The real estate industry plays an important role in the economy, especially in countries like the U.S., U.K., Switzerland, etc. The sector appears to benefit from market opportunities. However, the sector also faces several challenges going forward. One of these challenges is digitization.
Real Estate is undergoing a digital revolution for the past few years. Earlier the industry was dominated by agents and brokers working independently as well as with real estate companies. The options for buying and selling were very few. With the rising popularity of the internet, the property business is evolving digitally. Companies have shifted their focus to elaborate property portals and mobile apps to improve customer convenience.
This article explores the current real estate market, the detracting factors that exist for the real estate environment, the digitization challenges, and so on.
Digitization Challenges of Real Estate Industry
The real estate industry is perceived as not modern, frozen, and slow in adopting new technologies. But housing affects all of us daily. Whether it is renting or buying, it is a crucial expenditure for people and their central concerns. Hence, digital and real estate sectors must go hand in hand.
With new technologies, the major players of real estate industries are rethinking their property marketing model. The users in the sector are demanding innovation and new functionalities. The real estate industry is at the brink of uberization. It requires the adoption of technological tools that does not disrupt its current processes and workflows.
The sector has not transformed entirely yet. But today, 90% of housing searches begin online. Buyers, sellers, agents prefer to execute their transactions through real estate portals. According to a recent report, 42% of home buyers look online as a first step in purchasing a property, while 91% of realtors use social media platforms. As a result, many property businesses and firms now use the portal services from a real estate Web development company. So, what are these portals, and how do they help in revolutionizing the current industry? Let’s have a look at it.
What is a Real Estate Portal?
Real Estate portals simply mean an online medium where you can list homes for sale through the backend of your site. A real estate property portal helps people buy, rent, and lease real estate property. It provides an online medium where sellers and buyers can connect with one another.
Many realtors and property management specialists own their websites to generate leads, bring in prospective tenants and buyers, and so on. If you do not want to list real estate property manually, you can opt for automated features where you just have to send in the data. There are several other advantages available to a property business through a property portal. Here are 10 ways in which a real estate portal benefits the real-estate industry.
10 Ways in Which Portal Benefit the Real-Estate Industry
Today’s customers depend on technology and digital tools for pretty much everything. The same goes for the real estate industry. At least the initial property search begins online for most customers. But is that all? Is that the only reason why property portals make sense? Here are some other reasons they are so popular in the sector.
I. Ability to Deliver Reliable Information
Buying, renting, or leasing property is a crucial decision. The decision-making part is critical. Especially when you’re looking online. While putting your leasing details or searching for renting online, you need reliable information to make a sale. A property portal helps in this regard. It leverages web search tools to deliver information to customers about the property and other related queries.
II. Offer Agency-Like Marketing Services
Real Estate economics have changed drastically. There is an ever-increasing need to digitize, and it sometimes becomes difficult to market property online. This is where the property portal can help you. It can help you offer a plethora of marketing services. You can help developers get in touch with local audiences through your digital channel.
III. Massive Database of Customers
An extensive database of customers is essential for every real estate business. You need to offer services for both buyers and sellers. Portals can help you collect this massive database of your online visitors and potential customers. It also makes it more convenient for both buyers and sellers to interact on your platform from different geographical locations.
IV. 24×7 Assistance
The world is fast-paced, and customers want information at their fingertips. They expect 24*7 support, and they expect it as the bare minimum. Through property portals, you can make help available to your customers 24*7.
Modern technological features like AI and chatbots can make this possible. Features like a knowledge base can also help the customers help themselves. Even if chatbots cannot resolve customer issues, they can keep them engaged until a human agent takes over.
V. Offer Location-Based Services
Portals can help you offer location-based services without increasing expenses. For instance, develop a new page on your website for rental services and add a new revenue stream. You can thus diversify your business with minimal investment.
VI. Provide More Options
Nowadays, customers also want multiple choices. Here too, real-estate portals can cash in on this requirement. It helps property firms provide users with a plethora of property options to choose, and shortlist from. They can do all this by sitting on their couch. As for real estate companies, property portals are highly conducive to the use of a variety of technological tools to help grow their business.
Allow buyers to find parameter-based properties with smart search options. Big data processing features let you manage big-size data, be it good quality property pictures, videos, or information.
VII. Social Media Integration
This can be a great tool for property sellers. They can set up to sell their property within minutes on social media. All they need to do is integrate their social media sites with their portal websites.
They can enable people to reach out to them through social media and migrate from a public view to a private one. They can sync popular social media networks such as Twitter, Facebook, and so on. Create custom buttons for these sites and make sure they’re highly visible.
VIII. Improve Brand Identity with Customization
Personalization has a deeper impact on your brand identity. Real Estate firms can ensure customized services to both buyers and sellers, which will help you engage customers. Portals can help you add, remove and update the custom listings as required.
Choose a portal that lets you customize your design templates, layouts, and components through simple drag and drop features. You can also get ready-to-use standard design components with custom data binding to give your portal a personal touch.
IX. Centralized Operations
The biggest benefit of having a portal is that it eliminates the need to have an office presence at multiple locations. It lets you manage your operations from a central location.
Portals can also help you manage all the real estate listing, sales, marketing, and lead funnels through a unified solution. No need to keep switching between different interfaces as you can collate every action from a single dashboard.
X. Extra Revenue Opportunities
Real estate portals provide multiple money-making opportunities through advertisements. Many builders and developers will offer you money to list their properties. You can earn commissions from banks by helping them generate leads. By deploying these listings on the portal, you can verify listed properties as well. This will help you cut fake profiles and enhance the trustworthiness of your services.
Property portals have, without a doubt, become the most popular home search method. Hence, a property portal endows many advantages on your property business. It is thus beneficial for firms to adopt property portals for their real estate business. You need to choose a real estate website development service for this. A well-crafted property portal can bring lots of opportunities for your business. And only experts can bring together a well-crafted property portal.
CRMJetty’s real estate portal is a one-stop centralized solution that overcomes all real-estate challenges and caters to B2C and B2B businesses. Additionally, it helps you solve problems like scattered information, mismanaged task flow, inefficient communication, and dispersed databases that seem to hinder the current real estate industry. Innovate and adapt synchronized technological solutions. Talk to our experts and find out more.
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