After a record few years of property price growth, we're starting to see transaction numbers drop as the market comes back to a more normal level.
When the markets are hot, selling properties can be a lot easier. However, one of the hallmarks of the recent boom has been the low level of supply. That meant it still took a lot of work for agents to win listings.
Now the situation is starting with more listings coming online each month, while it's now buyer that are slowly dropping off. This changing dynamic is part of the industry, but it's important to understand how to maintain leads when the market begins to cool.
Regardless of the state of the market, a vendor will come to a real estate agent to list their property, because you can do a better job of it that they can.
When talking to vendors or marketing your services, it's essential to distinguish yourself from other agents by highlighting the value you add in the current market. This might be things such as large database of buyers, or access to other off-market opportunities.
This offers real value to a vendor and can help get them over the line during uncertain times.
If you're going to grow your business, you need to continue to improve the systems you have in place. If you're relying on just one person to do everything in the business, then there will come a point where you need to expand.
If the market is cooling, or even when it's booming, you need to have the right team around you to keep things moving forward. To grow your leads, consider taking on an assistant, or outsourcing your tasks with a virtual assistant.
If you haven't been making the most of technology, now is a great time to start evaluating and implementing these tools.
These days most agents will have been steadily building up their databases as the level of activity and transactions have been at record levels.
When you're prioritising how you contact would-be leads, it's important to prioritise just how close to listing a property a prospect might be. You might find that it's better to put more time into the leads that are more likely to list, than some of the other contacts.
Use your database to decide where your priorities lie and the best way to reach those contacts who are the most advanced down the listings process.
It might also be a great time to touch base with buyers who have purchased in the last few years, to see how they are going with rates rises on the horizon. If someone might be in over their head, they might welcome a call from an agent to help examine their options. Learn more about how to generate leads from your real estate website here.
Markets have moved from very hot, to a lot slower in a short space of time. Many vendors and even would-be vendors might not fully understand where the market is at the moment, and their expectations might not be quite in line with the market.
There is therefore a great time to focus on education. People will really need to lean on local area expertise in the current market as price changes will be very different across states, cities, and certainly suburbs.
Provide good quality education and content to your leads and they will get a great deal of confidence in you that you can navigate this type of market.
Good tech solves problems, bad tech creates them.
Learn how to find the best possible fit for agency with our On-Demand Webinar. Discover the pros, the cons, and the best practices that you can implement into your agency, and how to make an informed decision on your tech stack, including consolidated software solutions and third-party integrations.
Watch presenters Daniel Streek, Tech Stack Consultant at PropTech Group, and Trevor Bragg, Head of Sales at Eagle Software as they take you through these questions, as well as:
Join presenters Adam Campbell, Technical Director at VaultRE and Adam Parrott, Strategic Partnerships Director at Rello as they take you through the Rello software and how its integration with VaultRE can give you (and your clients) an industry-first edge.
While technology is rapidly changing the world of property, there are still plenty of elements of ‘old school’ real estate that will likely remain relevant well into the future of the real estate industry.
Technology is certainly making life a lot easier and more efficient for all those involved in the real estate industry, however, there are a number of areas that are unlikely to change any time soon.
The vast majority of people who work in the real estate industry have especially well-developed people skills.
Typically, the real estate industry lends itself to those who are outgoing, friendly, and effective communicators. While technology might change or even enhance some of the forms of communication, the ability connect with people is an essential part of successful real estate.
If anything, the rise of technology puts more focus on agents with the very best people skills. Now that automation is the standard across real estate agencies, it's the human touch that separates good real estate agents from the mediocre and the bad.
The implementation of such technology is likely to create a division between agents with interpersonal skills, and those without. Most technology is easily accessible and quite intuitive, in comparison to communication skills which are acquired and developed over a period of time. If you’re an old school agent with great interpersonal skills, you could be very valuable in the years ahead.
One element of real estate which has not changed throughout the years is the need to build and maintain relationships. Relationships have always been an integral part of the industry, and continue to do so despite all the other changes the industry has seen in recent years.
While the implementation of technology and the ability to automate processes has changed, the essential essence of real estate has not. By going out and building a good network of business connections and referral partners, then you will be setting yourself up for success. The same is true when it comes to dealing with vendors and buyers.
