It’s hard to avoid technological advances. Almost every niche is quickly implementing the best and latest technologies that can change the way of doing business. Real estate is not an exception, but it has been traditionally slower in adopting marketing technology and automation. Not any longer! A software solution or new technologies can better handle several elements of real estate management than humans. That’s why more and more real-estate companies are asking for new ways to nurture their business. They are looking for real-estate tech transformations. Therefore, we have put together some key trends that every property manager should know. We will discuss:
- Big Data
- AI and Machine Learning
- Virtual & Augmented Reality
- Omnichannel Communication Technology
- Real-estate Specific CRM Software
We will explore these PropTech trends in detail. We also believe that these trends will definitely begin the wave of improvements into real-estate business and ultimately drive business success and customer satisfaction in quick digital turnaround times. Let’s get started!
Big Data
Big Data analysis can help a real-estate business get accurate data in real-time. It can prove beneficial to real estate businesses, investors and developers as they will have a clear picture of key opportunities and accurate risk assessment. With big data, they can quickly assess investment opportunities on a “micro” level. For example, previously, real-estate companies used to profile whole neighborhoods equally, but with big data, several key differentiators have been exposed, ranging from zoning codes to price appreciation and future infrastructure projects. There are several ways big data is being leveraged in real estate. These include:
- Wider scope of analysis
- Property evaluations
- Home prospecting, marketing, and sales
- Improve property development
- Data-driven risk mitigation and property insurance
- Digitalization of management processes
It’s not easy to apply big data analytics to a real-estate portfolio. There is a need for large quantities of real-time, high-quality data to train algorithms for a machine learning model to work properly. That’s why real-estate investment houses, REITs, construction companies, and developers either outsource their data collection or choose property management software to handle this part of the business.
AI & Machine Learning
AI and Machine Learning have already entered the real estate business. They have a positive impact on consumer buying and selling strategies as well as the investment decision in the construction of large commercial projects. In the last few years, almost every aspect of the real estate business has been affected by AI Technology. It has:
- Helped people with the lead generation
- Transformed the process of the home search
- Simplified the transactions
- Facilitated the property evaluation
- Changed the way you deal with banks
If you are an investor, you will be surprised to know the benefits of AI in real estate. It can help you make decisions by informing you about the current and future asset tests and whether your investment can give you any return. Moreover, it gives you a competitive advantage through predictive analysis that will further help you save your money at the end of the day. Automating the investment can help you with all aspects from data entry to rental output, reducing the errors and helping you with asset management and investment.
Intelligent real-estate CRM software is equipped with AI & Machine Learning technologies. It can help property managers make decisions, get a competitive advantage, manage their transactions, and reduce errors; thus, assisting with asset management & investment.
Virtual & Augmented Reality
AR/VR is the most prominent digital transformation in real estate. Real estate professionals can now reduce the buying journey and help buyers and sellers navigate the process quicker and more efficiently. Traditionally, a prospective buyer has to go through a lengthy yet complicated process to search and visit homes. Similarly, real estate agents would have to adjust according to the new requirements and visiting schedules constantly. AR/VR has completely changed the process and simplified it for buying, selling, renting, building a property, or even commerce.
- Virtual Architecture: Often, it is difficult for buyers or even investors to imagine a property that hasn’t been built yet. Using Virtual Reality models will allow your investors and customers to visualize the full-scale model of the future property, thus reducing the time and cost factors.
- Virtual Tours: Buyers visit every property before finalizing it. You can make it a quick process through 3D virtual tours of different properties, fully virtual or captured as 360-degree videos. No need for advanced rendering or programming. Just a headset is required to have a fully immersed decision-making experience.
- Virtual Staging: Virtual staging of newly constructed properties can be beneficial. You can customize the staging according to the customers' preferences and lifestyles. A property manager can virtually adorn the property by adding wall colors, furniture, and décor.
