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In its simplest form, digitalization refers to the process of augmenting systems through the use of digital tools and technologies. This, however, means far more than integrating the use of computers and the internet in your real estate agency. It’s a step in the right direction, but there’s more to it than converting analog documents to digital information or setting up a social media account for your real estate agency. When utilized properly, digital tools and systems can simplify and streamline your internal processes, widen the reach of your real estate agency, and offer your team members accurate and timely support no matter where they may be, among other benefits.
Often, digital transformation is a significant financial undertaking for a company, no matter its size. This doesn’t have to be the case in your agency. You can digitalize your processes and systems over a longer period, easing the financial burden on your business. You can do this by prioritizing the functions that will offer the most benefit to your company. Here are some of the processes you should aim to digitalize first:
Agent Recruitment and Retention
Unfortunately, attrition is a significant issue in many real estate agencies. It’s not unusual for these businesses to have year-round recruitment campaigns, as there’s always a seat that needs to be filled. But while recruiting agents is a tedious and demanding process, the consequence of not keeping enough competent agents in your roster is simply too great. To ease the burden of the recruitment process, you can make use of a program that’s specially designed for it.
What characteristics should such a program have? Some of the most desirable features you should look for include automated outreach campaigns, recruiting campaign templates, and automated social media profile lookups for leads. A software solution with easy access to these and other relevant functions, such as Brokerkit recruiting software, will enable your agency to accelerate its growth with the right people.
Lead Generation and Nurturing
Generating and nurturing potential customers is a key function of a real estate agency, and it’s an area where digitalization can have a significant impact. The good news is that there are plenty of technology companies that recognize the need for lead-generation tools in the real estate industry. As such, real estate businesses have plenty of options that they can incorporate into their processes. Among these is the use of artificial intelligence to prequalify leads according to the standards set by the agency. The AI can also group the leads according to the historic performance of other potential customers that share similar characteristics.
Once the leads have been prequalified, a CMS can be programmed to implement the agency’s custom lead nurturing process. Allowing these digital tools to manage these long-term and repetitive tasks will ease the burden on the agency’s staff and enable them to focus on the human aspects of doing business.
Data Collection, Analysis, and Calculations
Potential buyers are expecting their real estate agents to provide them with accurate and timely information about their options. This includes the financial aspect of the transaction that they have to agree to once they push through with the purchase. Coming up with clear-cut figures can be a challenge since this involves knowing the current price of similar properties, the loan terms that the potential buyer can expect from the bank, or how much property owners can potentially earn from their rentals.
Over the years, machine-learning algorithms have gotten quite good at data gathering, information analysis, and conducting complex calculations. This has made them a reliable tool for agents who are pressed to provide their clients with various figures that will, in turn, enable buyers to make informed purchasing decisions.
Scheduling and Conducting Property Tours
The pandemic has accelerated the adoption of virtual reality in the real estate industry. The use of these technologies remains popular today, as they present prospective buyers with a convenient means of seeing their options without even leaving the comfort of their current homes. Real estate agencies can satisfy this demand by putting up home tour videos of their properties on their respective websites. At the same time, there’s now a wider selection of programs that are specifically designed to enable small and medium-sized real estate companies to stage virtual tours on their website and other digital platforms.
In addition to offering virtual tours, real estate companies can also improve the level of convenience that their clients can enjoy by offering online tour scheduling. The prospective buyers can then head to the property, access it without assistance from an agent, and see if it suits their needs.
The digitalization process doesn’t have to happen in one fell swoop. Choosing to prioritize high-impact functions in your business will enable you to see exactly how the use of digital tools and systems will impact your processes and revenue. At the same time, staggering your real estate agency’s digitalization process will make it easier for the company to sustain this transformation process in the long run.
