The role of automating technology cannot be overstated in any industry.
We have come a long way from computer-aided architectural designs of the 1960s to infinitely more advanced software in the real estate industry.
This has particularly occasioned a wave of innovation and productivity.
As the internet becomes increasingly interlocked with every aspect of our lives, industries, ranging from real estate to construction, that primarily rely on in-person interactions have long started to adopt new automating technology.
This serves to conserve valuable time and resources while catering for an entirely novel breed of clientele.
Managing a real estate business can be time-expensive. Repetitive tasks prevent realtors from maximising their time and focusing on significant business goals.
However, automating technologies help real estate agents eliminate these repetitive tasks and become more efficient.
There are automation software to help real estate professionals manage their social media activities, email campaigns, paperwork, and stay ahead of the market and their competition.
Automation is particularly useful for asset management research. Asset management research typically involves identifying the monetary worth of every property in a real estate company’s portfolio and creating exhaustive spreadsheets of that data.
Various technological tools now easily and continuously monitor these property valuations, updating information without manual input, thus conserving time and resources.
With technologies like artificial intelligence (AI) and precise mathematical modeling, real estate brokers can also now make more accurate price estimations for properties.
Using variants of this technology, developers and investors can evaluate expected return on investments into assets.
Potential landlords can choose an appropriate purchase time and find a property with features that meet their needs.
Property appraisers also use predictions on future prices to decide whether to inform mortgage lenders about price trends for houses in particular neighborhoods.
Calendar automation helps real estate professionals to manage their dealings with clients and organise times for inspections, etc.
For real estate agencies with multiple agents, automation tools sync any updated information or documents, keeping everyone on the same page, and increasing transparency.
The activities of the various agents can also be tracked and evaluated to determine performance across the team.
Real estate markets have always been dependent on in-person meetings between brokers and potential buyers.
This has been markedly altered by technology which now allows for virtual house-hunting tours which make the process of buying a house less cumbersome.
Some of these virtual marketplaces do not even require interactions with in-person realtors at any point during the process and potential buyers are spared of steep broker’s commission fees.
Closing deals with prospective clients also benefit from automation technology. This process when manually conducted is typically slow-moving and complex.
Technologies like e-signature and e-notarisation help to accelerate the signatory procedures.
Also, digitised paperwork facilitates smart contracts and gives all the involved parties access to the most updated version of the agreement and prevents tampering.
Using technology, agents can improve the customer experience by providing an easier, quicker transaction process, which results both in satisfied customers and efficient realtors.
Owing to COVID-19, the time spent on social media has increased by 20%.
Automating marketing and advertising tools can help real estate agents get in front of their target audience and generate more leads, using tools like CRMs to track activity for insights and better customer relationship management.
By automating tasks like tracking and scheduling follow-ups, real estate agents have more time to cultivate relationships with potential clients.
Automated technology also plays a role in the construction industry. Transactions which are typically conducted in person are now mediated digitally on various e-market platforms ran on sophisticated algorithms.
Cutstruct Technology Limited is a company dedicated to providing automated technology to solve various challenges in the construction value chain.
Cutstruct’s flagship service is the digital broker, LiveVend Price Index, a web application which provides real-time price indices which helps to automate and increase decision-making accuracy during the purchase of building materials and construction equipment.
Another automated service from Cutstruct’s stables is LiveVendPro, a construction project management software that helps project owners, real estate developers, and managers keep progress according to plan. Using LiveVend Pro, users are able to keep track of multiple construction projects from remote locations with the aid of real-time data.
COVID-19 has caused companies across industries to adapt quickly to a new business environment and experts predict that post-COVID many will continue digital operations on a larger scale.
This double-pronged reality and prediction does not exempt the construction, building and real estate industries. Therefore, now is the time to switch to automated processes.