Tag: apps for real estate business
The implementation and development of immersive digital technologies such as Artificial Intelligence, Augmented Reality, Virtual Reality, Machine Learning, and 3D Configurators have drastically changed the way the world works. These technologies have proven their importance in innumerable fields and applications such as the communication and IT Service industry, Real Estate Industry, Manufacturing Industry, and many more.
In this article, we will discuss about three of these world-changing technologies and their application in the field of real estate, so buckle up and let’s get started!
AR In Real Estate
When you own a real estate business you already know that it is an ever-changing business. One day its ways of marketing are traditional and the next to take a 180 degrees turn to a completely modern approach. In this fast-paced industry, the use of Augmented Reality tilts more odds in your favor. Before we move any further let us first reiterate the meaning of Augmented Reality.
Augmented Reality (AR) is the real-time integration of digital information with the user’s environment in the form of text, graphics, audio, and other virtual enhancements integrated with real-world objects.
Although the conventional way to purchase property may be exciting, it can also be extremely tedious and time-consuming. The implementation of Augmented Reality has made this daunting process easier and less time-consuming. AR has successfully instigated realtors, builders, and real estate agents to take the leap of faith toward the digital front. With the help of this technology, they can offer better customer experience, faster purchase process, exciting tours, and boost their overall conversion rate.
Through AR clients can explore several properties and tour these properties virtually with just a few clicks in the comfort of their homes. This magical AR teleportation significantly saves valuable resources of time, energy, and money. If none of these are reasons enough, it also makes the entire process more exciting and fun.
Read more: Augmented Reality, Virtual Reality, and Mixed Reality detailed with Real-Life Examples!
Top Benefits Of Augmented Reality In Real Estate
1. Time-Saving
Augmented reality real estate applications show customers information about the building infrastructure, their effective energy rating, panes of glass used, materials used for construction, and even information about the vicinity of schools, hospitals, and community centers around the property. Although the initial installation of AR applications for real estate may cost a lot, in the bigger picture, it saves you money. MagicPlan is one such app that focuses on generating floor plans from photos helping buyers and tenants get a better sense of how to use the space and meet their needs without wasting much time and money on multiple site visits.
2. Visualization
Details about building construction can be boring to have to screen through but when you add the element of augmented reality, clients get to emerge themselves into the dimension of the property. This keeps them engaged and interested. Augmented reality applications let the customer view the property from different angles not just the bits that are captured from a camera. Vera is an apt example. The application can transform buildings into digitally reconstructed buildings from the inside out through highly accurate three-dimensional visualizations
3. Enhance Customer Experience
With all the above-mentioned benefits, customer experience is already bound to be boosted due to AR. Virtual staging enables customers to customize the interior décor and view finished goods and furniture before putting them in place. The entire experience is guaranteed to boost the client’s level of satisfaction. RealAR, an app transforming 2D floor plans and 3D models into full-blown life-size walkthroughs, gained maximum fame during the pandemic, enabling time-saving and cost-effective floor planning.
VR In Real Estate
Just like AR even Virtual Reality has set its claws deep into the real estate industry. These two technologies generally go hand-in-hand making them a dynamic power couple.
Virtual Reality is a computer-generated simulation of any 3D image or environment that is made to be interactive in a seemingly real or physical way by an individual using special electronic equipment, such as a VR helmet.
VR meets real estate at the intersection called 3D walkthroughs. These walkthroughs are a brilliantly immersive experience that enables customers to interact with the virtual environment and tour the property as if they were actually on the plot. It is no doubt that VR real estate is the next big thing in this industry and almost every VR app development company offers a specific spectrum of services in the virtual reality that cater to real estate segments. VR walkthroughs became famous during the COVID pandemic and have continued to thrive ever since.
