By Accommodation Times Bureau
“To be successful in real estate, you must always and consistently put your client’s best interest first. When you do, your personal needs will be realized before your greatest expectations”. This is a great learning given by Anthony Hitt, an international real estate business leader. In real estate business, one needs to have a very active base for communication with sellers, buyers and brokers. Real estate industry is one where lack of communication and delay in information on buying and selling, stock availability, government policies, bidding for real estate and so on can lead to huge financial losses and failures. In the era of digital advancement, real estate businesses also need to adapt to communicate with all their stakeholders including customers, builders, brokers, regulators and suppliers using efficient and effective digital technologies.
To start with, a real estate business must have an effective communications strategy which is far better than that of its competitors. The communication strategy can then be realised if the real estate business has easy access to technology that comes with a robust contact database, capability to target the right audience, mechanism for multiple types of digital communication, provision for mass marketing, mobility for notifications for internal communications, event management strength and real-time analytics to measure the performance of communication.
A real estate developer must have accurate and updated contact database. Customers and brokers move frequently and are very difficult to track. They also change their phone numbers, email ids and their addresses leading to stale contact information. A robust contact database that is well managed and is kept up-to-date is the base for any kind of communication. A real estate developer can incur heavy costs of sending messages to numbers that are expired or lose on customers whose email ids are incorrect. So it is necessary to have updated and correct contact details in order to reap the fruits of the investment. With growing population, the time has come that real estate businesses invest in a contact management system that can keep their contact database updated at all times.
A real estate business requires the capability to target and reach the right audience using the most effective means of communication. The success of effective communication depends on targeting the right audience with the right message. The contact management application must provide dynamic capabilities to filter, sort and group the contacts based on geographic location, demographic information, relationship marker and preference of communication. Filtering, sorting and grouping of contacts is required to choose the right person to be targeted for the success of communication. For an instance, selecting BUYERS who want to purchase an APARTMENT for residential use within 10km RADIUS of MUMBAI with a budget of INR 1 Crore with facilities for GYM and likes to be contacted by SMS only must be easy to do a thing for the Admin on the contact management system. The system must give the choice of communication media like SMS, voice, video, broadcasting, notifications to the business so that the business can select the most suitable medium based for themselves based on its reach, cost and effectiveness.
Real estate developers require secured and reliable mobile notifications for communication with brokers and suppliers. For secured and reliable communication, it would be very convenient to use mobile in-app notification for sending messages to a selected group of people with whom real estate developers have regular communication. In such cases like communication with brokers, suppliers or any other business internal stakeholders, the aim is to send a formal message securely and discretely. Either real estate developers can develop their own mobile apps or rely on third-party apps that can be downloaded by the stakeholders and ensure the reliability of connection between the parties. Not only this ensures delivery but also keeps the cost of communication very low as mobile in-app notifications are free. Moreover, mobile in-app notifications can be used to carry images, videos etc in addition to just text and come very handy when it comes to sharing property visuals.
Real estate developers need to enhance the buyer experience through engagement. The buyer experience can be enhanced by engaging with him through different promotional events. There events can be auctions, seminars or expert talks, early viewers and investor programs or launch events. It becomes difficult to reach out to invitees to inform them, remind them and at times notify them of any changes to the events. Additionally, you must share the exact location of your property site so that the visitors don’t get lost on the way and you end up losing a good prospect even before your sales pitch. A good contact and communications management application should be able to provide a unique customer experience and help the business in sales.
Marketing managers should be able to measure the success of their campaign. In addition to all of the above, real estate marketing managers must have the ability to measure their performance and check what is working for them and what is not. It should be possible to have all the communication performance metrics like message delivered, read, opened, time spent etc in a single easy to understand dashboard that is readily available. If business gets this information they can improve their communication strategy and implementation and eventually increasing sales.
In a nutshell, it could be said that for successfully globalizing real estate businesses, there is need for an efficient contact management and communication system that can help them manage their contacts and communicate with them effectively. Needless to say, the system must be a low cost investment that can justify its own business case and is easy to deploy and use by business stakeholders.
So the time has come, real estate businesses start adopting the new age digital technologies to enhance their customer experience and grow their business.