- Virtual Business: When buyers take a virtual property tour and change the home interiors, they can also visit online stores and pick the décor products to see how they fit into their selected space. In this way, they can shop for only those items they think are perfectly going with the interiors.
Top real-estate CRM software already has this feature, enabling property owners and builders to create an excellent virtual image of the property which can be beneficial for their buyers as well as investors.
Omnichannel Communication Technology
Omnichannel communication is a strategy that focuses on creating an integrated experience throughout each and every channel. This unique technique allows businesses to provide seamless sales, service, or other interactions with their customers through all channels they use. It can be beneficial to real-estate firms as it can help them with:
- Better pre-sales calling: Converting leads simply through marketing efforts is simply impossible. You would definitely need cutting-edge technology to empower you and help you get better numbers at your sales cycle touchpoint.
- Effective Email Marketing: Staying at the top of the customers’ minds throughout the buying journey is important, and it can be attained by setting up workflows and drip marketing. Good technology can help you communicate the right message at the right time, converting leads from strangers to customers.
- Automated SMS Marketing: Always remember that you are not the only one who is in the race. Your leads might be receiving bombardments of advertisements from your competitors. This may increase the possibility of forgetting your brand. In this situation, automated SMS marketing can help you stay in touch with your leads throughout the buying journey.
Choosing omnichannel communication technology integrated CRM can prove beneficial for you. A good real estate CRM can help you track calls, analyze data, and efficiently manage communication records, increasing productivity.
Real-Estate Specific CRM Software
Real-estate business is dynamic in nature. Project Managers need to manage different things together without losing their minds. They manage property listings, search for new clients, connect with people, and create leads & brochures. Apart from this, they need to process legal documents, manage & monitor multiple transactions, and several other things. A real estate CRM solution is the most efficient way to get things done smoothly to manage all this. Property management software offers a host of features and tools that can benefit property managers and other real estate professionals.
- Automation and Integration of All Real-Estate Business Processes: CRM system ensures business processes automation, improving the quality of operations and letting them happen on time. CRM software integration will allow you to link the software to different Multiple Listing Services, resulting in the automatic import of listings for client portals, email marketing, and presentations. Everything from viewing and managing property details, real estate referrals and ratings, and other property-related data on one page in one system.
- Sales Management: CRM maintains the whole history of client/customer interaction, helping you analyze their behavior, give the right offers, and win their loyalty. You can monitor the pipeline at each stage of the sales cycle. If you think that key metrics are not as promising as you thought them to be, you can easily find the possible reasons for the same with the help of reporting tools.
- Marketing Management: CRM can prove a powerful marketing tool in the real estate niche. You can plan and implement marketing events, manage resources and budgets; thus, coordinating all marketing activities. You can also create marketing campaigns using CRM software solutions.
- Product Portfolio Management: It is important to provide high-quality properties at competitive prices. With property management software, property managers can get a unique insight into the lives of their potential customers. Such software is also ideal for organizations with multiple sales and service channels, enabling them to unify the information flow. They can track property details, instructions, dates, addresses, and much more without much hassle.
- Time and Workflow Management: Organize your work and time in a better way using CRM software. Automatic reminders automate routine leads, invoice reminders, and other leads related tasks, making it possible for you to sync your real-estate day planner. A lead management feature in property management software will help you preserve your lead planning to buy a property in the coming months.
You can conclude that real estate CRM software can become an integral part of your real estate business. There are many more features of this software solution through which you can interact with your clients, connect with more buyers, sellers and turn your contacts into long-term business relationships.
Wrapping Up!
Now, you must be aware of a few important PropTech trends. You can adopt one (or even more) of these technologies mentioned above or choose an efficient CRM software (which involves all these technologies) to help you in property management.
These trends are just the beginning of the wave of advancements and changes to come. There is no rocket science involved in infusing technology into business. Choose the best real-estate management tools or hire tech professionals so that your essential business activities are appropriately streamlined.