Benefits Of VR In Real Estate
1. Immersive Property Showing
After visualizing the property most customers want to interact with it and try to cop a feel of the surrounding, VR comes in handy here. VR’s biggest strength is seen here with its ability to showcase property with a realistic and immersive experience, giving the client a chance to thoroughly explore the property. This sense of realism, familiar physics, and interactive nature unite together to create a truly immersive property showing. Virtual 360-degree walkthrough tours of the interior and exterior of the house without visiting the property in person is one major example of VR utilized for property visits.
2. Virtual Staging And Interior Design
Virtual staging is essentially being able to adjust the elements in your surrounding and furnish rooms however they like while viewing the property through virtual reality. By letting the customer customize the interior décor and design of the property, VR creates a more enhanced customer experience. VR developers can create enticing features like allowing the user to change the materials in space, try different furniture settings, modify the floor plans, or check the view from innumerable angles.
3. Collaborative Virtual Meetings And Presentations
Collaborative Virtual meetings are a method of communication that is technologically mediated and can facilitate engagement in remote and hybrid places. This simply means that customers from all over the world can view the property and interact with the real estate agency to make a purchase through these meetings and presentations. With the assistance of VR, you don’t even have to be in the same country in order to browse for property there.
Here’s an example of how Virtual Reality has eased campus visits for students, especially for those geographically challenged to explore the various educational options offered by universities.
3D Configuration In Real Estate
Real estate prices across the world are skyrocketing, and people can’t afford to spend extra money on renovations after a building is raised. If purchasing the right property is challenging, constructing a building that meets all your needs is a bigger headache, but with the help of 3D Collaborative tools, this process becomes seamlessly easy.
3D visualization tools can assist users in designing digital buildings while displaying and configuring them in real time with photorealistic detail.
Benefits of 3D Configurations In Real Estate
1. Customization And Personalization Of Properties
3D Configurators help clients personalize their environment to meet their specific needs and keep the agency more customer-centric. It allows customers to select from a range of customizable options such as flooring, furniture, colors, lighting, and exterior views. 3D configurations are essentially a way to let customers personalize property to their specifications. Enabling 3D views of construction sites and updated reports even before construction starts saves time and money.
2. Real-time Pricing And Cost Estimates
Detailed 3D configuring can make justifying prices, placing quotes, and ultimately selling property much easier. The 3D configuration also provides clients with a detailed view of a property, enabling them to understand the features and aspects that drive its true value. It gives an overall understanding of special features such as underground parking, nearby schools, fancy landscapes, and more.
3. Designing And Visualizing Floor Plans
When you use 3D Configurators your project can be displayed in astonishing detail at any stage of construction. Customers can learn and see everything involved in the project and even take virtual tours around the property. They can visualize the floor plans, project specifications, materials, and much more. 3D visualization allows users to witness photorealistic imagery and enhance the elegance of the property on sale, including its interior and exterior views. Enabling 3D visualization models of real-estate designs helps get a clear idea of what the comp[leted project will look like.
Integration And Synergy Of AR, VR, And 3D Configuration
Integration is the combination of various elements to form an efficient system and synergy is formed when multiple systems work together towards a shared goal. When it comes to the above-discussed technologies, the synergy they form together is powerful and has left a strong indentation on the real estate industry.
1. Combined Applications And Benefits Of AR, VR, And 3D Configuration:
There are innumerable benefits of AR, VR, and 3D configurations in the real estate industry, such as – familiarity with the property, objective evaluation of the plot, high level of attention to detail, widening global opportunities, and a great marketing tool.
2. Enhanced Customer Experience And Engagement Through Integration:
As seen above, all three of these technologies have several strengths on their own, and when integrated, they form a mighty force. This powerful experience is the path to great customer experience and interactions, ultimately leading to increased profits.
3. Common Challenges Faced In Implementing AR, VR, And 3D Configuration For Real Estate Businesses:
Just as any new development would, even this integrated solution has its fair share of challenges: Cost of implementation, tossing agents out of employment, and the need to educate employees about the management of new technologies.