Much of an agent’s business comes through the ability to sit down with a person and build a genuine connection. Building a connection often comes from a place of understanding. Listening to the problems of buyers, vendors, or business partners, and trying to offer advice or solve a problem is foundational in building relationships.
Your ability to build a relationship is a skill that will never go out of fashion, nor be replaced by new technology.
In recent years, there have been many new technology platforms that have become available to assist with the selling process.
However, most of the country still sells through an offer and acceptance process, or through auctions. Whilst technology has assisted in the administration process for auctions, the fundamental elements of the auction are very much human. An important part of an agent hosting an auction is engaging with the crowd and getting them excited by building an exciting atmosphere and environment.
As an agent, part of your job is to extract the very best price for your vendor. In a hot market, it’s quite likely that you will have people competing for a property. In a slower market, or when dealing with a less desirable property, you will need to be able to use those interpersonal communication skills in order to negotiate successfully to get the best deal you possibly can for your client.
Effective negotiation is a skill that the agents of yesteryear needed, and are still a predominant skill amongst agents now, despite the influx of new technology.
An often-overlooked job of a successful agent is understanding the best approach to take to market and sell a property.
There’s no point trying to sell a property at auction if there is only one interested buyer. Similarly, there’s no point selling a property off-market, if a vendor wants the best price and their property is in-demand.
Knowing the best approach to take is a classic skill of a real estate agent. Good agents will know the state of the market and then tailor a strategy for the vendor to extract the best value.
While there are tools that can help along the way, ultimately, the skill, understanding and knowledge of the agent is what will get the vendor the best possible result.
This can also apply to the marketing side as well. A good agent knows how to market a property based on who the likely buyer is and then goes about generating interest. While it’s easy to sell a property in a strong market, it takes a lot more skill, persistence, and know-how to be successful in softer markets.
The rise in technology over the past few decades has caused significant disruptions to many industries. With concepts such as AI (artificial intelligence) and Machine Learning expected to change and progress even more, many people are worried about what might happen to their jobs.
Real estate is one of many industries that has benefited greatly from technology in recent years. Not all too long ago, if you wanted to see a new listing, you had to physically go a real estate agency’s office and look at the hardcopies on the window.
These days, we have listings more accessible than ever before. Developments such as including a plethora of images, as well as increased virtual tours thanks to the forced innovation that COVID-19 brought with it. Newer technology is also not limited to listings, but a host of other tools that make it easier to market properties, obtain finance, settle, manage properties, or even drum up new leads through CRMs.
Despite the introduction of new technology, real estate remains human in its essence, and will never be replaced by technology. While technology certainly has a big role to play in assisting agents as well as buyers and sellers, the human element of real estate remains irreplaceable.
Real estate is a relationships industry, it’s all about the connection between clients, agents, and vendors. It’s the job of a real estate agent to build and maintain relationships, as it’s a major key in generating new business.
Every time a prospective buyer enters a home open, they are also a potential vendor. Vendor’s use real estate agents they trust and have a relationship with.
Builders and developers sell properties through people in their network. Many agents have huge referral networks that are built on relationships, not just with potential clientele but the community as well.
For many vendors, selling a property is significant, and while they want the best price they can, price may not the ultimate deciding factor. Other factors can include additional benefits or incentives, as well as a personal connection with the agent or agency. So, while technology might be able to assist, it is unable to create and nurture relationships in the same way that a person can.
Given recent innovations, there is a myriad of technology out there that helps value a property. While some of these tools can come up with good estimates of what a property might be worth, it’s never quite as good as what a local agent could estimate.
There’s a reason the industry puts so much weight on valuations that are performed in person, by people who physically go through a property. In real estate, there are so many nuances, and no two properties are ever the same.
There are also many factors that need to be considered. One of these factors is the sentiment and what is happening on the ground at any given moment. Valuers and agents can look at the property first hand, taking into account not only the property itself, but it’s condition and surroundings.
Even the data the technology platforms use can be months behind and cannot replace the real-life conversations that are taking place between buyers and agents during open homes.
