We are living in unprecedented times in which the Covid-19 pandemic has accelerated the need for all businesses to adapt to a new normal. The property sector is not different.

The tide of technological advancement in the real estate industry is irreversible

Now, more than ever before, real estate industry players need to transform their business models to tackle the inherent inefficiencies throughout the purchase and rental processes.
Although these flaws were previously superficially hidden by the actively growing housing market, they have become more apparent as a result of a contracting economy with shrinking transactions. Buyers are delaying viewings and reducing face-to-face communications, while many sellers are reluctant to list their homes due to social distancing measures. Agencies need to equip themselves with the right skill sets and digital tools to deal with the ever-changing challenges.
While some real estate professionals have successfully used 3D virtual viewings to nurture interested leads, the digital transformation opportunities in the property sector extend far beyond virtual tours. Data is the new superpower of the property realm that can upend traditional business models through real-time analytics and advanced AI technologies. These tools generate invaluable insights that inform vital real estate decisions for agents and agencies – how to price a for-rent residence, how to maximize reach to buyers, and most importantly how to understand and serve clients’ needs more efficiently and effectively.
But the abundance of data alone is not enough to turn insight into action. Data sanitization and cleansing are of paramount importance when implementing data-driven strategies to inform and enhance enterprise-wide decision making. The combination of sophisticated AI algorithms and clean data intelligence can help generate smarter, more accurate listing recommendations to buyers and renters. According to a market research, 50 per cent of clients end up buying a property that does not match their initial requirements.
Through advanced web portal tracking capabilities, leads’ interactions are captured on every single digital touchpoint. This includes data such as browsing history, clients’ feedback, and time spent on listings, that are fed into an advanced AI engine to curate hyper-personalized journeys for prospects. This means higher conversion rates and more satisfied customers.
The tide of technological advancement is irreversible. More than 85 per cent of property professionals believe that real estate technology adoption will continue to accelerate during the rest of 2020. The fusion of data, AI, and automation will minimize the inefficiencies stemming from day-to-day operations of real estate agents.
With the help of automated workflows and robust customer relationship management (CRM), employees can better detail their property opportunities and accurately document the different stages of the transaction process.
Comprehensive digital solutions also provide features specifically for new-build projects. From reserving a listing to selling the property to documenting the post-sale exchanges of the listing, agents can aggregate all the documents and information related to projects in one centralized place.
Advanced technology and data quality are only part of the equation. Achieving digital excellence also requires organizations to cultivate a digital culture and mindset among their employees. It is pivotal to steer salespeople away from antiquated workflows and show them that technology does not supersede, but rather enhances and complements, the human element that is intrinsic in real estate transactions.
According to Property Raptor’s market research, an agent who utilizes an advanced real estate management solution can save more than 25 per cent of his or her day on tedious work. Instead of manually inputting data and digging through sheets of messy Excel files, enterprise-level software can do the heavy lifting for real estate agents and agencies.
Best-in-class systems in the market allow them to easily track both contact and lead relationships and ensure that details remain accurate and up-to-date. An integrated platform can automate workflows and help agents understand how their leads and contacts fit together, ultimately saving them hours on data entry and information lookup.
PropTech (property technology), at its core, aims to match the right clients with the right property at the right time, leveraging advanced features. From capturing client information to marketing automation to data-driven content creation, digital platforms help real estate agents succeed at closing more deals faster.
Agencies that fail to adopt new technologies and data-driven approaches risk lagging behind others and losing significant market share.