How Fingent Can Help
Today’s tech-savvy customers demand prompt responses, service efficiency, and enhanced experiences. To match up with the rising customer demands, Real Estate companies have no option but to adopt modern technology. AR, VR, and 3D Web Configurators are a few modern technologies enabling the Real Estate industry to create new paths of success opportunities. Fingent’s expertise in the domain has enabled many companies in real estate to innovate for better operations. Our experts use the latest technology to develop custom software solutions that cater specifically to unique property management challenges. Connect with our experts today to learn more about how we can help transform your property management business with custom-built technology solutions.
The property sector in the United States came to a crashing halt in March 2020, when the first wave of COVID-19 hit the nation. Mortgage rates dropped by 34%, affecting home buying and selling plans. Retail vacancy rates spiked up to 20% and commercial property loan delinquency rates soared up to 11.49% in Q2 of 2020. Months of shutdowns, social distancing regulations, traveling curbs, stay-at-home mandates, remote working, online shopping, and home delivery led to a drastic decline in occupancy rates and rents. People shifted their working spaces from office to home which slashed the demand for commercial rental spaces. The liberty to “work from anywhere” triggered a mass exodus from expensive urban areas to affordable suburbs and rural areas, lowering home value growth in metros.
All these challenges forced the property sector into urgent changes. Along with reconciling fiscal and monetary policies, real estate leaders must capitalize on property management technologies – specifically automation – to recover and rake in profits. Bitwise Industries observes that “the immediate need for innovation and automation is now a necessity to not only survive but to truly thrive in the real estate industry.”
Read more: What’s in Store for Real Estate This 2022
How does automation help a highly fragmented industry like real estate to manage multiple operations in one place and sync a horde of activities?
Automation in Real Estate: Fostering “All in One Place – All in Sync”
McKinsey’s survey identifies that automation and remodeling of work processes enable businesses to control costs and mitigate uncertainty during recessions. A real estate firm needs to efficiently coordinate multiple business functions such as managing buyers, sellers, and properties, contracting and leasing functions, property listing and tracking, finance and accounting, and so on. Automation helps sync and manage all these activities in one place. Here’re the top five real estate processes that can benefit from automation:
1. Optimize internal workflows
Automating internal workflows improves your team’s productivity. Having a well-synced project management system with up-to-date dashboards, real-time analytics, and reports, automated document flow, task reminders, deadline notifications, meeting schedulers, etc. can save your workforce’s time and improve their focus on value-adding functions.
2. Enhancing customer journey
Custom real estate software and integrated PropTech solutions allow customers to create, view and modify personalized wish lists, look up and find property information, and filter details based on different criteria. Realtors can leverage Virtual Reality techniques to improve customer experience by offering virtual tours, 360-degree property views, and 3D site plans. Integrating mortgage calculators, neighborhood descriptions, and an easy ordering process enables customers to buy, sell, or rent properties easily.
Read more: How Virtual Reality Can Transform Real Estate Operations
3. Improve sales and marketing processes
Real estate marketers and salespersons can leverage automation to sync all their leads in one place, access lead information anytime on their phone, create custom client lists, save time with lead routing, automate drip email campaigns, set up activity-based email workflows, keep track of previous interactions, and send out reminders and updates to clients on time. All these lead to higher conversion rates.
4. Manage invoices and finances
Manual invoicing and payment processes consume your team’s valuable time and affect your organization’s scalability. Automated, all-in-one property management software allows you to centralize, oversee, and streamline the payment process without any paperwork. Automating financial management improves your processes with customers, partners, and suppliers. You can easily track orders, gain approvals, send notifications, and obtain real-time visibility into each transaction using the real estate management software.
5. Carryout field and property inspections
Leading property inspection software offers customizable templates and checklists for property managers, field inspectors, site auditors, and clients to schedule inspections, record on-site data, and auto-generate reports. Automating the whole inspection process reduces both manual errors and report submission time. This helps find out the quality and condition of a property (home), secure governmental approvals quickly, and fix the best price for the listed property.
