Handling real estate, whether as estate agents for individuals or putting together portfolios for industrial and retail clients, means being on top of your game, knowing exactly what is going on in your niche, and being prepared to make your move as soon as the opportunity presents itself in order to make your sales. Many real estate businesses are driving their sales with sales automation and streamlined processes that allow them to make the best use of their time and resources and compete in such an active market. In this article, we have a look at the real estate industry, and where it is expected to go in terms of business process automation (BPA). Then we take a look at how this use of automation is helping to improve sales and conversions, and what TEB Apps can do to help you close more sales and streamline your activities.
The real estate industry is heavily impacted by interest rates, tax changes, and the economy. Recently, there has been more stabilisation in interest rates, with cuts being expected later in 2024, but there is still a level of uncertainty in matters of the economy that are causing real estate industry companies to evaluate (and sometimes re-evaluate) their sales strategies in order to meet modern demand.
According to Statista, the global real estate market in 2024 is worth $637.80 trillion (USD) with residential real estate dominating the various segments of the market at a projected volume of $518.90 trillion (USD).
There has been a trend towards urbanisation on a global scale which has been driving significant growth in the real estate market, and according to the United Nation’s Department of Economic and Social Affairs, 68% of people are expected to live in urban areas by 2050.
New dynamics within the sector have seen increased focus on sustainability, fit-for-purpose bespoke developments, affordable accommodation, and a growing demand for data centres.
Within the business and retail sectors, real estate businesses are facing high levels of competition for prime office space that meets sustainability and fit-for-purpose needs and are often finding that other office space is difficult to fill as the market is over-saturated.
Predictions have been made that there will be continuation of the ‘bottoming out phase’, but there are emerging trends indicating greater liquidity in the real estate market and an opportune time for investment and purchase.
With these trends in mind, it is unsurprising to find that the use of Artificial Intelligence (AI), big data, and Business Process Automation (BPA) has been widely adopted by the real estate industry, and used to not only collect data and analysis the fluctuations in the market, but to also streamline internal operations, reduce the sales cycle, and allow for faster movement and closing with customers.
TEB Apps is designed to make use of smart automation that allows you to manage your opportunities and sales cycle from start to finish. With fully flexible processes and support, you can boost your sales team’s performance and make the most of every opportunity.
Externally for the business, automation is being more widely adopted for customer services, content idea generation, marketing and advertising, and demographic targeting.
Internally companies in the real estate industry are looking at using more advanced automation and processes in:
Not every part of business needs or should be automated, and it can be difficult to successfully implement automation without a full understanding of what your business is doing, how it is performing, and what your existing processes are.
However, when done correctly, and with a targeted approach in mind, automation can lead to huge changes and a massive positive effect.
Sales in real estate are often time consuming and require a careful approach that shows a huge wealth of knowledge about each individual property or portfolio, and that the property, approach, and other legal compliances are fully understood, noted, and met.
Automation can help your business to make this process easier by:
With the right technological support, your team can make more of your opportunities, reduce the length and complexity of the sales cycle, and position your business to do more with your resources.
Making the most of every opportunity, whether it is making investments and connecting with new developments to increase your portfolio, or to reach out and make those all important sales – you need to be supported and able to rely on the data, tools, and techniques behind you.
Adopt TEB Apps for:
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