The Changing Field of the Real Estate Industry

Real Estate includes land, residential, commercial and industrial physical properties. It is an enormous revenue generating industry; however, it is reactive and responds to every macro and microeconomic change in the society. Resultantly, the field of real estate has gone through some tremendous changes as the business world has evolved all around.

Agility has become the key to success for real estate firms. As the buyer and seller expectations have changed, technology has become extensive and the market has seen a lot of new competition. Many new business models have emerged to correspond to these new challenges.

As a very basic formula, the new and refined business model requires the customer services to be the primary focus with staff using technology innovatively to bring maximum customer satisfaction. For real estate, the customer experience refers to all the interactions and processes regarding the property they show interest in (and ideally end up buying through you).

As the real estate firms are now focused more on complementary services than commissions for revenue, customer experience is the uncontested focus for the agents. It is the management of the real estate journey of a buyer which is carried out through websites, social media platforms, and one-on-ones interactions.

Website, Social Media — a User-Friendly Interface.

For a customer-driven website to cater to contemporary clients, a real estate firm needs to focus on a few key areas.

Having a professional website is a must. Make sure your website offers an easy-on-eyes and easy-to-navigate layout for a visitor. To avoid frustrated and confused visitors, it is important to ensure the website has no broken links, disorganized menu, and misleading titles. A simple, neat, and clean layout is required that flows intuitively throughout the website. Most visitors use their cell phones or tablets to search properties online. Your website must also be mobile-friendly. It should not be distorted or dysfunctional when opened on a mobile device.

Your website is the primary source of information for the potential buyer. Some market information and information about the neighborhood can prove very engaging. Similarly, a blogs section where the agents can share their knowledge and expertise about property matters and interact with the buyers can be an attractive feature of the website and help conversion rates. The quality of advice and suggestions can proclaim the credibility and the reliability of your firm and expertise of your agents.

An advanced search option on your website keeps buyers on your website for a longer period and gives you a better chance of converting them to leads. It also encourages them to reach out to you for more information about the listing they see. Moreover, it also provides them a more specific, customized listing. On the other hand, it helps the agents in understanding and meeting their expectations.

Clear, large pictures attract everyone. A property buyer prefers clear, high resolution pictures of the property to get a sense of what the property actually looks like. Another feature could be a professional video tour to attract and engage a buyer further. Virtual tours are also gaining popularity for the same purpose. These add-ons show the professional approach of your firm. This can build a buyer’s trust as well as interest in your listings and may result in a lead.

Likewise, social media platforms also need to be taken care of. All pictures, videos and written content should be professionally transcripted and managed. The inbox and comments need to be regularly monitored and any queries posted need to be addressed professionally to achieve maximum conversion.

This requires a professional technical support and social media management team. Either train your agents or simply contract all your backend support and technical support services to IdeasUnlimited and focus on your passion of helping people find the right place to call home!

Technology, Work Culture, and Outlook

Technology knits the vendors, buyers, and agents together in a revised real estate business model. A firm’s agents need to use technology in such a way that it maximizes the customer experience for the buyer and conversion rates for the vendors.

Using the data analytics from internet sources, agents can do a lot of groundwork for a prospective client. As a buyer navigates through the firm’s website, they become an agent’s center of attention. The agent not only makes a viable list of property options but also guides the buyer in moving further with purchase and payment options.

On the other hand, the real estate firms keep the vendors satisfied by making sure a financially sound client makes an offer. The service levels to sellers and buyers both are enhanced in this model as the sellers now get a higher rate of conversion from viewers to purchasers.

However, technology is not the only key to success for agencies. Leadership and teamwork are also very much vital in the new business framework. There has been a gradual shift from street-smart, self-taught realtors to qualified, tech savvy agents who can work as a team and perform under a nurturing leadership. In a successful agency, the agents are collaborative and passionate about helping their clients find the right property, while the leadership is concerned and works on learning and skills improvement of the staff. Moreover, the leadership is also required to be well connected with the staff to disseminate core values, vision and a culture of learning and openness.

Therefore, it is time to think about better employee engagement and client management simultaneously. IdeasUnlimited can help you at every step. You can get trained and qualified virtual assistants for technical support and backend support of your team. We also got you covered with everything else you might need such as automated listings, omnichannel support, portfolio optimization, lead generation, marketing support, SEO tools with our real estate virtual assistants. You name it and IdeasUnlimited has got it for you!

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