Benefits of Real Estate Automation: A Quick Recap
- Streamline workflows and back-office tasks
- Reduce tedious paper works and manual jobs
- Improve focus on value-adding functions
- Monitor property managers and personnel dispersed across various locations
- Implement innovative ways to showcase and market properties
- Process invoices and payments on time
- Improve customer service and attract more buyers
- Eliminate supplier management hurdles
How Fingent Enables Real Estate Companies to Leverage Automation and Digital Technologies
We help real estate companies and property managers to prepare for a digital, data-driven, and sustainable future. Our projects demonstrate the value we deliver to the real estate industry.
#1. Rentmoji, The All-in-one Property Management Platform
Inefficient communication systems, disconnected business segments, and poor customer experience failed to deliver the expected ROI to our customers. They needed a single platform that centralizes all the aspects of the property management life cycle. This resulted in the development of Rentmoji, an all-in-one property management suite that helps streamline and manage diverse operations in the industry.
Analyzing the challenges faced by different stakeholders in the real estate business, we automated key processes and implemented top-notch security solutions. Rentmoji now serves as a robust single-source property management solution for residential rental properties (Single-Family Rentals and Multi-Family Rentals), CAM, and HOA management.
- The company grew from 2 to 160 employees within two years of implementing the software
- Customized portals and integrations for tenants, owners, and vendors
- Structured lead management process and extensive syndication
- Enhanced speed-to-market with cloud capabilities and automation
#2. End-to-end CRE Transaction Platform
An investment brokerage firm in the United States was struggling to adapt to the changing Commercial Real Estate (CRE) market demands. They required an integrated solution that will offer them real-time visibility into the performance of property listings and visualize data insights for brokers and investors to make better decisions. To help them realize the benefits of data-backed decision-making, we created a modern net lease trading platform. It improved their CRE transactions and sales. The customer can now manage 10,000+ listings via the trading platform and track 1031 exchanges effectively. They also have access to reliable ROI metrics based on current and future trends.
- Predictive analytics matches properties to investors’ preferences and expectations
- Projected revenue charts and financial summaries help business analysts
- Place and manage offers on multiple listings and update them on the fly
- Brokers can use the application to easily demonstrate listings to prospective buyers
Fingent has also helped develop custom real estate software and PropTech solutions for leading real estate brands like SimpleRent, Easa Saleh Al Gurg Group LLC, and WRI Property Management.
Leveraging the Latest in PropTech to Navigate the New Normal
The global pandemic emphasized the need for all aspects of real estate to embrace technology. Buying software to merely run your operations remotely isn’t enough. Technology capabilities should allow you to generate value and respond swiftly in a pandemic-afflicted economy. 58% of real estate organizations struggle to integrate their legacy applications with innovative tech solutions. It exposes these businesses to major financial and operational impediments. Fingent aims to help such businesses by bridging their technology talent gaps and developing all-in-one, integrated, custom PropTech solutions.
Across the globe, the real estate industry took a hard hit during the COVID-19 pandemic, which left millions jobless. The huge migration of construction workers affected thousands of construction projects. The once-booming realty market experienced a shattering impact.
Not for long! The resilience of the industry paid off. Here is a look at how the real estate industry met the challenges head-on and what is in store for it in 2022.
Meeting the Challenge Head-On
The arrival of the Coronavirus vaccine geared up the real estate segment for yet another phase in early 2021. It realigned itself with buyers’ new expectations. Though the real estate sector has not remained immune to recalibration, it has shown remarkable resilience in the face of the pandemic.
Early 2021 saw a growing thrust toward digitization and technology adoption, beginning a new era in this sector. There has been a significant rise in virtual property events, cloud-based services, digital launches, and much more.
The real estate market is always in flux. It is highly localized with different conditions in different cities, states, and metro areas. Understanding the fundamentals of this segment can help you stay on top of all these changes and challenges that come with the economic downturn. As we gear up for a new year ahead, let’s begin by understanding what factors change the real estate market.