Real estate agents know what is happening in a property market before it’s ever reflected in the numbers. This also helps agents set a price and use the most effective marketing strategy, as there is not a one size fits all approach to selling. The local knowledge that agents have cannot be replaced with technology. Instead, their knowledge and lived experiences should be combined with hard data and predictions leads in order to reach the best outcome.
For most people, buying a property is the single biggest investment they will ever make. For those buying a property to live in, this can be hugely emotional.
A real estate agent is the middleman trying to manage both sides of the equation. An agent does their best to help the fears and concerns of a first-time buyer, whist also working with the vendor’s needs given their personal situation. This bespoke element of real estate cannot be replaced with technology, no matter how advanced.
In recent years, we have seen new platforms come along to assist with selling properties. While these tools are good in some situations, we still see huge numbers of properties selling through a traditional offer and acceptance process.
This type of negotiation is very personal, and a highly skilled agent has the ability to generate a good result for a vendor.
Technology can’t understand a buyer’s motivation. It can’t interpret what that buyer might be prepared to pay. Real estate agents are expert negotiators and it’s their people skills that make them so good at their jobs, people skills that cannot be replicated by technology.
Clearly, real estate is an industry that is not going to see technology replacing agents any time soon. However, there are many technological tools that agents have at their disposal that can help them improve by being more efficient at doing their job.
That’s the big advantage of technology. It’s a tool at an agent’s disposal, not a threat.
Over the past 18 months, we have observed a sharp reduction in the number of properties listed for sale. Despite this drop, transaction volumes have remained plentiful, suggesting that demand is still quite high. One of the reasons for this combination is that there are a growing number of properties being sold off-market.
A vendor may choose to sell the property off-market for a multitude of reasons, with speed and convenience being the predominant benefits of this type of sale.
A sales agent with an extensive marketing network and great reach has the potential to have success in selling properties off-market. There are numerous ways an agent can do this, and oftentimes a combination of several different approaches proves the most useful.
One of the most effective ways to connect with a potential buyer for an off-market property is via email marketing. Most agents begin the process of compiling lists of prospective buyers as they attend open homes. In many cases, serious buyers will request to be placed on an agent’s active buyers list in an effort to be first informed of properties that are coming to market.
This kind of customer is generally the most likely buyer of an off-market property, as they are already demonstrating a keen interest in looking for properties. If you, as an agent, have a detailed understanding of a buyer’s requirements, you can quickly email prospective buyers about properties that suit their needs as they become available.
A CRM is a great asset to have in cases like this, as you can store information about prospective buyers and their preferences. As properties emerge, you can recall the different preferences of buyers and match them to upcoming properties, before even having to advertise. This can be achieved through either direct email to specific buyers, or by grouping potential customers together and creating a personalised newsletter.
The role of an effective agent is to find potential buyers and facilitate transactions. Successful agents understand that market conditions do not always favour the seller, and in those circumstances, it is on the onus of the agent to do the extra work in order to sell a property.
If an agent has an active buyer that has missed out on similar properties, they are likely to find off-market success by searching for new properties that are similar in nature and providing potential buyers with access. This ideology should extend to the entire agency, not just specific agents. If there are similar listings across the agency, it’s in the best interest of the team to work together and assist the active buyer in finding suitable properties as they emerge. Doing this will help customers build trust in not only the agent, but the agency as a whole.
By contacting a buyer directly, you can develop and build a relationship with them. These relationships become important for future transactions, as well as local reputation.
Another great way to get in touch with buyers directly is through traditional mail. Consider your target market and your customer base. If you have an active list of buyers that you can’t reach easily or in a timely manner, then direct mail could be a great option.
A letter in the mail can often be more likely to be opened by a large percentage of recipients, while an email can sometimes be ignored or incorrectly detected as spam. This is especially true for specific demographics, so understanding your target market and potential buyers is paramount.
SMS is a great way to quickly and easily reach out to potential buyers in an informal way. It can be a great way to introduce yourself, follow up, or gauge the interest of a prospective buyer.
By integrating the use of your CRM, SMS can be automated and save the agent time. However, given the personal nature of SMS, it’s important to keep personal elements to the messages you create.
