It wasn’t unknown but the importance of digital transformation has been brought to a pedestal now due to the prevailing circumstance. Enterprises with a proper digital strategy are surviving the pandemic and getting stronger every day. For them, the world is truly at their fingertips. Real estate companies are one of the slowest to look up-to digital platforms due to the physical nature of the business. However some good practices are being adopted often by leaders and more by visionaries. To utilize convenient options to run your enterprise is what sets you apart and puts you ahead. It brings absolute focus into the picture and delivers performance.
Real estate transactions for the most part are the sharp eye, street smarts, and meticulous attention of agents and employees of the company. It still is but the need to digitally transform and be present is high on priority today, moreover it is the survival instinct. Being in Real estate business you should know why your agents and team need a digital transformation.
Corona if nothing else has made the corporate world realize the power of a connected world. How businesses can still function over connectivity. Meetings are being held virtually, Projects are managed online, statuses are updated live on dashboards. If you are still alien to all this you are pretty much on the verge of closing down your enterprise.
Real estate companies that are still performing out there are having analysis’ done daily, following up with their customers, and making transactions with spectacular co-ordination over digital platforms. The impact for them has been far less compared to others
“CRM adoption increases the quality of communication between agents and managers by 56%”CSO Insights
With requests, approvals, etc. made faster the visibility, control, and course of action steadily improves and can be more organized as well as efficient than traditional ways.
Paper is too much of a hassle, we all agree. But Spreadsheets are probably one of the greatest tools invented and its digital. It brought digital data keeping and processing to every industry at one level or the other, so what’s wrong with it?
Spreadsheets have been an agent’s best friend in data handling. It is definitely a beginning but not something you can settle for, especially for organizations looking at growth. Your Agents lose hours and hours trying to find, update, and put the data on sheets to use. If you haven’t realized it yet, it’s a good time for introspection.
These data sets are often out-dated and it’s hard to keep track of the relevant ones. On top of all these, spreadsheets are highly error-prone and that’s something you can’t afford. A study by University of Hawaii states that “88% of spreadsheet data contains errors”
“ Fannie Mae had a $1.13bn error due to a silly spreadsheet error in 2003. What’s more, JP Morgan one of the world’s leading financial services company lost $6bn to a cut and paste error on a spreadsheet”
If you have learned enough using sheets, now it’s time for you to look for tools that will make operations even easier for your business and what you will need is a complete data management suite.
The world as we are looking at it is becoming more and more digital and each piece of our life and business is being turned into a computer-accessible format. From money to books, stocks to records every day more and more things are given a digital life.
The digital ownership representations are turning the whole character of high-value assets to something simpler and in a way that we haven’t seen before. A digital record today determines the legitimacy or capability to resell or lend an asset. All records today are saved in a digital file accessible to many at once.
This behavior of the asset is something that you do not want to turn away from, rather leverage to make your process fast, depend less on in-person interactions, and get transactions going.
Physical presence is inevitable in real estate business. Employees, customers, and stakeholders require being on-site in personal contact or in a brick and mortar office often to get things moving. But an unprecedented event like the current pandemic changes the dynamics of it all. To trust on virtual platforms and technologically superior proptech becomes the new inevitable.
Facility managers and engineers are making use of 3D modelling and 360-degree videos for inspection. Agents are making use of digital walk-through features to still engage potential buyers and keep houses open.
The ability to give virtual demos over your platform is a strong market advantage when it comes to sales under pressure. Keeping customers engaged when they think you can’t is what’s going to impress.
“If you don’t want to leave your house, you don’t have to. Industries should be prepared for this”Glenn Kelman, CEO Redfin
What enterprises need today is uncompromising control. Juggling between multiple tools to manage your real estate business is as excruciating as working without them.
Having data at one place will help delegation as well as automation easy. Bringing together all staff, Process, documentation, and management in one single platform optimizes process, saves time, and improves efficiency.
The ability of these platforms in supporting multiple devices and their compatibility with other platforms will also be critical. When technology is making things convenient for you it should be made sure that its extension to your customers and also anyone associated should be made easy. Powerful suites built on top of trusted products like Microsoft Dynamics 365 ensures this so that you worry less and focus on the things that matter.
Your clients are already digitally ahead. They can browse properties at the comfort of their houses on mobile devices. You have to make sure you are on the same page too. Faster data processing, sensible analytics, and immediate action are important for the survival and growth of your real estate business.
Centralize all data, share and manage relevant information, accelerate approvals, and engage in meaningful customer communication consistently. A lot hard but always made simple over and above expectations with trusted digital tools.