Read more:How Technology Can Solve The Challenges Of The Real Estate
Factors That Will Impact The Real Estate Market In 2022
Though it may be tough to estimate the exact sales volume and value growth, there seem to be enough catalysts to give rise to optimism.
- Real estate prices: Real estate prices are influenced by local buyer demand and the amount of housing supply that is available for buying. Lower rates attract more buyers and vice versa.
- Shifting property needs: The pandemic forced people to spend more time indoors. Hence, there has been a shift in property needs.
- Consumer house-buying power: Affordability is affected by incomes, inflation, and interest rates. When incomes increase, homebuyers might be able to afford higher-priced homes than they could have previously afforded.
- Mortgage rates: Interest rates impact demand, home prices, and affordability. It also fluctuates on factors such as Federal Reserve policy, bond market, inflation, and so on.
- Housing inventory: When housing supply is low, demand is high. This increases sellers’ market. If the supply is high, on the other hand, there will be more buyers to purchase them. This will slow down price growth and the real estate market will remain less competitive.
- Cycles and crashes: Along with the overall economy, the real estate market tends to be cyclical. There will be booms and busts. Fortunately, homeowners today are more financially equipped to handle the loans they have taken.
A Peek Into The Future Of The Real Estate
Among all the sectors, the real estate segment is showing tremendous growth. Here is what we can expect in 2022:
1. Effect of work-from-home on real estate
As the pandemic grinds on, tenant preferences will drive changes in real estate. Many homeowners will gravitate to newer buildings with better ventilation systems and modern amenities like touchless systems.
2. The rise of PropTech and digital transformation
The no-touch scenario has catapulted the innovations of PropTech to center stage. A 3D self-guided tour of the home can be a unique experience. Some real estate firms have put their entire leasing and renewal processes online.
3. Last-mile funding by the government
Governments help for delayed construction projects, along with incentives and attractive payment schemes are attracting homeowners. A fall in interest rates has been an additional incentive. So, developers will continue to witness a surge in inquiries across key real estate segments.
Technologies To Invest In To Remain Resilient
Property technology is booming and changing the way we look at property investments. This digital landscape is allowing both the buyers and investors to view multiple properties without ever having to move out of the comfort of their homes. Here are some examples:
1. Rise of Artificial Intelligence
Artificial Intelligence can accelerate the decision-making process as it aids in asset identification and selection. AI algorithms constantly test the feasibility and effect of different parameters. AI can also help predict any safety hazards or construction defects. This can save a large amount of time and money.
AI’s predictive analytic algorithms can find variations in the demographic pattern of the micro-market. Among many others, it can also detect the income distribution of individuals in the vicinity. This aids in identifying the true intrinsic value of the property.
2. Cloud-based technology
Cloud-based technology assists in the storage of large data. Information regarding properties can be stored and retrieved by stakeholders to answer any customer queries. This lowers manual work and saves time spent in looking for papers.
Read more: A Comprehensive Guide To Modern Cloud Application Development
3. Virtual tour
The spread of Coronavirus restricted movement making it difficult to visit a property in person. However, virtual visits can now be arranged to help buyers make an informed decision.
This allows stakeholders to set up a virtual meeting with the buyer and answer all their questions related to the property. Thus, instead of depending on imagination buyers can now ‘see’ for themselves.
4. Robotic process automation
Robotic process automation (RPA) can be used to automate regular clerical jobs at the site. These jobs may include regulating contracts and approvals between multiple vendors.
RPA enhances the likelihood of more deals being closed. It is more dependable as it significantly reduces human error.
5. Mobile apps
Rental and purchasing mobile platforms have gained popularity in recent times. The real estate industry constantly faces high-level competition. Hence, it demands a digital solution that can aid agents in their work and allow buyers to discover what they are looking for.