Use your CRM to create templates that fit the type of customer you will be targeting as well as the message purpose. Be mindful to ensure that you are not over saturating your potential buyers with messaging. Oversaturation can lead to messages feeling less personal and are therefore more likely to be ignored, much like excessive email.
The process of selling off-market properties can be made quicker and more effective with the use of a quality CRM.
A CRM allows you to easily match available properties with potential buyers. By creating knowledge bases for both properties and potential buyers, your CRM can easily identify matches between property features, and the criteria that buyers are searching for. From this point, you can create automated triggers, which let your customers know as soon a property that is right for them becomes available.
A great CRM will also assist in with compiling and sending emails, newsletters, SMS and even print campaigns. The more methods you can utilise to reach potential buyers, the better – as long as the messaging does not become overused. Learn what works for your audience, and continue to do that.
For more information about the best marketing tools for your real estate agency, please watch this on-demand webinar.
Selling properties off market is becoming more and more appealing to vendors due to the costs of listing and advertising properties continuing to rise. Buyers are also becoming more interested in-off market buying opportunities in order to avoid competition.
By building your networks now and putting the right technology in place, you will be able to successfully sell off-market properties and further develop your skillset.
Technology has always been a strong partner to agents and professionals in real estate, but the industry as a whole tends to be slow to the punch when it comes to adopting change. And that’s not just talking about a hesitance to implement untested solutions, but also a trend of holding onto aging platforms. As soon as software stops being a support to your business and becomes a headache to be wrangled you should start seriously thinking about doing a tech stack audit, but what does that mean?
When we say ‘tech stack audit’ we’re talking about an evaluation of the software solutions, tools, apps, and platforms utilised by an agency or franchise group to carry out their business operations. That includes day-to-day support and customer relationship management software, tools to monitor performance metrics, internal and client communications, and marketing functions.
PropTech Group’s CRO Bill Nikolouzakis advises that technology is the means to the end, and not the end itself.
"Agents should look to building a tech stack that is bespoke to their business and reduces the amount of time spent on mundane tasks, freeing them up to do what’s really important: helping clients."
Good tech should be the foundation of a modern agency. The right solutions will free up time across the board, from agents and administrative staff all the way up to owners and principles. Take customer relationship management (CRM) software as an example: if a businesses CRM is a bad fit because it lacks key functionality, or isn’t appropriate to the size and needs of the business, doesn’t allow for easy access to data or interpretation of performance metrics for reporting then it stops being support and becomes a hurdle to overcome.
Comfort with technology will naturally vary across a business so a single user struggle may not be the make or break in deciding if a piece of tech is good or bad, but if frustration is widespread then it’s past time to take a good look at what you’re getting for your money.
Bill Nikolouzakis believes that you should select the technology that is most suited to the requirements of the people in your business.
"If you have a small team that all perform multiple tasks, then starting with a CRM system like Eagle Software would be an example of a good fit. If you’re a larger business that already has extensive processes and systems in place, then a more customisable solution like VaultRE could be the better option to support you."
If the general sentiment is that the software creates more issues than it solves, that’s a good sign that you need to evaluate what you’re really getting out of it. Software needs to earn it’s place in your tech stack; otherwise you end up with a bloated mess that wastes time, money, and the energy of your people. There isn’t a one-size-fits-all answer when it comes to technology in real estate, even within a franchise group individual agencies will have specific needs - and as an industry there are unique goals, purposes and challenges that IT infrastructure must address.
Defining what your challenges are, and what kind of software you need to address them, is a good first step to dip your toes in the water of performing a tech stack. Are they being met efficiently, are you having to use a patchwork of so-so software to cover all your bases, do your people like the software you’re using?
That last point is more important than you might think; users who don’t like the software won’t be motivated to put in the effort to learn the ins and outs of it, or may use it improperly for the sake of speeding up the process and spending as little time working with it as possible.
Doing a proper tech stack audit is a big investment, and it can be a daunting task.
