December 7, 2023

Real Estate Digital Transformation: On the Way to Automation

The value of real estate tech deals made worldwide will reach $6.3 billion which more than 5 times more than five years ago. Let’s reveal the basis of the growing tendency.

Written by
Serhii Uspenskyi
CEO

Any customer-oriented scope can’t afford anymore without the technology integration in the business running. The property market isn’t an exception. Digital solutions and innovations allow not just real estate workflow automation but bring clients closer.

Web and mobile experience is essential for scopes that have as an ending point of the customer path a purchase or financial contribution for acquiring on a temporary basis. The necessity is based on potential customer needs for easy access to the available options, deal details and parties presenting them: agents, owners, contractors.

Another reason to invest in the automation technology real estate can benefit from is the ability to track market motion, analyze scope insights to make or follow trends and correct your business focus to stay above water despite any fluctuations.

Bringing intelligence to the processes you base the company operations not on assumptions and competitor’s actions but on the up-to-date analytics.

Process automation for real estate: what, where and how

Each type of real estate - residential, commercial and industrial - can benefit from digital transformation approaches in the industry. Let’s discuss how and why each segment makes a step towards its further development and finds the boost is sales through more strong and ergo long-term customer engagement.

Residential

Surely, no automation in real estate can replace human touch and decision-making based on actual evaluation of the property. However, it doesn’t imply that any service providing should start with it. Since the majority of purchases nowadays begin with online research you should create options to find what will attract and guide them to choosing your company.

Company website

Simple stating of the services isn’t enough to net new customers. You should provide unique visual content, helpful articles and 24/7 support from any platform. Responsive, web design, augmented reality and AI chatbots can ensure that.

Property marketplace

Why presenting available houses and apartments one by one depending on the presented requirements when they usually are far from definite. Creating the platform you basically complete real estate agent automation. You can also use recommendation engines to help them find their dream faster. Airbnb has proved that.

Rental platform

From living rooms to untypical offices can be rented online now. Photos, virtual tours, and reviews can bring to a decision faster than any advertisements. Especially if the contact can be established directly with landlords to clarify any agreement clause or property conditions as well as check if any additional services can be provided.

Property management

Having all administration details in one place can increase your efficiency as an owner by properly and timely managing payments, services, events, etc. Creating an account-based real estate automation system for all tenants can simplify its maintenance and run personal engagement campaigns to ensure a longer stay.

Smart environments. Adding IoT innovations to offering properties can make them more attractive for the wide range of seekers turning them into upscale places or simply a living setting with optimal usage of the required utilities, available space, etc. They can also raise the security level that can be vital for some locations.

Process automation

You can simplify the majority of basic business operations from payroll to customer relations with diverse ready or custom CRM, accounting solutions, workforce management, etc. depending on your company specifics. Through real estate broker automation, you’ll raise performance productivity and build more accurate strategies based on gathered data.

Commercial

Such companies as WeWork showed how to take advantage of the world tech tendencies to provide coworking spaces and offices starting the journey from the online environment. CRE with focus on other scopes like retail, healthcare, hospitality, etc. can also reinvent constructing and acquisition processes with modern technology.

Design & modelling

3d environment visualizations and printed models can attract investors and buyers on the early stages of the project. This way you sell not free spaces you sell the vision of potential success within these walls without risking significant investments on their actual implementation in advance.

Virtual tours

Without commercial real estate automation due to the scope much wider geography within one business making potential contracts fail just because of the miles between. AR/VR can bring to the location without wasting time and money on the actual visiting leaving it for the more appropriate time and still gain the required vision.to make at least an initial decision.

Cooperation

Establishment and maintenance of the collaboration especially are simpler with AI, machine learning and even blockchain. Being a part of diverse real estate automation software they can ensure availability and conformity of all related documentation, payments, progress tracking and security of confidential data concerning the deal.

Industrial

Manufacturing, engineering, etc. have specific demands for spaces considering dimensions, materials, temperatures, and other conditions. The goal to ensure the clients of the offer conformity is much easier with technology integration.

Smart facilities

eCommerce, retail and the whole supply chain are driven by customer expectations and aim for cost-efficiency through digital transformation. That’s why they have now more high demands for warehouses, manufacturing spaces, etc. concerning process automation and smart managing to avoid from-scratch integrations of IoT systems, for instance.

Strategic planning

Being highly dependent on the mentioned above fields makes the scope to track all its fluctuations to forecast the demand and ensure the adherence to it. Advanced analytics tools can make building the strategy more accurately to provide the appropriate facilities timely for a certain location.

Digital transformation of real estate and home automation have common for other industries' influence on customer experience and serving it scopes like marketing, operations, and business analytics.

Empowered by Artificial Intelligence, Machine Learning, Internet of Things, Augmented Reality/Virtual Reality, blockchain and the latest web & mobile technologies like progressive web apps (PWA) the fields transform to become more appropriate for the modern environment.

Customer retention is the key

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What are the most relevant factors to consider?

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Don’t overspend on growth marketing without good retention rates

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What’s the ideal customer retention rate?

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Next steps to increase your customer retention

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