How to digitalize your Real Estate Business
Transitioning from the traditional manual processes of real estate to online
If you’re into the real estate business for some time and thinking to take it to the next level — now is the time to switch to digitalized process and fasten your operations.
Technological innovations provide a smooth and efficient transaction process between the customer and real estate agents. You can close deals faster, generate more revenue, create a hassle-free customer experience, and produce a ripple effect on your overall business.
Let me show you how to digitalize the real estate business and earn the same benefits as mentioned above with a few steps.
I. Market Research
To get started, you need to take a bird’s eye view of everything your competitors are doing, real estate marketing strategy, and technology trends disrupting the real estate industry.
II. Pick a promising Business Model
To help the entrepreneurs, real estate investors, real estate buyers, and real estate agents, I would recommend a few business models adopted by the leading companies.
a. Open Platform
Open platforms such as Zillow, Craigslist, and Dada Room, allow finding any kind of space just anywhere. It is customer-centric and provides autonomy and transparency in the investment model.
b. Curated Platform
Curated platforms such as Airbnb and Couchsurfing, allow to rent your space for the short term but they build long-term profits and stable transactions as compared to investing in hotels and luxurious suites.
c. Brokers or Real Estate Agents
Examples like Redfin, LeaseToMe, and Homie, have altered the traditional real estate market and modernized it with the use of technology, creating a simpler and easy transaction process.
III. Reflect on your Business Operations
You need to have a check on your day-to-day business activities, as well as your backend processes. Identify the opportunities you can create with technology. Make a list of all the processes such as:
- Property listings (including your property pictures, videos, etc.)
- Advertisements Posted on the real estate website
- Email and SEO marketing
- Follow up with the potential clients
- Tracking leads
- Closing procedures (from collecting earnest money to signing documents)
- Keep track of your financial transactions
- In-house project management
It is good to discuss with your team, to provide their feedback and suggestions, their problems, and convince them how they can upgrade their performance with digitalization.
This task is effective to identify your weak areas and improve accordingly. Now take actions to break free of conventional methods and input technology into your processes. For instance, review the software solutions that are designed to support the real estate business such as using electronic signs with DocuSign to close your deals quickly or Dotloop to manage transactions.
The purpose is to save time and money and build a promising business.
IV. Build a Minimum Viable Product (MVP)
Building an MVP enables us to make the best product. Pick the processes one by one to digitalize. To name a few, companies that started with Minimum Viable Product (MVP) are now leaders in the market, for example, Facebook, Airbnb, Uber, and many more.
Therefore, when you are starting from scratch, build step by step, gather feedback from the end-users, and improve with every iteration and continuous testing.
V. The final touches
Now when you have launched a digitalized real estate business, it is time to review your processes time and again. Tweak if any changes are to be required as this is a continuous process and also ensure to keep your team members in the loop.
The bottom line is that to stay in the competition and relevant in the marketplace, the key is to adapt to the emerging technologies in the real estate industry. The real estate industry is a land of tremendous business possibilities. The need for time demands to follow the steps and evolve successfully.
If you can’t do it all alone, you don’t need to worry. We can guide you to streamline your processes and build an online presence of your real estate business in this highly competitive era just like we did it for LeaseToMe. At Psmorfia, we take your business idea to the next level by revolutionizing the conventional real estate business.
Reach us to get more information and help you make your project a success.
