Technology has today become a deeply ingrained part of our lives. Be it education or healthcare, there is presently no aspect of our world that has not embraced technology. Real estate too has joined the league of commercial activities that have adopted technology. Statistics have shown that up to 53% of real estate companies today directly invest in technology for their business operations. This change towards PropTech, which is the intermingling of the property with technology has completely transformed the functioning of real estate.
Real estate and Technology:
Real estate is one of the largest contributors to the Indian economy, and it is the second-highest employment generating industry. Due to its vast operations, the industry works at a very fast pace with a large number of parallel elements that have to be monitored. Furthermore, there are certain specific characteristics of the industry that enhance the need for tech adoption for it:
- Real estate has high-involvement products
- The industry has a very dynamic nature
- There are multiple stakeholders in the industry
- Maintaining customer relations is crucial
These characteristics make it essential for the industry’s operations to be efficient and streamlined, and this can be achieved with the integration of technology in real estate. Enumerated below are some of the significant ways in which tech adoption has disrupted real estate:
Collating and Analyzing Big Data
The real estate sector generates large volumes of Big Data pertaining to consumers, inventory, market insights, transaction records etc. This data is a vital source of information and can be leveraged to the advantage of the industry to enhance growth.
With the tech features of real estate CRM software, this data can be collated and analyzed easily. This provides valuable insights regarding the market and consumers, which can be implemented into the industry’s operations to boost sales and accelerate its growth.
Nurturing Customer Relations
Customers are the key stakeholders of real estate, and tech adoption has transformed the way in which the industry nurtures and maintains relations with them. Automation and digitization have enabled enhanced nurturing of customer relations in the following ways:
- Their preferences can be understood better due to data-driven insights
- Customized and personalized communication strategies
- Timely interactions to keep consumers engaged through the long buying cycle of real estate properties
These emerging trends have made real estate more aware of the needs of homebuyers, and transformed the traditional methods of managing customers. Real estate tech has greatly improved its efficiency in nurturing customer relations, and has made it a booming industry.
Efficiency in Real Estate Marketing
Marketing is a very aspect of any commercial activity, and real estate is no exception. Marketing is the primary source of lead generation, since consumers are made aware of the brand and its various products through marketing. Due to the importance of this process, it is necessary that real estate marketing should be optimized and made efficient, which has been achieved by technology:
- Data on consumer trends can be stored and segregated by real estate CRM software, which can give insights into their demands and preferences
- Based on such insights, targeted marketing strategies can be created to reach the right audience
- Marketing processes can be automated through new technology in real estate such as Drip Marketing, which ensures timely and consistent interactions with leads
- The scope of marketing has also been widened with emerging technologies such as Virtual and Augmented Reality, by which consumers can find their desired property from any corner of the world
Technology has not just made marketing efficient, but it has enhanced the effectiveness by streamlining the entire process and reducing the risks associated with manual errors.
Efficiency in Real Estate Sales
Every activity in the real estate space is directed towards the end goal of attaining sales. Technology in real estate has disrupted the way sales are conducted and concluded, and it has optimized the entire sales cycle:
- Real estate CRM software provides automation solutions for not only the sales processes, but also pre-sales and post-sales services.
- New technology in real estate can create digital, smart contracts which eliminate the need for complicated paperwork procedures which are typically associated with property purchases
- The scope of sales has also been greatly transformed due to emerging concepts such as Blockchain technology
Sales are the main outcome upon which the sector is dependent. It was thus imperative for sales to be made as efficient as possible, which has been achieved with the adoption of technology.
It is hence evident that technology has become an inseparable part of real estate. It has brought a wide range of benefits to the industry, and these benefits will help real estate scale to new heights. Sell.Do- India’s only integrated Real Estate CRM solution offers end-to-end automation and optimization of all marketing and sales processes. With its robust features, it is the ideal tech partner for enhancing the efficiency of a real estate business.