It takes time and resources, and given the heat and speed of the current Australian property market it’s understandable to be unmotivated to shift your focus inward and put in the hard yards. But that’s also why now is the right, and crucial, time to do it. The industry is booming and there’s no sign of it slowing down soon, and putting the time in now will pay you back with interest in the future. Reviewing your tech will save time across the board for agents, property managers, administrators, all the way up to principles and owners. It’ll save you money by consolidating your software and sorting the wheat from the chaff, and help you maintain a single source of truth for all of your operational data so you can make confident, informed decisions.
As a business changes it’s software should too. Solutions that used to be cornerstones will be outgrown, and functional overlap from adding in tech piecemeal rather than planning out a stack all work together in creating an ecosystem that can drain resources rather than streamline operations.
PropTech Group has a strong ethos of integration and user-friendliness, as Bill Nikolouzakis says:
"Building a deeply integrated solution, one where an agent can run their entire real estate practice from one place, is absolutely essential. If you have multiple software solutions with multiple data entry points and logins agents just won’t use them."
So you want to audit your technology, but where to begin? It’s an intimidating process to start, particularly for older businesses that have had more time to accumulate software and may be wary of bringing in unfamiliar tech. The best place to start is by creating a comprehensive list of every piece of software that your business uses, or is subscribed to.
And that’s not hyperbole, committing to the audit means going into exhaustive detail on every front of your infrastructure. Talk to your team in every department; what do the agents use, what do the property managers use, what do your administrators use - what do they enjoy using, what do they dislike? There’s going to be overlap, but you don’t want anything to slip through the cracks.
Make sure that you look through your invoices with a fine-toothed comb and capture all of the subscription-based software so nothing gets overlooked, and tally up the expenses. That number will come in handy later when you’re making choices about implementing new software: having access to it and a firm understanding of where the money goes and why you’re spending it (whether the cost is outweighed by the time it saves, or if it generates enough new leads to have a good return on investment, if the user experience or support experience is positive enough that your people are raving about it) will help inform what you replace, what you keep, and what you discard.
Once you’ve created your list and have a surface-level understanding of what your team likes and dislikes it’s on to evaluating each piece of software. This is going to take time, and it will be well worth the effort. Asking yourself, and your team, the following questions for each piece of software or technology tool you use will give you a good idea of what you need and what you don’t right off the bat.
So now you’ve got an exhaustive list of all of your software, what it costs, the office sentiment towards them, and visibility onto the areas of strength and weakness in your tech stack. Where do you go with this information? Property technology is a deep pool to dive into without guidance, but all of that effort has put you in a good position to bring in an expert to take you through the next phase with confidence.
Bill Nikolouzakis believes strongly in the importance of solutions that empower each individual client according to their needs, saying:
"At PropTech Group we’ve thought this through deeply, and decided to structure our business by having a team of advisors whose only goal is to help our clients decide on the tech solution that’s best for them. Whether it’s one, two, or all of products depending on their requirements, their goals, and the solutions they already have in place."
Identifying the obvious points of improvement is a task you can do on your own, and getting that holistic view of your tech stack will help you in making informed decisions and advocating for what you want and what you need. But completing the audit and shaking up the stack will be a lot easier if you have some expert advice on hand.
It can be easy to lose the forest the forest for the trees, so bringing in a third party with experience in IT and real estate solutions will be worthwhile to help you finalise what programs are necessary, what better options exists, and if you have multiple pieces of software that can be consolidated by switching to a different solution.
Given the current explosion of innovation in the property technology sector agencies are spoiled for choice when it comes to options to add in to their business, so dedicating some time to doing a sweep of demonstrations and consultations with prospective software representatives will give you a better handle on what offerings are part of the new standard, what software is the best fit in providing you with value aligned to the needs and challenges you’ve identified throughout this process, and what price points are to be expected.
So you’re doing some demonstrations or consultations, how can you make the most of the conversation? Here’s some good starting topics to discuss with a consistent or representative of a software solution that you’re thinking of implementing:
You should also be referring back to the lists you’ve made of all your software, the price, the value, and the use. Knowing what you need, what you want, what you’re willing to compromise on, and what you’re willing to pay more for proportionally is going to guide the final phase of your audit: implementation.
