By Jamie Johnson, CEO of FJP Investment
Technology has played an increasing role across all industries since the pandemic hit in 2020. Social distancing and lockdowns meant that businesses had to quickly adapt and find workable solutions to carry on, something those digital technologies are very useful for.
Jamie Johnson, CEO of FJP Investment says “the trend towards more digital integration for business solutions was already picking up speed prior to 2020, but when necessity comes knocking, things tend to move much faster. When new solutions take hold in a business that prove beneficial, it’s likely that those practises will remain in place even after the pandemic has greatly waned.”
PropTech solutions assisted estate agents in finding online solutions when they found themselves working from home; client and agent communications could be greatly improved with de facto 24/7 online access to property sales transaction information. These enabling technologies are improving all the time, and so is the scope of what they offer to users.
The property sector has traditionally been slow in the uptake of new technologies, holding fast to old ways of doing things. However, that is now changing. Indeed, given the capabilities of what these technologies offer in terms of streamlining tasks and improving customer experience, those who do not adopt even the most basic technologies will be at a significant disadvantage to their competitors.
By offering clients a great service that is as hassle-free as possible, which is where PropTech can help, estate agents can enhance business opportunities and win more instructions.
Improving business opportunities with a greater customer experience
Real estate agents can leverage the power of digital technology to both augment their business opportunities and enhance their clients’ experiences.
Estate agent businesses may differentiate themselves from the competition by implementing cutting-edge technology that improves the overall customer experience. Your chances of getting hired ahead of an agent who hasn’t invested in PropTech are increased if you provide a solution that allows your clients to log into their own portal and monitor sales progress updates.
Using AI chat-bots or virtual 3D property viewing software, you can now provide out-of-hours customer service with an AI chat-bot solution. Since much of the online searching is done in the evening from a home computer, this will help you stand out from the competition when a possible seller is deciding which estate agency to work with.
Real estate firms may benefit from PropTech in virtually every area, from market valuation conversion rates to market and client intelligence to property reporting, automation, and customer service, to name just a few. However, the top estate agency software firms will assist you in determining which features are most valuable to your organisation and customise their solutions to match your specific needs.
In a competitive market, retaining clients is crucial
In addition to attracting and converting valued customers, PropTech will also improve the customer experience once they become your customers. As a real estate agent, you can help your customers feel more in control of the process of buying or selling a home, which may be taxing on both your physical and emotional well-being, especially in current times with a pandemic and resultant economic uncertainty.
As a result of PropTech improvements, there are several options for increasing the frequency and/or automating the nature of communication with clients. Dedicated client portals and electronic document signing combine with greater automation to facilitate a smoother sales transaction.
To keep a client coming back to buy another property, the processes put in place to win a sale must be greeted with the same enthusiasm as those put in place to keep them coming back to buy another. Your firm will benefit greatly from a consumer that returns to your service time and time again. Customer success stories spread like wildfire through word-of-mouth, giving small and medium-sized businesses a leg up on the competition.
PropTech helps increase growth and profits
If you’re new to the notion of leveraging technology to enhance your organisation, it might be tough to know where to begin. PropTech may be used in a variety of ways to increase your chances of landing new clients. Listed below are some important ways in which these technologies can help your business grow and increase your profit margin.
Your CRM database can be used to much greater effect by automating things like social media posts once you have been instructed by a client. Having a prominent social media presence via automation is an excellent strategy for showcasing things like sold properties etc. Similarly, you can automate text messaging to potential customers.
The client experience is greatly enhanced with the simplicity of electronic document signing. This facility is being offered by many businesses across the sectors and is proving an asset for administrative purposes.
PropTech can help facilitate and speed up the process of selling a home by providing homebuyers with all the information they need to make an informed decision.
The digital technology revolution currently underway has allowed customers to obtain greater control over what and how they do things. Just think of banking apps. For example, how easy it is now for customers to have control over their finances. Likewise, providing customers with an around-the-clock login portal gives them unrestricted access to progression updates.