Blockchain Solutions are Transforming Real Estate Business
Transforming Real Estate
Transform Real Estate Investments, LLC is a Bay Area local Real Estate Solutions Company that purchases and improves all types of homes in various conditions and locations. We value sellers by transforming their home selling experience into a much easier and faster process.
Its adds value to homes by transforming houses into more functional and updated with new technology and designer touches that our buyers are proud to call home. We help Bay Area communities by changing the appearance of homes and increasing home value in neighborhoods.
Five Keys to Staying Relevant In Your Real Estate Business – Transforming Real Estate
1. Your Business must Make a Clear offer to your customers.
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Traditionally, brokerages focus on creating offers for real estate agents, not their end customers (the homeowner). They offer signing bonuses, low splits and all-expenses-paid trips for the top producers. Rather than courting agents, brokerages must make special offers to the homeowner.
What is Blockchain? The blockchain is a circulated database that keeps an ever growing list of ordered records, called blocks. However, these blocks are cryptographically linked. And each block contains a crypto-graphic hash of the previous blocks, the timestamp, and the transaction data. Hence, a blockchain is a public, distributed, and decentralized digital ledger used to record transactions on many computers. such that the record cannot be changed retroactively without modification of all subsequent blocks and network consensus.
2. Predictable Customer Experience can only be Achieved through Operational Excellence.
Operational excellence means processes, systems, and execution discipline by a team with an interdisciplinary skillset. It would be best if you had a framework to produce predictable results.
Your brokerage must have a good process to create a new contact, a strategy to turn that contact into a contract, and execute a cadence of multiple touchpoints to encourage additional revenue-generating interactions. A good approach is documented, measured, and has the right team members managing for optimal results. Teamwork in this framework is crucial to success, and operational excellence is achieved when each team member understands their role and contributes to the continuous improvement of the brokerage.
3. Be a Part of Something Bigger than Yourself.
A company or team can serve the customer at a deeper level than an independent service provider because a team has exponential expertise and availability. By definition, an independent service provider is responsible for servicing the client, which is not limited to the core functions a real estate agent’s license affords them by law. In addition, one person is obligated to ensure all marketing, administrative and compliance tasks are complete while taking care of the constant need to grow their business. In my 18 years in the real estate industry, I have yet to meet a real estate agent who is an expert at all the individual functions required to serve a client well.
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4. We are Moving from the Real Estate
Industry into the homeownership industry, vertically integrating all ancillary services a customer will need (i.e., insurance, title, mortgage, inspection, warranty, etc.).
Obtaining a customer puts them on your platform, allowing you to serve them repeatedly. Consider how Amazon founder Jeff Bezos obsessed over customers’ needs: low prices, ease of use, customer choice, additional services, information to make better decisions and customer service. Once Amazon got customers on the platform, it began to take market share and established itself at the top of customers’ minds.
5. Your Customer is the Hero of the Story, not you.
Obsession over the customer journey is more important than self-promotion. Your customer needs a guide who educates and works to support them, not an agent who focuses on vanity metrics and makes the transaction all about them.
A brokerage can make sure agents and staff always put the customer first and make them the hero of the story by acting as a fiduciary, putting their clients’ interests ahead of their own. The first place a brokerage can make this shift is by considering the compensation structure for agents. When you act as a fiduciary, you have the ethical obligation to preserve your client’s net worth.
What does Digital Transformation mean for the Real Estate Industry?
Digital transformation is the shift that appears within the real estate industry due to the implementation of digital technologies. With the adoption of digital technologies, real estate players such as developers, brokers, agents, investors, or managers embrace skills and culture change to meet evolving customer demands.
Why is Digital Transformation Important in Real Estate?
Real estate companies should explore new structuring options, improve operational performance, and optimize portfolios to get maximum ROI to remain competitive in increased competition. According to the 2019 KPMG Proptech survey, real estate companies increasingly adopting digital technologies. 58% of respondents have a digital strategy, up from 52% in 2018 and 2017. The reasons why digital transformation is necessary for real estate businesses are:
What are the Key Digital Transformation Trends/Technologies in Real Estate?
The increasing number of PropTech companies are offering products & services in the following areas:
Artificial Intelligence – Transforming Real Estate
Sponsored – Transforming Real Estate
With IBM’s Robotic Process Automation, businesses can build and expose chatbots in just a few commands, automating day-to-day tasks across their organization. With a streamlined AI interface and low code software, your teams are positioned to save time and money and boost performance. Learn more about how RPA can help your business increase productivity by enrolling in a free, 30-day trial of IBM RPA.
Big Data/Analytics – Transforming Real Estate
Real estate is an industry that collects extensive data sets regarding property, owners, companies, renters, and agents. Data analytics solutions can help real estate businesses understand customer segments and predict customer behavior. CRM tools are widely used by real estate businesses either to potential outreach customers or to collect data from transforming real estate customers for making predictions about the market conditions, property buying, investment perspectives, or price.
Businesses must understand their processes before implementing digital transformation regardless of whether they work with a consultant company or not. Process mining is a digital transforming real estate enabler technology that helps business analysts and leaders discover and visualize their businesses to identify areas for automation and improvement.
Augmented Reality (AR)/Virtual Reality (VR)
AR technology can use to see what a property would look like through virtual tours. For example, a Singapore-based property search platform, PropertyGuru, launched its first mobile showroom where they provide VR goggles to view condos and flats to improve customers’ engagement.
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What are Digital Transformation Examples from Real Estate Companies?
OJO Labs is a PropTech company that helps businesses transform the home buying and selling experience with AI and machine learning technology, And also. It delivers personalized property recommendations and guides home buyers and sellers along their journey. They optimize property searches based on consumer behavior and engagement.
Zumper offers renters the ability to find, apply for and then book an apartment, And also. They can also digitally pay their rent to the property owner. It also helps small landlords and multifamily properties find tenants, market properties, and collect rent.
Homesnap is the real estate industry’s national search portal that provides users with relevant information about a house, including price and interior photos with some properties after taking a snapshot of the house.
Further Reading on Transforming Real Estate – Transforming Real Estate
For more on digital transformation
- Digital Transformation: In-Depth Guide for Executives
- Digital Transformation Consulting
- Six reasons for digital transformation (Dx) project failure
- 30+ digital transformation case studies
- Digital transformation for the banking
- Is Digital transformation for retail
- Digital transformation for healthcare.
How to Easily Transform Real Estate Prospects into Customers? Transforming Real Estate
Today, we will share some mistakes that are made when trying to convert prospects into clients in the real estate sector. Please don’t fall for them!
Persist in Hiding the Location of a Property
When a curious person calls for information, And also. It is sometimes challenging to communicate, And also. If the exact address of a property over the phone. However, actively seeking buyers make no secret of their frustration and annoyance when an agent does not share this information. Prepare an appropriate transforming real estate response with a sufficiently precise geographical perimeter for each property.
Sometimes it takes little to build a trusting relationship with a prospect. But in real estate, And also. The opposite is even more true. Here we will teach you. We know that people take precautions when investing in a material asset. If especially if it is a home or business transforming real estate that will require a significant investment, And also. Hence is essential to conduct a real estate market study and learn more about the sector and potential clients.