As times and needs change your tech stack should be agile enough to evolve with you, and a big part of that is going to be finding solutions that aren’t stagnant. Jumping between solutions frequently will lead to burnout and a lack of motivation for you and your team to put in the time to become experts in the software, so the level of support and development practices of a prospective tech provider should be taken into consideration when moving into testing and implementation.
Do they push out updates quickly, do they have accessible support? Do they have a stable client base? Do they have integrations with other platforms and software so you can minimise the number of portals your team needs to access? All important, and all best discussed with experts.
Auditing your tech stack isn’t something that can be blitzed through overnight, and you shouldn’t try to. It’s an investment, and it might be a slow burn. But once you’ve done the hard work on the first run through it’ll make subsequent tech health-checks a natural part of your operations. And you should keep a finger on the pulse of your tech stack. The knowledge that a deep-dive gives you will provide a transparent view on the role that technology plays in the day-to-day and long term processes in your business, so in the future your audits won’t be an involved process but reactive and agile.
Identify, evaluate, bring in outside expertise. A final word from Bill Nikolouzakis:
"the best way to go about the final phase of choosing solutions and moving on to implementation is getting that expertise and advice on what’s current best practice in the industry. Agents often don’t know about all of the solutions in the market or their associated costs, and building the best and most affordable tech stack can be a massive competitive advantage."
When you partner with PropTech Group, you’ll have our industry-leading products on your side to help your business grow. Register for a chat or demonstration here, we would love to help!
A real estate agency website is one of your most important assets as it serves multiple roles for buyers, sellers and agents.
An effective website must be both aesthetically pleasing as well as highly functional with features that integrate with other key tools such as CRMs, listing portals and data tracking.
Here are some must-have features on your agency website.
Arguably the most important thing you need to be doing is consistently promoting and marketing your brand. There’s no more obvious place to have your brand front and centre than on your website. Furthermore, all your social media and outbound communications should be directing traffic to your website, so it’s important to keep your website functional and looking great.
Ensure visitors to your website know that they are visiting your site through inclusion of brand name, logos, brand colours and fonts. Your brand needs to be visible on all pages of the website. It’s important to remember that not all website viewers will go directly to your home page, many will find their way via links shared for content or specific site pages.
When talking about your brand and what it stands for, highlight what you do and how you help people. Why would a vendor choose to work with you? Why would a buyer trust you? Make your achievements visible for all to see.
It’s extremely likely, almost certain that a potential vendor will be visiting your website before they sign up to work with you. Therefore your site need to convey how effective you are at your job, a great way to do this is via testimonials. Knowing that you can deliver on your promises is a vital element in real estate and it’s one that can really drive your business.
From your first day in real estate, and throughout your career, you should always be collecting testimonials, it’s never too soon to start this process. Use those testimonials as content on your site to not only expand your website, but to gain trust from potential clients and stand out from the competition.
There is no one size fits all when it comes to testimonials, in fact, it’s actually great to have some variance. A great testimonials page varies in both testimonial length and content. For example, short testimonials are great for quickly conveying a point, but the addition of longer testimonials helps convey a story and build trust. Ideally your testimonial content will be reinforcement of your branding, really driving home the messaging of what your company offers. However, if this branding is very specific, potential readers may get tired of reading the same thing over and over, so it’s important that testimonials also include benefits which you may not have advertised elsewhere.
Your agency website needs to do key things first of all, which are predominantly highlighting your listings and providing details about your agency. However, the design of the site must also be easy to navigate and functional.
As a website creator, you want to ensure that your website is easy to use and intuitive, so that people viewing your site can easily find what they are looking for. It’s important to have a good balance between text, images, and white space, so that the information is readable and enticing.
We know that real estate is a visual medium, and if your goal is to get someone to imagine they are in their new dream home, high-resolution images are a must. High quality images are also essential because they can assist in building a good reputation of a trustworthy site. If you’re selling luxury properties, then make sure the images and feel of the site convey that.
Another key element of function design is the ability to search quickly and easily. If a buyer can’t easily navigate towards a listing or search for it, they may feel discouraged and give up, and decide to leave your site. This lack of functionality in a site can be costly for you and a vendor.
Utilise many different call-to-actions so that the user can easily perform a simple task, such as downloading a suburb guide or getting in contact with an agent.
