Digital Transformation Of Real Estate Industry
Innovative technologies are reshaping the economic landscape and how firms do business with customers, partners, collaborators, vendors, employees, and other stakeholders. Digital transformation has become the benchmark for how customers and a business will engage in the future. A digital transformation is the use of digital technologies to improve existing processes or introduce new ways of carrying out various business tasks and operations, resulting in a better customer experience and improved conversion rates for the companies.
Experts say that the Real Estate market needs to undergo an immense makeover, based on changing consumer preferences. They argue that technology may help bring about the shift, which will benefit both developers and homebuyers.
Why is there a need for large-scale digital transformation in the Real Estate Industry?
Digital transformation in Real Estate has induced increased scalability, improved client engagement, and transparency while also allowing Real Estate developers to respond quickly to ever-changing market dynamics.
There are several reasons why digital transformation is the need of the hour for Real Estate businesses-
1. Evolving search methods-
Nowadays, tenants and homebuyers have gone digital to look for a suitable property. Thus, there is a need for powerful digital marketing tools to engage with them.
2. Interconnected platforms for buyers and sellers-
Several channels that bring buyers and sellers on the same platform have emerged, and there is a need to integrate them with sales models.
3. Access to relevant information-
Customers expect to receive timely and accurate information on the state of the property in which they have invested.
4. Management of internal operations-
The Real Estate industry must keep a close eye on the status of the properties it manages, various internal operations and keep track of staff performance.
How is digital transformation being carried out in the Real Estate industry?
Real Estate digital transformation is encouraging businesses to adopt new tools and technologies designed specifically for this sector. The most effective ones include-
1. Real Estate CRM-
A customer relationship management (CRM) tool is remarkably essential for this sector as it is responsible for incorporating sales and marketing automation in business operations.
2. Lead management tool-
Lead Management Software makes it easier to handle leads by tracking their actions, acquiring new leads, qualifying them, and passing them on. These solutions are specifically developed to better organise lead data and information, as well as automate lead management tasks to save a lot of precious sales time.
3. Real Estate Analytics tools-
Realtors can perform accurate appraisals and present customers with a true price for that or another building using analytical tools that employ big data. Big data also enables agents to gather more important information about a region or neighbourhood, ensuring that customers have all the information they require. Moreover, inventory analytics is employed for effective inventory management.
How is digital transformation changing Real Estate marketing?
Realtors must have a digital presence to market their properties and reach a more extensive set of audiences as there is immense competition in the sphere of Real Estate marketing. Realtors need to leverage these online marketing platforms for 360-degree branding-
1. WhatsApp Marketing-
A quick, appealing, and informative WhatsApp message can contribute a lot to marketing strategies. The sales and marketing team can use WhatsApp to communicate directly with its clients, reach out to more people and respond to inquiries more rapidly.
2. Email marketing-
It is the most cost-effective method of reaching a large number of prospects, clients, and leads. For marketers, email marketing remains the most personalised method of engagement with customers. Furthermore, email automation tools have made it incredibly simple to set up comprehensive lead nurturing processes in a reasonable timeframe.
3. Social Media Marketing-
Social media platforms like Instagram and Facebook can be used by Real Estate Developers to spread properties and project-related information quickly. Consistency in publishing on the business account is one of the most effective Real Estate marketing tactics for drawing customers nowadays.
Create eye-catching image and video postings that highlight the properties for sale and share them on Facebook and Instagram. Also, features like paid Facebook and Instagram ads are a great option.
4. Google Display Ads-
It is another excellent paid marketing and advertising technique to reach out and target the relevant audience based on their search activities and preferences.
The Sell.Do is an integrated Real Estate CRM Softwarethat offers featured modules for Sales, Post-sales, and Marketing Automation. The CRM automates the whole sales and marketing cycle, allowing sales teams to close more deals faster.
Some of its key features include-
- Sales automation- With features like automatic lead capture, intelligent call routing, and team collaboration, it reduces delays and improves operational efficiency for Real Estate sales personnel.
- Post-sales management- It is equipped with features including cost sheet management, post-booking communication, demand letter generation, payment reminders, and other critical activities that allow the sales team to successfully follow up and conclude transactions.
- Marketing automation- The Real Estate marketing team can plan, execute, monitor, analyse, manage, and optimise all the imperative marketing campaigns with a dedicated Real Estate CRM like Sell.Do.