The Real Estate industry is no exception when it comes to digital disruption. Compared to other industries like banking, retail, and healthcare, Real Estate has been a little late in creating room for digital transformation. Real estate players such as developers, brokers, agents, investors, and managers are now looking to embrace skills and cultural change due to the adoption of digital technologies to satisfy the ever-changing client needs.
It’s only obvious now that Real Estate companies should explore new structural solutions, improve operational performance, and streamline portfolios to maximise return on investment to stay competitive in an increasingly competitive market.
Why is digital transformation imperative for the Real Estate business?
The most prominent reasons why digital transformation is a necessity for the Real Estate sector include-
1. Change in client behaviour and expectations-
The way customers search for Real Estate properties is evolving. Rather than engaging straightway with realtors, many choose to use online searches. As a result, not having a strong online presence means missing out on opportunities to engage with potential buyers and sellers.
2. Technological advancements-
Companies can increase their operational efficiencies by implementing digital technologies like automation. It allows Real Estate developers to scale, improve consumer engagement, and give transparency while empowering them to respond quickly to changing market conditions.
But, there are certain challenges digital transformation brings along with it for the Real Estate sector.
Top 4 digital transformation challenges faced by Real Estate Developers-
There are several challenges with digital transformation that Real Estate businesses often face while planning to implement and integrate it into their business operations. Some of the prominent ones are-
1. Confusion in getting the right tools-
It becomes a headache for Real Estate Developers to determine and pick the perfect set of tools and technology that suits their business operation tactics. The sheer number of options available to a company makes this easier said than done, posing a unique issue for companies: should they go all-in or gradually embrace digitalisation? Moreover, several Real Estate businesses commit the mistake of employing generic Customer Relationship Management (CRM) tools which are not always suitable for use in the industry. This is mainly because a lot of these CRMs lack crucial features and functionalities integral to the industry.
The Sell.Do Real Estate CRM stands out in this regard as it brings together strong industry expertise and technological competence to create an integrated Real Estate solution. It is an end-to-end platform that combines marketing automation, post-sales management, and powerful Real Estate CRM Software to improve the complete client relationship experience in the Real Estate ecosystem.
2. Setting up an effective lead capturing process-
A lead capturing process is quite crucial for the overall sales, revenue and profitability of the business. Lack of customer data could leave the business well behind the competitors in acquiring prospect leads. No amount of customer data is enough. Because the more the sales team know about their needs and preferences, the more effectively it can sell to them. But, the problem with developers is the inability to streamline all the lead capturing processes under one roof.
Addressing this issue, Sell.Do offers advanced lead capturing, lead management, and sales marketing automation features that make it convenient to track in-depth lead data and gauge customer segments. It offers features like quick lead capture forms creation, lead tracking through digital campaigns, in-built survey forms for sentiment analysis, Self Serve Site Visit Scheduling with Sales Availability, and much more.
3. Getting used to new platforms-
Businesses have been formed culturally around specific technology, with rules and processes in place to support them. Employee acceptance, training, and acclimation to new data management practices contribute to delays in the integration process for new technology. Multiple data silos can lead to job redundancy and confusion across teams making efficient collaboration challenging. Encouraging the workforce to embrace change wholeheartedly is a difficult task in and of itself.
Sell.Do comes with customisable capabilities and support for smooth adaption to the Real Estate business. It offers the following excellent features-
- Completely configurable to align with the business for multiple products, geographies and adapt to the business workflows and operations.
- Provide onboarding support for thirty days to ensure the team is comfortable using the system.
- Conduction of Customised Sales & Call-Center and Digital Classroom Trainings for the sales team to use the software the best way for their projects.
- Strong Call, Email & Ticket Based Support from domain experts.
4. Streamlining collaboration with Channel Partners and Brokers-
It is one of the key challenges of digital transformation faced by Real Estate Developers. Without the right technology, developers struggle to communicate remotely with key stakeholders such as in-house sales teams and Channel Partners. They can’t track Channel partners and Brokers in real-time or access insightful reports. Furthermore, in offline formats, managing Channel Partners‘ commissions is a time-consuming task. Also, due to workforce or other bandwidth limitations, Channel Partners find it challenging to coordinate with a developer’s sales approach.
Sell.Do offers the solution to this issue by the following features-
- Completely digital Channel Partner registration, onboarding and approvals for seamless collaboration.
- Smart inventory management, booking and payment access for Channel Partners.
- True online collaboration through a personalised dashboard that allows them to see inventory and meetings-related information in real-time.
Bottomline-
Today, technology is paving the way for enhanced customer engagement and more successful marketing and sales processes, driving more sales and revenue. Given the current scenario, developers who have not followed a digital road have to bring technology into play.