Call-to-action buttons and links throughout your website is a great tool to help the user find what they are looking for. These buttons can also act as helpful prompts to encourage the user to navigate to different parts of your site where you may have an offering.
You might not see it as you visit an agency website, but your database is actually the most powerful element of the entire agency in many ways.
Your CRM is your pipeline and it’s vital that you are collecting leads and funnelling them through to your CRM. All the various call-to-actions, need to lead somewhere and have multiple touchpoints to keep any sales process moving forward.
Similarly, you need to be able to track where leads come from and how they are finding their way to contact forms and into your CRM.
Things like newsletters and upcoming listings can often start with a user coming through your website and then entering into some form of sales process, which is normally done with the help of your CRM. The easier all these tools integrate in the backend the easier your life will become and that will free you up to focus on higher-value activities.
Your goal as an agency should be to become a local area expert or a niche-focused agency (such as project marketing).
One way you can do that is through the use of quality content. Things like local area guides and information on recent sales in the area are important for local vendors.
The added benefit of having high-quality content is that you will benefit from some degree of search traffic over time. There’s a lot to consider when it comes to SEO, but it all starts with having relevant content that your audience wants to engage with.
Showing people that you know your area, is far more important than telling them. Quality localised content is also much more likely to be shared across other channels than generic content that is focused on your area or locality.
A CRM (customer relationship management) is an incredibly important aspect of real estate. It’s importance within the industry has been recognised and as such, several software solutions have been created in an effort to help agents become more organised and efficient. A CRM solution, however, is far more than just a piece of software. In many ways it is a core strategy that all real estate agents should be using.
A CRM allows agents to track the various people that they come in contact with, including buyers, vendors and potential vendors in one centralised and easy to manage location. As a real estate agent, your daily tasks can be grouped into two main categories. Selling listings, and acquiring listings.
Your CRM will allow you to manage all the contacts you have and all the information you have about them. However an in-depth real estate-focused CRM will go above and beyond simply tracking leads, allowing you to automate smaller tasks as well as actively driving your various marketing efforts.
While an incredible tool, a CRM can’t replace you as a sales agent, but it can help you do your job more effectively.
It’s possible for your CRM to do some prospecting for you and highlight certain vendors or groups of vendors who might be eager to list their property in the near future. The ability to generate and segment your leads more effectively ensures no new leads will slip through the cracks. Research shows that most sales processes fail when a lead is not followed through. If you continue to follow up on various leads, then the likelihood of converting these leads rises dramatically. A CRM will help keep this process moving forward by eliminating the risk of human error and prompting you to follow up with your leads.
This ability to segment certain groups, and match buyers and sellers is also very valuable when it comes to marketing your current listings. A good CRM should be able to manage all your current and past properties and generate lists of active buyers that might be suited to new listings.
A real estate CRM isn’t just for sales agents. A good CRM is useful in many different roles including property management, administration and even customer support roles. A CRM is the ideal tool for anyone within real estate that is regularly dealing with multiple contacts and driving sales or customer support in various forms.
Each position within a real estate agency is important, and often those positions are intertwined directly with each other. If an individual in one sector is underperforming, it is likely to effect others in the agency, as everyone is somewhat reliant on others within the agency. Great CRM's are designed with this in mind, with different sections of the site customised for various positions. When all members of the agency are actively using their CRM together, they are much more likely to experience success with a streamlined process.
When new agents get started in the industry it can be very easy to track all the people you come in contact with. A new agent will only have a few listings and will almost know every single person that comes through an open home.
However, to grow your business as an agent you need to be able to manage hundreds, if not thousands of contacts all from different areas into one centralised location. That’s where a CRM can really make a real estate agents’ job not only more manageable, but far more efficient in comparison to doing all the work manually.
Time is a luxury that few within the real estate industry get to enjoy. Implementing a quality CRM will help create more free time by automating processes and taking the hard work out of manually processing requests and other documents.
In order to excel, a real estate agent needs to be focused on relationship building activities that drive new business and assist in the sale of properties. A CRM will take care of a lot of the backend work, so you can take control of the interpersonal business, which is where most agents shine.
