Unless you have been living under a rock, you’d have recognized how digital technologies have changed the way we live, work, and play. Businesses across the globe are accelerating their digital transformation (DX) efforts to stay relevant and competitive.
The most successful real estate companies are using modern technologies to improve customer experience, meet consumer expectations, build relationships, drive sales, and increase operational efficiencies. Here’s how you can stay ahead.
What’s Digital Transformation in the Real Estate Industry and Why Is It Important?
Digital transformation in the real estate industry refers to the use of digital technologies by developers, brokers, agents, investors, or managers, etc. to meet changing market conditions. Besides technologies, many initiatives also involve acquiring new skills, changing company culture, and improving data security and governance.
A DX strategy helps you adapt to changing customer behaviors and expectations. For example, more consumers are using mobile or web searches in their real estate transactions and prefer to contact brokers online. The absence of a modern online user experience could cost you opportunities to connect with high-quality prospects and build relationships.
Meanwhile, many companies need to lower their costs without sacrificing the customer experience so they can stay competitive. Many digital technologies, such as automation, can help you improve operational efficiencies to do more with less.
Digital Transformation Trends and Technologies in the Real Estate Industry
Embracing technologies in your real estate business can help you open up endless possibilities. Here are some key trends and technologies to consider:
Engage Buyers With Rich Media Visualization
Real estate agencies are offering virtual tours using virtual reality (VR) and augmented reality (AR) technologies to deliver a customer experience beyond images and written descriptions. These interactive media allow agents to become more productive and prospects to learn about a property from the comfort of their own homes.
Make Accurate Data-Driven Decisions
Having access to a lot of data is great but you also need the ability to process the information and derive actionable insights in a timely manner. AI and machine learning technologies can help you leverage the power of data to make accurate decisions, e.g., by using website analytics and CRM data to reach the right prospects at the right time.
Stay Ahead of Trends with Predictive Analytics
Data analytics software can help you understand audience segments and predict consumer behaviors. For example, CRM tools can help you collect prospect data while AI technologies can make predictions about market conditions and consumer sentiments. You then can use the insights to become more proactive in your outreach efforts.
Personalize Customer Experience
AI-powered technologies can analyze prospect and customer data in real-time to deliver targeted content. For example, you can increase engagement with your website visitors by showing the most relevant listings based on their browsing behaviors, previous interactions with the site, traffic sources, and geographic locations.
Automate Your Marketing Campaign
Digital marketing has increased in complexity. Automation technologies can help you leverage a wealth of third-party data to inform messaging and audience segmentation. For example, LeadHax Pro can automate Facebook and display ads to deliver the most relevant listing to the right people at the right time to increase your marketing ROI.
Streamline Workflows with Digital Image Classification
Images are essential for real estate marketing but sorting through hundreds of pictures is time-consuming and labor-intensive. Machine learning technologies can help you automatically categorize and select images. Meanwhile, industry-specific image-recognition API can integrate with your marketing software to deliver the most relevant photos to each prospect.
Accelerate Sales With Smart Contracts
Smart contracts are a blockchain application that records the conditions of contracts. When all conditions are met, the contract is automatically activated. The technology can facilitate transactions by eliminating the need for bank verifications or middlemen. It can also help protect against fraud and reduce administrative costs for your agency.
Increase Operational Efficiency with Automation
Costly mistakes and delays can occur if data isn’t transferred accurately and promptly from one software to another. Yet, doing so manually is both time-consuming and error-prone. Business process automation technologies (BPA) can help you sync up data from all your platforms in real-time to ensure that nothing falls through the cracks.
Stay Ahead with Digital Technologies
Digital technologies can help you meet new business challenges and open up new opportunities. By streamlining various repetitive and tedious tasks, your agents can focus on building long-lasting relationships with their clients and become more productive.
LeadHax’s location targeting and data gathering capabilities automate online advertising to help you expand your reach, generate high-quality leads, and boost your bottom line. Learn more and get in touch to see how we can help you grow your real estate business.
“LeadHax’s location targeting and data gathering capabilities automate online advertising to help you expand your reach, generate high-quality leads, and boost your bottom line.”
