The real estate industry is renowned for falling behind on the technological front, as the industry has thrived for decades without implementing much ground-breaking tech into their strategies. Yet, many real estate companies are now leading the way by actively introducing technology into their businesses in order to innovate and offer something unique. Technology has already saturated so many areas of our lives, so prepare for it to take over the real estate industry, too!
Technology has the ability to significantly improve the efficiency of a business. Whilst technology has of course been embedded into the industry, the extent to which it is now used on a daily basis has not been seen before. Software is available that can reduce the workload of staff in all areas, for example being able to process major transactions through Blockchain without having to waste time going through banks. The time that is saved can be invested in other areas of the business, so software like this is becoming increasingly popular. This should give any business a lasting competitive advantage.
Online Real Estate Auctions
Whilst online real estate auctions have existed for some time, as a result of Covid-19 their popularity has sky-rocketed. Buyers are able to buy properties quickly, usually at below-market price, and they aren’t caught up in a property chain. Sellers can quickly offload properties that they no longer want or need without having to wait for months on end for the deal to go through. The pandemic meant that physical auctions couldn’t take place, so online versions took their place. The benefits of being able to buy a property without the added inconvenience of travel costs is likely to make this a trend that sticks around.
Targeted Online Advertisements
The development of ad technology means that real estate agencies are able to target potential buyers much more accurately. Things like proximity, interests and purchase history can all be considered when trying to find the perfect buyer for particular properties. For example, when trying to sell multi-million pound properties, you might target people with an interest in designer clothing or those who spend a lot of time in the area the property is in.
If you wanted to target families, you might focus on people spending money on baby products or family holidays. Research of demographics (also made much easier through technology) will inform which direction you take, yet targeted ads should definitely be considered as a significant element in any social media marketing strategy.
Aside from paid advertisements, organic social media is also an extremely powerful tool which enables real estate businesses to interact with potential customers, build a strong sense of brand and share exciting content. There are so many ways you can do this, but here’s an introduction to get you started.
Firstly, make sure you are using hashtags. So many people use the hashtag feature to find something they’re looking for, making it a very useful tool. For example, if you have a luxury home to sell in Mayfair, you would hashtag things like #LuxuryMayfairProperty and #ExpensiveHousesLondon, alongside more generic hashtags such as #HouseInspiration and #RealEstateLondon. This will attract the attention of the people you think could be potential buyers.
Social media is also fantastic to generate a buzz. Going back to the luxury home in Mayfair, if you post professional photos onto your social media, not only might it draw in buyers, but it will also encourage interest from people who might see it as their dream home. Even if you do not have a luxury real estate company, posting ‘dream homes’ will still help to engage people with your content. For maximum success when creating your social media strategy, try to find a balance of posting content directly linked to your business and also things that your followers will find interesting.
360 Video Tours
Whilst photos are useful, people find it difficult to get a real sense of what a property is like without seeing it in person. That was the case, until the development of virtual reality enabled 360 degree video tours of homes. People are able to gain familiarity with a property before deciding whether to view it. In terms of efficiency for the real estate agents, this is fantastic, as it saves them from wasting time travelling to properties to meet potential buyers and showing them around just to be told that it isn’t quite for them. Adding this user friendly tool to websites will draw in more potential customers who aren’t wanting to waste their time. Whilst this has existed in the past, it has become more useful than ever during the pandemic.
An important element of this is the use of drones, which is common when creating 360 tours, as well as aerial images and videos of properties. Aerial photography was extremely expensive prior to the use of drones. Thanks to the accessibility of the technology, drones can be used by real estate agents themselves if need be without needing to outsource professional photographers. The potential for agencies to create high quality content has gone through the roof.