As the technology in the real estate sector grows at a rapid pace, it’s vital that your CRM is able to integrate easily with third parties.
You need to be able to bring in leads from other marketing activities easily, and ideally in an automated fashion. Your CRM is designed to make your life more efficient, and that efficiency should include removing as many mundane tasks as possible. Considering that successful CRMs are designed with the purpose of helping those within the real estate industry to save time, a CRM which doesn’t easily integrate with other platforms is essentially obsolete.
The best CRM’s will allow you to collect details about your active buyers and help you to build comprehensive profiles.
You can even go as far as surveying your buyers in terms of what they may be looking for including locations, property types and budgets, and then utilising your CRM to help match them with properties in your database.
This feature is especially helpful when it comes to your agencies marketing efforts. By profiling active buyers into their likeliness of purchasing, as well as their necessary criteria, you are easily able to contact these potential buyers when a property that suits them comes to the market. This will not only assist you in selling properties quicker, it will also help you to develop relationships with potential buyers as you are helping them by sending property options straight to their email.
The most valuable commodity that most real estate agents lack is time. A CRM will make your job more manageable and free your time to focus on the most important work, which is building relationships. CRMs are highly cost-effective tool which should be used to grow your business effectively. The ability to become more efficient at your job while building success is invaluable.
Real estate is the largest asset class in the world and it continues to grow at a rapid pace.
However, the real estate industry has been one of the slowest to embrace new technologies. It has only been in the past few years that we’ve really started to see the emergence of the next generation of PropTech companies.
PropTech refers to using technology to help improve the way the real estate industry operates. It’s a broad term that encompasses all elements of real estate, from the way in which properties are sold, to things like settlement, how properties are listed for sale or lease, even the ways titles are tracked. The list of ways that PropTech is disrupting what is a very old and established industry is virtually endless.
Property’s digital transformation is also happening not just on a practical level, but also on a cultural level, as the industry-wide adoption of these new technologies also growing at a rapid pace.
This transformation began when listings first started moving from Saturday’s paper and onto online portals. Now, it’s rare to see a property just listed for sale in a traditional newspaper. This transition comes a lot of advantages to both sales agents and vendors, who can use these listings to generate leads, track data and ultimately fine-tune and improve their sales and marketing processes over time. All of this wouldn’t have been possible without PropTech.
At the heart of PropTech, are people who are identifying problems and inefficiencies within the industry and these start-ups seek to find solutions to those problems.
These problems can include automating mundane tasks, streamlining the research and planning processes, managing properties or just trying to remove elements of the industry that are not working effectively.
While property has been one of the slower industries to move towards technology-based solutions (compared to, for example, FinTech), many PropTech companies have grown at a rapid rate and are now market leaders in the space.
The next phase of PropTech is starting to look at other problems with a big focus on using data, blockchain and tools like AI and machine learning to enhanced predictive analytics. This has an important role to play in real estate, especially in areas like marketing where sales agents are trying to locate suitable buyers.
In the past 18 months, there has also been widespread adoption by both buyers and sellers with technology such as virtual reality, which helped facilitate transactions without the need to be physically present.
This has been especially helpful in the age of COVID-19 where in person inspections were simply not possible. The addition of this kind of technology helped the real estate industry continue to thrive throughout the pandemic.
Augmented reality is another area that will have a big role to play in the future of real estate is particularly beneficial for off-plan developments. When selling a property that isn’t yet built, a buyer can effectively view the property with AR technology, to better understand what they are buying.
While many people fear technology and what it means to certain industries, property is one such industry that will always require a combination of both technology and human interaction. Real estate, for the most part is a relationship business, meaning that you still have to get out there and talk to people and build and nurture relationships.
This part of the process can’t be replaced by technology, no matter how advanced it becomes. While PropTech can work to remove inefficiencies and roadblocks for agents, its role is largely to assist in making agents and those in the industry already, better at their job by being more productive and effective.
Whether that’s through streamlining processes, making marketing processes more effective with greater reach, or by simply eliminating redundant activities, PropTech has a big role to play in the future of real estate.
PropTech Group CEO Joe Hannah explains more about the PropTech Industry in this video.