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What Technology Can’t Do For Your Real Estate Business

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What Real Estate Technology Can’t Do For Your Business

How old-fashioned customer service can save your business from mediocrity and failure

Key Takeaways

  • While technology is an important part of any functioning business, it’s necessary to remember that dated forms of communication can make you memorable and unique.
  • Clients want to work with someone genuine, honest and authentic

As real estate professionals, we are constantly inundated with webinars, Facebook ads and emails promoting the latest technologies designed to better our business.

As a licensed real estate instructor and educator, I strongly encourage agents to stay current with industry trends and advancements in technology, and I’m an advocate of technology designed to help with business efficiency; work smarter, not harder, as the mantra states.

While I agree that technology is essential to our success, it’s time to get back to basics.

The state of society’s social skills

Despite the countless tools we have at our disposal, there seems to be something inherently missing from our industry these days: great people skills.

We have created an entirely new language consisting of emojis and hashtags; texting and private messaging have become the expected mode of communication, and people rarely seem to actually answer phone calls.

People become oddly bold behind the safety of their keyboard, and they hide behind avatars and caricatures. We’ve all read inappropriate and disrespectful posts and comments on social media that incite anger and hurt feelings, often created by people who would not dare verbalize those same words to the recipient’s face.

Common courtesy and excellent customer service seem to be virtues of the past, and the speed with which one can post a negative review on social media, Yelp! or Google should be a new category in the Guinness Book of World Records.

Sadly, people aren’t as quick to write a positive review or give props to a fellow colleague for doing more than the expected.

Being in the people business

We may market and sell one of the biggest products available, but a listing is worthless without buyers. Without practicing proper etiquette and communication with these buyers, we fail.

Without buyers, we are simply out of business.

As a real estate professional, you must have the mindset of a small business owner. Twenty percent of small business owners fail within the first year, and 50 percent fail within the first five years; this is usually due to lack of focus, lack of passion and poor marketing.

What you really need to know is that 19 percent failed because they were out-competed, and 14 percent failed because they ignored their customers.

In an industry that currently boasts over two million professionals, the competition is strong. According to the most recent NAR Member Profile report, 20 percent of members had less than one year of experience in 2016; 22 percent of members with less than two years of experience earned a gross income of less than $10,000 in 2015 and 26 percent of those were under the age of 30.

In fact, gross member income in 2015 was only $39,200, regardless of age.

How to set yourself apart and promote career longevity

If you want to stay away from becoming another underwhelming statistic, I propose that you incorporate the following key ingredients into your business model.

1.Common courtesy. While I should not have to spell out what this entails, it bears mentioning. If you are going to be late to an appointment, text or call the person waiting; if you are not going to show a listing that was scheduled, call the listing agent to cancel.

The homeowner may have had to leave with her toddler and the dog after spending two hours preparing for your tour, or maybe the sellers are an elderly couple with health issues. The point is that you must return all calls, texts and emails in a timely fashion.

If you are going to be unavailable for an extended period of time, utilize your outgoing voicemail and autoresponders to let folks know when they can expect to hear from you.

Communicate using correct grammar and punctuation, do not send texts or emails in haste or anger and — most importantly — always be kind.

Remember that everyone you encounter is a potential client.

2.Send thank you notes. Handwritten notes are a lost art, and folks barely know what their own handwriting looks like these days.

Send a thank you note to your customers after the listing or buyer agreement is signed; hand one to the other agent at the closing table; send one to every person that sends you a referral, whether or not it results in business for you.

Did the contractor do some extra work? Did a colleague cover for you while you were sick? Those people went the extra mile for you, so send them a card and follow up with a thankful shout out on social media.

Thank you notes should definitely be part of your daily prospecting.

3.Listen more than you speak. This a common mistake made by those who are new to the business; eager to prove their worth and knowledge, they chatter endlessly. Instead, they should ask a question and patiently wait for the answer.

What is the client’s true goal and motivation? Additional questions can help peel back layers and get necessary answers.

Taking notes and making eye contact are also important.

4.Be authentic. Only relate in personal ways if you’ve found a common thread; be empathetic only if you can truly share in their emotions.

Be honest and admit when you do not know an answer. Assure your customer that you will research their concern and follow up with an answer.

No matter how amazing the latest technology is, old-fashioned courtesy and communication is what will get you ahead in this business.

Longevity in this industry is derived from a healthy blend of technological tools, punctuality, honesty and excellent interpersonal communication skills.

Source: Inman

Also Read:  How Technology Can Offer Real Time Solutions In Commercial Real Estate

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Appoint Housecraft App For Your Interior Designing Job

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Do you have a knack for interior designing? Did you always dream about being an interior designer but could never really get a head start at it? Is your home in a dire state for a revamp? Do you like to change your interiors often?

If your answer is yes then we have the perfect solution for you. The answer to your prayers is the refreshing Housecraft App. The app is available only on iPhone App Store for free.

It is a fairly easy app that can be used to design any interior living space with the choice of several pre-fed furniture and décor items. You can use your phone’s camera and watch the power of augmented reality to place fully rendered 3D models anywhere in your world.

