Tech-Savvy Strategies: Thriving in a Property Downturn

Technology, Education
2 minute read


As the real estate industry faces the challenges of a property and economic downturn, property developers, sales agents and property marketing companies that can adapt and innovate are poised to come out ahead.

By leveraging technology, these companies can increase their productivity and efficiency, giving them a major advantage over competitors. By investing in the right tech solutions, real estate companies can adapt to the new normal and emerge stronger than ever.

In the wake of the Covid-19 pandemic, the world experienced a significant shift in the way businesses operate. As real estate developers, project marketers, and sales agents were forced to adapt to the new normal, the need for technology became more pressing.

In response, many real estate companies increased their IT spend, investing in digital transformation to support remote work and meet changing customer needs. Looking ahead to 2023, tech spend is likely to increase in most industries.

However, it is essential for real estate companies to address their current tech spend and look for ways to cut the fat, especially during times of lower sales rates.

Don't Be Left Behind. Optimise your technology now, cut your spending and be ready for the next cycle

As the real estate industry has rushed to invest in technology during the pandemic, there is a risk of overspending or investing in solutions that are not necessary.

Real estate developers, project marketers and sales agents need to assess their current tech infrastructure and identify areas where they can cut costs or streamline processes. This includes consolidating software licences, eliminating redundant applications, and optimising cloud spend.

Furthermore, companies across the property development industry need to continually assess whether there are better options on the marketplace instead of staying with existing systems just because they already have them. As technology evolves rapidly, new solutions may be available that are more efficient, cost-effective, or better suited to business needs.

Businesses across the industry need to be open to exploring new options and not be afraid to switch to a new vendor or solution, especially when they may be at a disadvantage on solutions which don't provide optimal performance of sales, settlements and overall management of property projects.

If you're continually reassessing the gap between your own technology and the technology available to you, you open the opportunity for serious cost savings and better sales outcomes

Tech services should be continually reassessed to make sure that they are the best possible option for the company. This includes evaluating the ROI of technology investments, monitoring usage and adoption rates, and ensuring that technology aligns with business goals.

By continually assessing their tech infrastructure, companies can ensure that they are getting the most value from their investments and identify opportunities for improvement.

Many real estate developers plan to continue investing in technology in the coming years.

It is essential for companies to address their current tech spend and look for ways to cut costs and streamline processes.

At Property Shell, we may be biased because we know and have seen first hand what our customers are doing versus those who have implemented generic or not-fit-for-purpose solutions which don't cater for the needs of the industry or their own businesses.

Companies need to be open to exploring new solutions and continually reassess their tech infrastructure to ensure that they are getting the most value from their investments.

By investing in technology strategically and being open to the best solution out there, property developers and project marketers can position themselves for success and thrive in the years to come.

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