Owner and Qualifying Broker at Rhino Realty Property Management and Rhino Realty B&B, entrepreneur, investor, advisor, author and speaker.
As technology continues to integrate within the real estate sector, the challenge in deciding what applies best to your market and business model becomes key. With no slowing down in sight, and with a deluge of new or updated products to pick from, it can be overwhelming trying to make a selection, let alone if what your selecting is going to provide value and ROI. Having too many options is not always a good thing and with technology typically comes a decent investment of not only money but integrating and training. Picking the wrong system or tool can lead to squandered investments and lost time. So, with all the pitfalls associated with the emergence of tech, what should you do?
We all understand that evolution is a top priority in real estate and that falling behind can quickly leave you obsolete when compared to the competition. However, grasping at every new thing that comes to the market can be a major error and prevent you from mastering a product that can only show its significance over a considerable amount of time. With all this said, understanding trends is more of an art than a science, so here are some safe bets for 2021 that make the most sense to integrate.
With the emergence of Covid-19 and the aftermath of a global pandemic, the world as we know it has changed for the foreseeable future. The days of meeting clients at properties in the traditional manner are much more restricted and potential clients’ fear of property tours, in general, has risen. The most obvious solution has been the emergence of video and virtual tours. Depending on the asset class and price points, there are several options that can be of value. If you are a property manager with a larger door count, then economically your best bet would be to take videos of each model, in each complex as well as the exterior and amenities provided. For individual and more custom, higher-end properties, a personal 3D tour is also something to consider. Drone tours are also very appealing and provide a very organic overview that can enable the client to really understand the property as a whole when viewing.
Each one of these tours brings a certain usefulness and as you explore the options, make sure you do your research on what makes the best sense for your industry. If you plan on making this a regular marketing agenda, then you may also want to consider buying the equipment yourself versus hiring a third party. In the long run, it can save you money, assuming you have the proper staff to train and navigate it.
Another great technological tool is the emergence of YouTube. With frequently asked questions in many of the real estate sectors, YouTube is a great instrument to help streamline your approach for redundancies, while at the same time providing 24/7 accessibility. For property managers specifically, this tool is especially helpful with topics such as, the move-in process, what your deposit covers, renewals and even maintenance questions are great opportunities to put together a channel for your business. They also keep your policies clear and consistent, while saving you time by avoiding the same questions and topics.
Automated Text Campaigns
As our smartphones become smarter and we stay more and more “plugged in,” it is more likely that a text message will be viewed and responded to exponentially faster than an email. Understanding this makes incorporating an automated text software a smart move. From farming leads, follow-up inquires, anniversary dates and announcements, there are several approaches that enable this technology the help with just about any sector in real estate. Text messages tend to be perceived as much more personal, but less formal to respond to, making them a real estate broker’s best tool for those elusive or super busy clients. Many of these programs also offer drip campaigns that will automatically be sent out after the messages, dates and times are set. This can be good for simple reminders that provide a “personal” feel when sending through via text message.
Hopefully, these suggestions are a great starting point for implementing technology more regularly in your day-to-day business model, helping you save time, save money and add value to your clients and employees alike. Of course, this is just the tip of the iceberg as far as what is available. In this day and age, it seems like if you can imagine it, some form of technology has, or is, being developed to assist in making your business enhanced and more efficient. Pretty soon we may have flying cars and robots that can show properties for us. Until then, try to embrace what makes sense for your asset class, demographic and budget.
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Owner and Qualifying Broker at Rhino Realty Property Management and Rhino Realty B&B, entrepreneur, investor, advisor, author and speaker. Read Alex Vasquez’ full