For example if you want to redo your living room. All you have to do is open your phone camera and scan the room. You would be surprised at how accurately it takes measurements. It then lets you drop all the furniture you can think of. You can resize each object so you can customize it according to your room. Plus, you can admire objects from any angle, in any light! Once you achieve a set-up that you like, you can save it for later reference.

The app is a break through at many levels. To start with you design your own home and test it on the app so you can actually see the outcome of your design. For people who like to mix and match and change décor items on a regular basis can use this app for better visualization of their ideas. It is easy to save room configurations and try them out anywhere. Thus great help in apartment hunts, reorganizing a room, testing how new furniture will look, and more. With their video recording feature you can share your creations with your friends or family.

Also Read: 5 Real Estate Tech Startups in India You Can’t Ignore

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5 Real Estate Tech Startups in India You Can’t Ignore

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5 Tech Startups in India You Can’t Ignore

The real estate sector is one of the biggest contributors to the country’s economy. It is no wonder that the sector is booming with newest technologies that are changing the age-old industry norms and raising industry standards. Here are five tech start ups that you need to take note of:

NESTAWAY

5 Tech Startups in India You Can’t Ignore

If you have ever faced a rental problem and most of us have, this is the thing that you need. NestAway is India’s home rental network for singles that offers rental solutions via latest technology and best design.

Founded in January 2015, NestAway is an app that lets you find, book, pay, move-in and out of a rental home anywhere in India. They basically manage both parties in a rental situation and turn unfurnished houses in to furnished homes and offer them at affordable prices on sharing basis. Deepak Dhar, one of NestAway’s four cofounders, says “It’s a new concept for owners and a solution for tenants. Plus we’re solving the youth housing crisis of upwardly mobile urban migrants in cities.” It began in Bengaluru and today is spread in 9 metro cities of India.

Website: nestaway.com

NoBroker

5 Tech Startups in India You Can’t Ignore

A Bangalore based real estate search portal, NoBroker eliminates broker and directly connects flat owners and tenants. Founded in 2014, NoBroker claims to work on the basis of technology that identifies and abolishes brokers. Started as a rental platform, they have now forayed into brokerage free buy/sell property as well. They verify each listing to make sure they are owners and no middlemen. They offer maximum information in the most accessible format, thus saving you time, money and energy to actually go physically hunting for house.

Website: nobroker.in

SmartOwner

5 Tech Startups in India You Can’t Ignore

Find the biggest market for investors here; all the opportunities that you won’t find on general market. SmartOwner brings forward some of the carefully curated investment opportunities from the fastest growing cities in India. Projects are vetted by law firm after meticulous checks. It verifies all the listing to make sure the pricing and specifications are in line with the market trends. Thus it offers well calculated risk and returns. People benefit from the curated high-return opportunities.

Website: smartowner.com

Approach

5 Tech Startups in India You Can’t Ignore

Approach helps you to conveniently and accurately manage scientific data which enables you to grow your business strategically instead of hit and miss methods. Real estate is a growing sector and it needs such solutions where management can take accurate decision based on solid data. Approach lets you manage your inventory from any location. Cloud telephony lets you track all your campaigns and calls from anywhere. Automated SMS and Email Marketing allow you to connect with your audience and also offer in-depth analytics of click-rate and subscriber activity. You can now even calculate the returns on investment from all your media spending and campaigns.

Website: approach.one

GrabHouse

5 Tech Startups in India You Can’t Ignore

Established in 2013, Grabhouse is a no broker website that helps people find flats, flat mates and tenants quickly and without much effort. It is the first venture that is a 100 percent broker free house renting platform. It is able to achieve this by using powerful technologies that allow stakeholders to enhance their business. Their target group lies between 18-28 years; they are mostly students or young professionals who are looking for decent places to stay while saving a buck. Even on-ground assistance is provided after lead generation for a nominal fee.

Website: grabhouse.com

 

Also Read: Technology And Real Estate: Reaching New Heights

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Alibaba Now Enters Housing Rental Market In China

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Alibaba Now Enters Housing Rental Market In China

Alibaba, the Chinese e-commerce giant, signed an agreement with Zhejiang province to use the company’s technology in order to build an online system for house rentals. As per the agreement, this system will include all the apartments that are put up for rent by an individual, government, developers as well as agents.

The Xinhua news agency reported that the Hangzhou City in Zhejiang province will be able to use this application to seek houses on rent. The website by Alibaba will help people at every stage of the procedure, right from searching for a home to apartment contract signing and later payments.    

Han Junqing, director of Hangzhou Real Estate Registration Center, said, “Information on apartments, user reviews, and credit ratings of owners, renters, and agents will all be shared.”

The system is called the Smart House Renting System and will be supported by Alibaba’s technology, data, and commerce credit system. The government sources have revealed that it can prevent fraudulent deals.

At present, the housing rental market in China is dominated by real estate agents, and fraud and disputes are not uncommon in all the major cities. There are big real estate players with their own apps however that information is not shared with others.

People seeking homes for rents often have to refer to different apps and compare their offers as these companies lack the Zhima Credit from Alibaba subsidiary Ant Financial’s which is a much more mature credit system.

The government of China is prioritising the rental market’s development to rein in runaway home prices in the country’s big cities. The Central government chose Hangzhou among the first 12 cities to take bold reforms to boost the rental market.

Also Read: Technological Solutions That Are Helping The Commercial Real Estate Industry

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