In the real estate industry, managing the routine tasks isn’t a child’s play! As it isn’t just limited to buying and selling, there is a long process backing up. According to IBEF, by 2040, the real estate market will grow to Rs 65,000 crore (the US $ 9.30 billion) from Rs 12,000 crore (US$ 1.72 billion) in 2019.
Real estate is a potential market to technology disruption and the biggest breakthrough here can be finding out ways for effective management. With the evolving trend of proptech (property technology), there is a rise in the adoption of technology in the field of real estate buying, selling, and listing. While automating your real estate business is implementing the right technologies to help you smoothen the process and let the operations move in full swing.
Getting Clients in Real Estate Business
Buying and selling are not direct often, there is an involvement of an agent or a broker who may have a huge amount of leads on an everyday basis. For instance, a single agent can be taking care of multiple properties in an area and customers are contacting him through phone calls or web lead generation tools, some might have been contacting through referrals from past clients. The problem area here is its nearly impossible for an agent to entertain every single lead and take follow-ups from the potential buyer that too timely! When customers do not receive quick follow-ups on their inquiry they simply tend to look at other agents to find the right properties. It’s a competitive market and all an agent requires is to be attentive to the queries.
What is Real Estate Automation
In simple words, automation is a way of reducing manual efforts and letting the tools work for you. This can be done through email workflows, automated notifications, managing tasks for the team, and integrating different tools to work.
Real estate automation can take your business operations and marketing to the next level with reduced workload and sorted processing. Though the software cannot handle the entire workflow altogether, you would need the workforce to back up and supervise! The work automation does it easing the process from too much manual interference and reaches the prospects to address their queries on time!
These are the major kinds of real estate automation to get started-
- Marketing Automation
- Automated Business Process
- Automated Engagement
- Automated Management
Areas in Real Estate where Automation can work wonders
- Business Processes & Automated Workflows
A real estate professional is generally busy in multiple tasks at a time, their typical day includes submitting/filing paperwork, documentation, coordinating appointments, meetings, site visits, creating a budget for monthly & quarterly operations, and managing the clients through emails and other forms of follow-ups. These daunting tasks can be too tough for a single person to handle while automating the same can save you huge time and effort and let you manage other imperative aspects simultaneously.
- Marketing Automation
As heaps of leads fall under the list for an agent, it’s not the easiest of the tasks to attend each of them. And, even a single miss can be a loss of a potential prospect. Here, a marketing automation software can start with collecting the leads, collecting the necessary information in the database, post collection the leads are then channeled and segmented into the appropriate list, personalize/customize them and send emails & text messages to keep the clients in the loop. It can provide more opportunities in order to increase engagement and drive better business.
- Property Management
One agent or a brokerage firm has numerous properties included in their listing, and they’re required to look after the maintenance, defects, coordination with one another regarding projects and continuous communication with the clients seems to be tough enough! Property management automation can help you through with easy and interactive ways to manage the project by bringing together process, communication, and documentation on a single page and optimizing the entire process without wasting valuable time & money. AI-based chatbots can help the residents in paying rent, extending the lease, and report issues with the property anytime.
A good real estate automation software should be able to centralize the entire information base and place it all together for better analysis and optimization. Look for custom software development if you wish to have the features as required.
The real estate sector in India is expected to reach a market size of US$ 1 trillion by 2020 from US$ 120 billion in 2017, further contributing 13% to the country’s GDP by 2025. Real estate automation software can make not just make yours but your client’s life easier too! Find the right real estate software company to help you automate your real estate business.