- In this blog, we will look at the new technologies like online websites, virtual home tours, Artificial Intelligence, AR & VR, and so on that will help to boost the real estate brokerage business. The businesses should change their operating methods from traditional offline business to modern online business in the real estate sector. Observe the trend and transform your business pattern with the help of technology.
Many businesses have upgraded their working methods from traditional to premium modern ways in this digital era. Moreover, many companies are quickly adapting to new technologies, making business processes easier and more profitable year after year. But it’s not the case when we talk about the real estate brokerage business, as this industry is still evolving technically. Like many other sectors, real estate plays a game of trust which will win homebuyers’ hearts.
With the help of technology, the real estate brokerage business seeks to create innovative ways for real estate agents or brokers to convince aspiring homebuyers to buy their dream home. Considering this thought, the concept of real estate platforms/portals was introduced. Just like you purchase electronic gadgets, clothes, accessories, jewellery, and food online, in a similar way, buying/selling homes online through a single click made convenient for many homebuyers. Thus, merging the real estate brokerage business with new technologies will be essential for many real estate firms in India.
Now let’s deep dive into the areas where we can closely observe how technologies must be adapted to boost your real estate brokerage business.
- Create an Online Marketplace
Once upon a time, real estate businesses were meant to be face-to-face deals among homebuyers and investors. But now, technology has become necessary to connect and showcase your offerings to buyers worldwide. Therefore, the online marketplace is a web space for real estate property listings offered to many homebuyers at a time. Instead of generating referrals from person to person, you should drive your real estate brokerage business online, where people can share your property listings through many social media apps. In this manner, real estate lead generation becomes easy and quick for modern real estate businesses.
Creating a website or an app and further offering the services of home loans, paperless documents submission, and cashless online transactions will boost the user experience of buying a home online. To effectively manage leads generated through online presence, one should also take care of customer relationships, i.e., creating a bond with customers by helping them from initiation to the final phase of purchase. This can be established through CRM (Customer relationship management) tools like KEYS, developed by mymagnet.io.
- Introduction of Chatbots
As we say, ‘The first impression is the last & remarkable impression.’ Introducing chatbots in the real estate brokerage business will surely throw a delightful experience for your customers. Similarly, chatbots help the real estate brokerage business increase user experience and reach out to more customers in no time.
Without any human interference, the chatbots help the prospects answer their generalised questions, which many users often ask simultaneously. Chatbots’ instant response helps aspiring buyers visit their portals frequently and, thus, generates traffic on your website. To entertain your audience 24×7, align your realtors with chatbots so that your target is to close all your deals on time.
- Use Email Marketing
In earlier times, nurturing your real estate leads was difficult due to a lack of trust and time constraints. But in today’s digital world, critical communications like home brochures, offers, leaflets, banners, and so on can be delivered to the target audience within seconds. A real estate agent/broker can provide valuable content and reach the maximum audience through email marketing rather than coveted word-of-mouth referrals.
All real estate brokerage businesses should gather large databases and perform email marketing for their business to flourish. Further, companies should analyze email marketing metrics and the amount of money spent on them. Check whether email marketing performed by your organization’s marketing team is worth it. Plan and strategise your marketing activities according to the changing trends in different areas of the target market.
- Convert Prospects into Customers through AI (Artificial Intelligence)
Data is the new oil, and it’s true for every industry now. Likewise, it is applicable for real estate companies to adopt AI in their brokerage business to analyze the online purchasing journey and gather data that will collectively help to estimate consumer behaviour, price precision, rental growth, consumers looking for home financing, and many more.
Through deep learning, the analysts working on real estate technology will segregate and hand over the right customers at the right time to realtors. With this strategy, the conversion rate and sales would gradually rise, increasing the revenue of many real estate businesses.
- Grow with AR (Augmented Reality) & VR (Virtual Reality) concepts
To set apart from your competitors, real estate brokerage businesses have started handing AR & VR to real estate agents who help homebuyers visualise their dream home at their favourite locations. In the recent pandemic, many companies were operating online, and therefore to cope with the losses, real estate firms offered unique technology.
With this technology, buyers and sellers communicate via Augmented Reality (AR) and Virtual Reality (VR) which eventually saves time, cost, and efforts of realtors to create an emotional bond between dream homes and buyers/sellers.
- Increase your footprints on social media
Having just a website is not enough until and unless you create awareness of your real estate brokerage business through social media. The channels like Facebook, Instagram, Twitter, Whatsapp, and Youtube are the best resource for many B2B or B2C real estate businesses. Advertising through newspapers, television, and radio is an old method to attract your target audience. Instead, one should be equipped with trends and try to engage their viewers/visitors through reels on Instagram or small stories on Facebook, which will be more appealing to aspiring homebuyers.
Add social media links on your websites where they can see the latest updates and follow your social media handles to keep in touch with every property you add to your portfolio. Thus, the real estate brokerage business should be capable of innovating and creating an engaging ecosystem to turn all their prospects into happy customers at an affordable investment in advertisements.
Overall, technology plays a significant aspect in the real estate brokerage business, and it can help automate most of the real estate business processes by clicking a button. Further, one should adapt to new technological trends and try to implement them effectively to stand out in the crowd, which will boost revenue and become a market leader business in India.