Digital transformation for the real estate branch: most effective solutions and upcoming trends

The right technology in the real estate sector is the spark capable of turning a stagnant agency into an efficient team with a competitive advantage. What usually makes agencies stagnant? Fists things are intricate buying cycles, non-optimized relationship management, and a bunch of clerical tasks and responsibilities. Another challenge lies in the complex nature of the field’s specialization: the sector includes different occupational areas (property management, leasing, sales, investing). Some agencies, additionally, work with varying types of property, such as single-family, multi-family, commercial, and long/short term.

Without further intro, let us proceed with real estate software solutions, helping to overcome various challenges that real estate agencies face.

Most efficient software: what solutions are coming for the real estate sector?1) CRM software

These kinds of solutions serve to assist managers in communication with various stakeholders, from buyers and sellers to financial institutions and developers. Alongside that, CRMs help optimize the sales cycles from showing to deal. At PNN Soft, we develop two types of CRM for the real estate branch:

• Industry-specific CRMs (aim at lockbox tracking, listings and contract management).
• Multi-purpose CRMs (provides features for task, account and customer management + workflow creation).

Here is a list of standard features for both of them:

• forecasting and sales pipelines
• contact/account management; task and calendars management
• workflow automation
• geolocation and navigation
• file storage
• collaboration tools

2. Marketing Automation (MA software)

PNN Soft developers create MA software in conjunction with CRM to bridge the gap between marketing and sales. More specifically, the platform enables agencies to engage prospects (e.g. lessees, home buyers) and set targeted campaigns. CRM system, for its part, provides companies with demographic, historical data and contact details for creating more qualified leads. A dedicated MA platform comprises the following features:

• auto-responders
• email campaigns
• social marketing campaigns
• a/b testing and drip programs
• lead management, SEO and content management Tools
• analytical tools and reporting

3. Property Management

Finally, agencies may address their administrative needs regarding multiple types of property: single-family, multi-family rental types, self-storage or commercial facilities. Property management systems are indispensable for maintaining property assets and handling leasing relationships (inspections, rent collection, move-out, contract renewal, and screenings). What set of functions can you expect in that type of solution? Here is an overview:

• self-service portals
• tenant/contact management
• rent payment processing and applicant screening
• accounting, financial, maintenance, document management
• prospect/lead tracking
• integration with internet listing service
• analytical tools and reporting

What are the most prominent software trends in the real estate branch?

1. 1. Mobile Compatibility

As far as one-third of agents mainly work at showings or travel across different locations, mobile access has become a standard feature for real estate software. Statistics claim that realtors work from their smartphones up to 44% of the whole office hours. It allows employees to avoid creating multiple data entry points and fill themselves will additional scope of work.

2. E-recording

Since the passage of URPERA in 2004, it has been allowed to record transactional data regarding sales contracts, property and lands, mortgages, and so on. No wonder e-recording is springing up nowadays: according to the Property Records Industry Association (PRIA), 1,200 of 3,600 recording jurisdictions in the USA take advantage of it. For cases in real estate, when e-recording impacts title production and closing, it remains relevant.

3. Software-as-a-Service

Software procurement often implies significant funding and complex IT management. Quite the opposite, the Software-as-a-Service model enables agencies to decrease upfront costs, as its roots are in cloud-based technology and have a fixed price on a subscription basis. The recent study by NetSuite confirms the efficiency of Saas: 81% of respondents emphasized that cloud platforms have provided them with flexibility and competitive advantage over rivals.

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I'm a programmer. and technology plays a big role in my life. When I find and sometimes create my own apps, I want to share them with others. This is the purpose of my articles.