Back in 2020, predicting trends for 2021 in the real estate market seemed like an impossible task with all the uncertainty around COVID-19, home confinement, lockdown – you name it. But what we saw was a rapid adoption of Proptech and digital tools to increase business agility, dilute market risks, and leverage opportunities. Essentially, the winners of the real estate industry took the digital leap and embraced technology by enriching their original business structure’s flexibility. A report published by Yardi on technology adoption in Asian real estate noted a staggering 70% of real estate companies scaling up their Proptech investments to align with COVID-19 regulations with the principal investments devoted to big data analytics, AI technology, and process automation.
Consequently, a wealth of Proptech start-ups saw COVID-19 as the catalyst, breaking through the final barriers in real estate technology adoption. No matter if you’re an agent, manager, or developer, understanding the current and predicted drivers in real estate market opportunities allows you to sift best practices to stand out in today’s competitive landscape. Read on to learn more about the emerging trends in Proptech development this year and how you can exploit these opportunities.
1. Growth of eSigning
Recent real estate industry trends show no sign of property investment slow-down. In fact, we can see the barrier between property investment and COVID-19 restrictions being revolutionized by many embracing virtual notarization tools with companies such as DocuSign remodeling the digital notary marketplace.
eSigning tools exemplify an opportunity for the industry to prove further resilience against marketplace changes at any level – global or regional – via integration with Proptech tools such as automated AI-powered document filling when closing deals. Thus, agents will no longer be barred by the physical restrictions of location and the infamous mountain-high amounts of manual paperwork, giving them back the valuable time to nurture their leads and focus on closing deals – even remotely.
Ensure you or your team are equipped with the tools to go beyond your lead’s expectations. Deliver a hyper-personalized and convenient experience to develop a long-term, genuine relationship. Not only are you more likely to close the deal, but you can ultimately become their go-to virtual agent or agency in today’s competitive landscape.
2. Proptech for Safety
Aside from the game-changing features such as automated research and task administration that centralized CRM systems can offer, real estate professionals – especially realtors – are progressively adopting Proptech as a safety mechanism physically and for their personal information. Research from the National Association of Realtors (NAR) found that even in 2020, 58% of real estate professionals use a smartphone app (e.g., Find my iPhone) to track their location whereabouts for safety, with 31% of realtors feeling unsafe during open house tours.
In line with the pandemic’s looming presence, we’re likely to see more personal and commercial property tours in developing, buying, and selling in the market sectors via digital means. The new approach ensures the health and safety of the viewer and agent(s) and is also considered a more efficient use of time. Agents can upload a virtual tour of any new listing on their social media or microsite to target their prospects, making it a more convenient and safe experience for client viewings.
So, how can you take action? Consider investing in beneficial yet simple-to-use software such as iStaging or Google’s VR Tour Creator with capabilities to build immersive, full-view tours on computers. It’s the perfect way for you to still put a creative, full-house viewing in front of your leads from the comfort of their own home.
3. Cultivate Data-Driven, Intelligent Decisions
You may have heard the term “data-driven” being thrown around in many industries as a critical driving success factor. However, the adoption of big data analytics has only been thrusted upon real estate professionals amidst the pandemic as it became harder for agents to capture potential leads physically. Moreover, with most activities being conducted online, such as virtual tours and lead management, real estate professionals have become increasingly reliant on data to identify emerging patterns and predictions to make informed choices. After a year of living alongside COVID-19, we cannot deny the importance of data-driven decisions. With rapid digitization, its strong credibility as a business decision tool will only continue to improve!
The wealth of opportunities derived from data is immense – not only are you able to future-proof strategies by mitigating potential risks, but you can also obtain extensive, accurate, and valuable insights into every one of your leads. For example, with growing numbers of employees working from home, workers may spend more time thinking about their residential home locations, and managers could be considering new offices post-pandemic. All these new behaviors are forcing agents to adopt new strategies and take action to nurture their leads.
With Proptech, you can now gain a 360-degree view of your leads from their general information to data on browsing behaviors, time spent on specific properties, and more – from both your phone or computer. This information enhances your ability to anticipate what your leads may want ahead of time and subsequently deliver the most relevant messages and properties to them. Advanced data analytics can surface trends or areas to focus on so you can effectively capture potential opportunities and identify yourself as their go-to agent or agency. You will no longer need to play the guesswork game with your leads or spend valuable time on fruitless opportunities.
Explore more on how you can utilize data analytics to become a digitally-savvy real estate professional and win over the real estate industry: The Importance Of Data: Why It Matters And How To Leverage It For Success In Real Estate
To round up, digitally transforming your agency can be a tough challenge. As we have seen from the last year, new tech players will continue to enter the market and offer more efficient and effective ways of conducting business. With a plethora of revolutionary software available, staying on top of your game is crucial to capture the multitude of remote opportunities presented.
Keep your finger on the industry’s pulse and check out Property Raptor’s sophisticated digital eco-system, exclusively designed to empower agents and agencies with the best tools to maximize conversions. Contact us to learn how our all-in-one, game-changing solution can enhance your team’s capabilities with data-driven sales and marketing strategies.