These digital solutions can include mobile applications for both agents and buyers. Developing a mobile app can distinguish you from the competition. They increase your chance of being found by your customer before your competition.
Mobile apps are more engaging and can provide a more rewarding customer experience. Customized solutions in the mobile app enable your agents to quicken the sales process.
Proptech Expertise Of Fingent Can Enable Your Business To Remain Resilient
Fingent is well-versed with the complexities that come with the development and implementation of real estate technologies. We are here to understand your idea and turn it into reality. With our expertise, we can create products that are driven by AI, Video conferencing, and more.
Take a look at: How Fingent created an all-in-one property management solution for Rentmoji, a leading Real Estate management firm in the US.
Our dedicated team can offer a wide variety of real estate software services. We strictly adhere to local data privacy and protection policies. We ensure to keep up-to-date with legislation so that apps remain secure and ready to use anytime, anywhere.
Fingent ensures that you are market-ready, armed with competitive technologies. Our experts can help you discover the PropTech potential in your real estate business. We have hands-on expertise and skills in the industry. We can collaborate with you and tailor software to your specific needs.
Fingent is equipped to create the most sophisticated and stable applications that meet your requirements. By partnering with us will enable you to use real estate software that is a perfect fit for your business values and expand your market scope. Drop us a line and let’s discuss your needs.
As the adage goes, “it is a wild, wild world out there,” and nothing exemplifies it more than real estate. Real estate business offers rich and lucrative returns, but the scene is often chaotic. The absence of uniform standards, vastly different regulations and compliance requirement across geographies, highly fickle and disparate consumer requirements, all pose big challenges. Real estate firms face several pain points in coming at a correct amount for acquiring properties, identifying the apt rent amount, collecting the rent, effective management of properties, tracking maintenance, identifying long-term lease strategies, fixing agent commission, managing data, and in just about all gamuts of operations.
Many real estate companies take the easy route of ad-hocism, but such methods deliver only short-term and temporary gains and come with the cost of long-term pain.
Technology now offers viable solutions. Intuitive web applications and solutions help real estate companies remain in control of the highly fluid environment they work in and meet customer demands in a proactive way.
Related post: How technology helps Real Estate Companies improve profits
Ready Made Apps
Several ready-to-deploy apps in both the Google Play Store and AppStore, used by several property managers:
- Zillow is a popular free app for property search, offering several robust search filters and value added features such as mortgage calculators, access to “hidden” inventory, property estimates, and more.
- AppFolio, a marketing app, allowing property dealers to post ads to their own website and a number of other websites easily, rather than update all the websites and portals one-by-one. Other handy functionalities on offer include the ability to screen residents for credit eviction and criminal antecedents, check up on payment history provided by Experian RentBureau, the FICO credit score, and more.
- Rent Tracker allows property managers to enter tenants, contractors, buildings and even multiple owners. Tenants make rent payments and receive auto-generated email receipts, taking a load of the property’ manager’s back. PayByGroup goes a step further and allow property managers to organize and collect money from multiple tenants, and manage multiple tenets seamlessly. DIY Landlord likewise allows property managers to organize and manage property by unit, lease and tenant information. Follow-up and collecting rent in a timely manner is a big challenge and sucks up time and resources.The ideal mobile option offers various payment options such as debit card and credit card payment gateway, e-checks, and money transfer option, enabling tenants and buyers to make payments conveniently, without having to take a break from their busy life to do so. Such apps effectively manage hurdles such as delayed payment, conflict in payment, NSF and tax payments, cheque bounce issues, and a lot more, saving precious time.
- ReachOut Suite, a property inspection app, makes the task of conducting property inspections very easy and improves the productivity of inspectors manifold.
- ZipRealty offers an intuitive HomeScan feature, where a user simply holds up her iPhone to discover the homes for sale or recently sold in the vicinity, with the option to delve into further details such as asking price and photos.
