Digital transformation has brought sweeping changes in just about every industry. From travel to education, technology is simplifying the way we do business with faster, more efficient solutions. Until now, the real estate industry has been slow to adopt the digitisation of traditional methods. But this is no longer the case, and many property experts are grasping the opportunity that new technology like CRM affords.
In this piece, we’ll list the real estate trends we expect to modernise and grow agencies in 2020:
The internet has placed the power of purchase in the hands of the consumer. Buyers, sellers, landlords and renters can easily and thoroughly research property at the click of a button. In fact, 44% of all buyers looked online for property before using traditional methods, such as reaching out to an agent. To capitalise on this, agencies need to ensure their website, customer service and response rates across social media are up to scratch. Pay attention to online listing sites, too, as these hubs are loaded with opportunity to connect with potential property sellers and investors.
The hyper-fast nature of digital transformation favours the go-getter. Nowadays, real estate agents can’t afford to be bogged down by repetitive tasks such as creating weekly open house emails, or updating agency databases manually. Thankfully, automation has infiltrated obsolete methods of business to give agents the time they need to focus on what matters. Newsletters, emails, and social media posts can now be deployed automatically, while online chat functions such as ChatBots and Live Chat ensure customers are attended to timeously (and often quicker than if an actual human was involved).
In the past, legal documentation such as rental or purchase papers were often plagued by inconsistencies and mistakes due to human error. Not to mention the effort needed to ensure that the agreements were in line with legislation in other Australian states and territories. Nowadays, the hours spent on drawing up these documents can be better spent elsewhere as automation software, portals and tools exist to streamline the process of validation across state lines, as well as within them.\
More so than ever before, a person’s time is a precious commodity. This means it’s also more difficult to generate foot traffic through an open house, due to the working population attempting to fit more duties into less time! But thanks to 3D renderings and virtual layouts of properties, interested customers can take a tour from the comfort of their desktop or mobile phone.
Agents are perpetually on the move, whether it’s navigating busy streets to get to a destination or showing prospective clients the ins and outs of an open house. In the past, other important tasks would have fallen by the wayside. But thanks to real estate-centric smartphone apps, agents are able to access all manner of information, including property data, documents and customer information on the road.
With Big Data, agencies now have access to unprecedented amounts of customer behavioural data. This information allows real estate agencies to analyse, predict and deploy relevant messaging that resonates and engages with prospective clients. Criteria can include purchase intent, previous agents, investments, as well as areas of interest and market circumstances. This abundance of data can be collated within a Customer Relationship Management (CRM) system, which allows for the optimisation of business processes, data analysis, and the tracking of prospects along the property sales funnel.
Modernising an agency through digital transformation can be overwhelming, which is why Eagle Software would like to help. We are a team of specialists who are dedicated to using our experience to grow your real estate agency.
If you have questions or would like further information, get in touch here.
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