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How to Transform your Real Estate Firm Into a Proptech

Technology is changing real estate and all the advantages it brings to the commercial and residential sectors. However, there are still many real estate companies that have not taken the step or are just beginning to incorporate technology into their day to day. In today’s blog, we talk about how you can take steps to transform into proptech.

Dare before it's too late

The first step to being a proptech company is to understand the great benefits that technology brings, your organization can either bet on it or risk missing out. It’s quite possibly the only way is it possible to achieve success in real estate in the upcoming years, streamlining and simplifying the different procedures and processes, as well as improving communication and customer service.

We are at a key moment in which the companies in the sector that are left behind and do not begin their transformation, run the risk of being totally disconnected from the market in a short period of time.

Tips for becoming a Proptech

These are our recommendations to successfully incorporate technology into a conventional real estate company:

1. Study your competitors. Your competition may have started their digitization earlier, so it can help to see what they are doing and with which tools they are using to see how you can implement similar strategies or better yet build something better.

2. Analyze your weak points and prioritize technology to solve them. If the problem your firm is suffering is the excess of information and outdated databases, you need to bet on building or implementing a better customer management system. If the problem is in not coping with the requests and questions of clients that arrive online, the answer might be in implementing a chatbot, Marketing Automation, and using analytical tools to build better relationships with your customers.

3. Pilot tests. Before fully integrating a new protech methodology in your firm, it is advisable to do some testing to limit errors. Once proven effective, it can now be incorporated globally.

4. It involves the entire staff. The entire team must know what processes and procedures are going to change, why, and how they should work from that moment on. Depending on the technology in question, it may be necessary to train employees to get the most out of it, and/or incorporate new professional profiles as experts in new technologies that are being introduced into real estate, such as virtual reality and augmented reality among others.

5. Always be aware of the latest trends. The proptech world is a constantly evolving world. In order to not be left behind, you have to be aware of the latest advances and discoveries and their applications in the real estate industry.

6. Analysis capacity. Technology can be very helpful in automating tasks or storing data, but the only way to optimize it to the maximum is through continuous analysis of results. Have visits to the web increased since it was optimized? Has more information on the properties been requested since the ads incorporate a 3D view? It is necessary to constantly ask these questions and with the data to back it up to see how the strategies can be implemented correctly.

7. Leverage the right technologies. Whether you are looking to build your companies mobile app, looking to implement AR into an existing app, build better internal tools to better serve clients, have more analytics available for better decision making or you are looking to push boundaries with blockchain technology for more transparency or AI for better customer segmentation and outreach, choosing the right development partners will go a long way in allowing your firm to reach its goals.

Next-Gen Real Estate

What if you have already built out a great app and great internal tools? What’s next in the road to keeping your company ahead of the rest? NFTs.

Simply put NFT and blockchain tech is changing the real estate landscape, allowing small investors to get in on the action that was reserved for only the rich just a few months ago, firms that leverage NFTs to reach more buyers that are interested in building an investment portfolio will reap the rewards of being at the forefront of blockchain technology in real estate.

Turning a property into an NFT that can be purchased by small investors can become the future of real estate financing, allowing developers to build properties without relying on traditional financial institutions.

Conclusion

Becoming a proptech company can be dizzying at first, but it is the only way to survive in a demanding sector where 95% of the first searches for housing are already done through the Internet and more and more transparency, access to information, and agility in the buying and selling processes is expected by potential buyers.