While such readymade apps offer a host of useful functions, these are generic in nature, and may not suit the specific needs of the firm. In any case, the shortcut of using these apps come at the cost of loose integration of data, and the accompanying loss of efficiency, productivity, and accuracy, as data is duplicated, re-entered, and moved from one system to another.
Apps of Leading Realtors
Successful real estate firms see through the inefficiencies and roadblocks posed by disparate and half-baked systems and have invested in deploying native apps and other systems, customized for the exact needs of their stakeholders. Stakeholder centric responsive apps, for employees, agents, residents, owners, vendors, and others, provide the right data in a timely manner and automate routine processes. Such apps are almost always part of a comprehensive system.
- Leading realtors such as Weichert have deployed innovative customer facing apps, offering a gamut of functions such as social selling, taking prospects on a virtual tour of the property, and knowledge sharing, besides basic functions such as scheduling site visits and fixing appointments. In the backend, such customer-initiated activities become the basis for effective lead management.
- Keller Williams’ customer facing app likewise offers several handy functionalities, including a GPS map of the property locations, a listing of nearby schools and other utilities in the vicinity, photo galleries, mortgage calculators, ability to engage with an agent, and more.
- The Corcoran Group’s app leverages Google maps to shows sales and rental listings and also helps users find shops, restaurants, and other services near their current location. Such an Uber-like app works wonders for customers seeking rentals and purchase of a property. An intuitive drill down feature, offering further details such as price, lease terms, and other details accelerate the process, and may even lead to prospects closing the deal immediately.
- Voyager, Yardi’s property management solutions packs in a comprehensive range of functionality, centered on an integrated database. The solution integrates the accounting system, builds a lease renewal workflow with the ability to renew contracts, follow-up leads, manage maintenance work orders, generate comprehensive reports, and much more.
- Rentmoji, the all-in-one property management app handles every phase of the real estate business, right from property acquisition, vendor and work order management to maintenance and rent collection. It utilizes a SMART methodology platform, mapping out each vertical by automating property syndication, lead harvesting, resident screening, document storage, maintenance workflow management, vendor management, accounting and more.
- Coldwell Banker’s redesigned app is exemplary of the changing customer preferences. Buyers and sellers can post listings, and also share notes, photos, and videos, in a storytelling mode. The app also enables seamless engagement with agents, and a host of other features.
The Rationale for an Integrated Real Estate Solution
Managing all functions, from investment decisions to procurement, and from leasing to property management, from a single integrated system enables greater flexibility with good control. The executive, can, for instance, view trends as it unfolds and make necessary changes to the business process, without leaving the app. She could react to the announcement of a new project in a locality, with an immediate decision to purchase plots in the area, and execute the decision by deploying their agents in the locality, and simultaneously go on a promotional blitzkrieg, all without leaving the app.
The importance of big data analytics can never be emphasized in any business, more so in real estate, where several trends are at play, and there is a need to pamper the customer. An integrated app facilitates deep analytics. Millennials have both the budget and the inclination for home ownership. However, they are also technology independent, and real estate businesses have no option but to reach out to them with customized services, on an informed basis.
An integrated suite also plays into the need for cost consciousness. Success in today’s highly competitive environment, topped up by a recessionary climate, no longer depends only on increasing sales, but also requires extracting maximum possible efficiency from the deployed resources. Technology helps firms generate maximum value for money.
A major pain point for real estate companies is keeping track of maintenance requests, and managing maintenance. An integrated mobile app keeps property managers informed of the status of their properties, with real-time up-to-date data delivered at any time of the day or night, wherever they are. Such an ideal app would open a ticket for each request, notify the persons responsible for executing the tasks, notify key stakeholders of the status, all in real time. Property managers could track the completed works vis-à-vis the ideal timelines, and take remedial actions if required.
Real estate firms would do themselves a favor by developing custom software with the required features, and flexible enough to scale up and down as required. The double benefits of productivity and efficiency improvements, with improved customer satisfaction, is well worth the investment.