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2020 – New decade, new challenges: How to stay relevant in the digital age

If there’s one thing we know for sure, it’s that the real estate industry is changing – and it’s happening fast. 

The rate of change is only accelerating and without a doubt will continue to do so in the decade ahead.

Driven by new expectations of competitive pricing yet 24/7 personalised service, the sector sits at a junction where implementing technology in the right way will be the difference between failure and success.

Proptech is the new norm, with disruptors like ListReady developing innovative solutions that make agents’ day-to-day lives more efficient so they can focus on what’s really important, like securing a top-dollar sale.  

So, as we enter 2020 amid greater expectations and fresh challenges, how can you best prepare for the future and embrace the right technology to suit your needs?

The challenge
The truth is, real estate is no newcomer to the concept of technology. The challenge is determining how and where to employ it to effectively meet these new client expectations. 

The precedent for service delivery using technology has been set by other industries and clients expect the same standard in real estate. They want access to immediate and comprehensive information, open communication at a time that suits them and using the medium of their choice, and value for money in the agents they choose. 

That’s a pretty extensive list of boxes to tick, but it helps pinpoint where technology can best be used to meet client expectations.

Client communication
Consistency, immediacy and regularity are three key features most real estate clients seek when it comes to communicating with an agent. 

Whether they’re a vendor, a buyer, a landlord or a tenant they want contact to be proactive, they expect responses to be immediate and they need information to be both comprehensive and up-to-date, regardless of who they’re speaking with.

CRMs are now standard, the breadth of real estate data is growing. But it’s what agents do with this growing bank of information that truly counts in the digital age.

That’s where artificial intelligence is changing the conversation. More and more agencies are harnessing the power of AI, and it’s facilitating customized responses to each client at every stage of the property journey.

Now prospective buyers can expect to be immediately served with listings based on their requirements, and in the future that’s likely to occur long before they actively decide to buy.

Meanwhile, chatbots are rolling out across the sector, allowing agencies to provide immediate responses to common queries at any time of the day. 

Efficiency and affordability
As increased competition drives clients to seek better value in their agents and property managers, technology also has a role to play in driving down operating costs.

That’s where a provider like ListReady neatly sits, enabling upfront listing expenses on the vendor’s part to be deferred until settlement. It’s a free-to-use service for agencies, allowing a reduction in costs while still enabling them to offer value at a time when competition is fierce. 

ListReady is also simplifying the listing process, allowing for greater efficiency and time savings when it comes to getting that property on the market without delay. 

In the interim, tools like virtual assistants are supporting agents in their daily routine through task automation, allowing agents to save time and agencies to save money. Agents can focus on high-value tasks that ultimately improve the bottom line and make the real estate process more affordable for clients.

It’s real, it’s happening now and already agents are seeing the advantages.  

Processes and procedures
Technology has a role to play in making real estate processes more efficient and effective to ensure the client experience is at the forefront.

Using ListReady as an example, vendors can sign up, verify their identity, postpone their VPA costs and send payment their agency, all in under 60 seconds, effectively meeting the client’s expectation of instant gratification.  

Technology like this enables the agent or PM to focus on their core job of communication and negotiation rather than mundane low-value activities. 

Tech that works for you
The key takeaway is technology is changing real estate, but adopting it comes down to identifying where it might serve your real estate business best and then identifying the solution to meet your needs.

And that involves asking three key questions:

  • Will it save time and create efficiency?
  • Will it improve the customer experience?
  • Will it streamline my operation?

A yes to any of those makes it an option to consider.

Article provided by ListReady as sponsored content. ListReady is powered by the multi-award-winning intelligent technology of sister company MoneyMe, who was crowned ‘Innovator of the Year’ at the My Business Fintech awards in 2019.

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