The real estate market is notoriously volatile, and periods of economic uncertainty can exacerbate this unpredictability. The recent collapses of some home builders in Australia and US banks have underscored the importance of sustainability in the industry. By embracing technology that can respond quickly to market changes, real estate companies can position themselves for success in a challenging market. Adaptable tech solutions can help real estate companies pivot quickly and capitalise on emerging opportunities compared with generic tech platforms that may not be able to adapt to the constantly changing market conditions of the real estate industry.
Here are some of the main issues real estate professionals should consider when it comes to tech solutions:
1. Avoid lock-in contracts and subscriptions
For many generic software platforms, lock-in contracts and subscriptions are standard practice, which can be disadvantageous for real estate professionals, particularly in uncertain market conditions where sales volumes may vary greatly. Lock-in contracts and subscriptions can limit the flexibility of real estate professionals to adapt their technology usage and cost structure to the changing market conditions. Therefore, a dynamic pricing structure that scales with sales can be a more suitable solution for real estate professionals. This dynamic pricing structure will enable real estate professionals to adjust their technology usage and costs based on the volume of sales.
Lock-in contracts and subscriptions can limit the flexibility of real estate professionals to adapt their technology usage and cost structure to the changing market conditions.
For example, during periods of high sales volumes, the dynamic pricing structure could automatically adjust to provide better value to the user, while during times of lower sales, the pricing structure could adjust to provide cost savings to the user. A dynamic pricing structure that scales based on sales volume enables real estate professionals to stay agile and responsive to market conditions, providing them with a competitive advantage.
2. Own your data
When working with internal or external agents, developers must ensure that they own their data to maintain control over their project.
Owning their data allows developers to have complete control over the project and make necessary changes as required, ensuring that they are agile and responsive to market conditions.
This level of control is critical to the success of the project. In the event that developers need to switch agents in the middle of the project or agents leave a project on their own, they should retain ownership of all the data generated by the sales teams up to that point. This data includes the sales leads, which can help the developers keep track of the project's progress and maintain control even when working with a new agent. By owning their data, developers can remain in control of their project and ensure its success.
3. Customer service and technical expertise is king
When selecting a tech infrastructure, good customer service and those with great technical expertise in the property industry is an essential factor to consider. Not only can it make a significant difference in the success of your technology implementation, but it can also play a vital role in building a positive relationship with the vendor. A responsive and helpful customer service team can provide valuable guidance and support during the implementation process, helping to ensure that the technology is set up correctly and functioning smoothly. Additionally, when issues arise, a competent customer service team can resolve problems quickly and efficiently, minimising downtime and lost productivity.
It's also important to find a solution that doesn't charge extra for customer service. While some software vendors may offer lower upfront costs, they may charge additional fees for support, which can add up quickly and significantly increase the overall cost of ownership. By selecting a vendor that includes customer service as a standard part of their offering, you can ensure that you have access to the support you need without any unexpected costs.
Implementing technology the right way is crucial, as it can take several rounds to get something just right. Good customer service can play a significant role in this process, providing guidance and support to ensure that the technology is set up correctly, functions properly, and meets your specific needs.
This service can make a big difference, as getting it right translates to a lot of time and money saved, especially with key platforms that are relied upon for daily and ongoing tasks.
Therefore, when selecting a tech infrastructure, it's crucial to prioritise good customer service to ensure a successful implementation and a positive ongoing relationship with the vendor.
With the right tech infrastructure in place, property developers can streamline their processes, increase efficiency, and remain competitive in a challenging market.
The real estate industry is dynamic and constantly evolving. By embracing adaptable tech solutions, property professionals can position themselves for success, no matter what challenges lie ahead. So, take the time to assess your tech infrastructure and make the necessary changes to stay ahead of the curve.