efficiencies. For example, according to a 2013-2014 National Association of Realtors' (NAR) technology survey, respondents spent a median 44% of their time corresponding with and doing work for their clients on mobile devices. In addition, the vast majority (94%) of respondents communicated with clients using a mobile device, and about two out of three took/posted photos (68%) and read/consumed news (62%). At the same time, clients are also increasingly using mobile devices to house hunt, research, and access relevant real estate details. The NAR indicates that 92% of buyers use the Internet in some way in their home search process and 50% of buyers use a mobile website or application in their home search. In fact, according to a 2014 Google Consumer Survey, most people use their mobile device to do at least one of the following: (i) search for listings, (ii) find directions to a house, (iii) look for more information on a listing, (iv) call or e-mail an agent directly, or (v) watch a video while out looking for a home. Similarly, mobile allows sellers and their agents to leverage tools like social media, text, messaging, email, and apps to generate buzz for a listing, attract interest to a property, communicate with multiple stakeholders quickly and easily, and move a transaction to close more efficiently. And in the commercial real estate context, 6 in 10 investors and tenants search for commercial properties using their mobile devices. Mobile usage is growing steadily and, thus, mobile is quickly becoming the primary gatekeeper of real estate information. That being said, mobile is also broadening marketing capabilities and facilitating micro-moments for real estate professionals to reach clients to form relationships. For instance, mobile is where the "Zero Moment of Truth" (ZMOT) happens. ZMOT, of course, is the term coined by Google's Jim Lecinski, which generally discusses the marketing process of a consumer goods and services. As the theory goes, the mental model for marketing was traditionally thought of in three critical moments: Stimulus, Shelf, and Experience. "Stimulus" being the consumer seeing a TV ad and thinking the product or service is very good. "Shelf" represents the consumer then seeing a great in-store display and/or packaging of the same product or service and buying accordingly. Finally, "Experience" is the point where the consumer uses and enjoys the benefits of the product or service just as advertised. However, based on analysis of consumer search habits data, Google found that shoppers were digging up more information, from more sources, before they buy. For instance, in 2011, shoppers used approximately 10.4 sources of information to make a decision, up dramatically from 5.3 sources in 2010. In just one short year the number of sources doubled! Hence, ZMOT was introduced to the mental model for marketing. Google explains ZMOT as "that moment when you grab your laptop, mobile phone or some other wired device and start learning about a product or service... you're thinking about trying or buying." In essence, Mr. Lecinski is saying that decisions are being made at that early instant before you reach the Shelf moment. In the real estate search and marketing context, ZMOT may be the moment when a buyer, renter, investor, professional identifies a property or a real estate professional online, even before a seller, landlord, or the searched agent is aware of the potential interest. In short, property seekers are increasingly using mobile phones and devices to search for, research and evaluate properties and real estate professionals across numerous online sources before taking next steps. And now, Google has indicated that ZMOT has taken on heightened significance in today's always-connected, mobile-first world, because ZMOT is no longer a singular, discrete moment but a constant conversation brands or products have with domestic and international searchers! As discussed, everyone is using mobile devices and mobile search to find real estate and real estate professionals. They are likely evaluating you, your firm, and your listings across multiple sources before you even know it. That is, assuming, you are marketing your company and your listings broadly enough. The challenge for real estate professionals is how to better leverage the capabilities of web-enabled phones and mobile devices to reach a growing audience and improve business results. Ask yourself, "is your real estate business truly mobile?" The Agorafy team is working hard to build a modern, digital home for the real estate industry. Our powerful online platform gives real estate professionals sharp web and mobile options for displaying assignments and professional experience to reach more clients and interested parties locally and internationally. And with the introduction of our new Agorafy App, you can take your mobile real estate search and marketing capabilities to the next level. The Agorafy App is now available to download for iOS and Android devices at the App Store and Google Play! In all, the Agorafy team has developed an open marketplace for professionals to market their expertise and current listings, connect with colleagues and clients, and access verified market data and property information. In fact, Agorafy offers unique features that work across multiple property types, and support commercial, residential, and investment sales. We look at buildings from the ground-up, to give you keener insight. Because at the end of the day, we believe that real estate technology is all about people and accurate information. And that is why we create value for real estate professionals by providing them with a wealth of knowledge at their fingertips, which can be accessed from anywhere, anytime. Come visit us today at agorafy.com to register, market, search, and connect! Richard Du is the founder and CEO of Agorafy, New York, N.Y.