Property Technology (more commonly known as Proptech) remains a popular catchphrase in real estate. But what is it exactly?
- Proptech is widely understood to consist of an ecosystem of start-ups and emerging growth companies that offer technology-enabled and/or innovative products, services and business models across various aspects of the commercial and residential real estate markets. [deloitte.com]
- Property technology, also known simply as Proptech, can be defined as the usage of technology and software to assist in today’s real estate needs. [hqo.co]
- Proptech is an innovative approach to real estate in which technology optimizes the way people research, rent, buy, sell, and manage a property. The cross-industry technology benefits all parties involved – developers, investors, and property management companies. [common.com]
- Proptech, also known as real estate technology, is a broad term that describes application of information technology, multi-sided marketplace economics to real estate markets. [medium.com]
Why the need for Proptech in the real estate sector?
Real estate companies across the globe are looking to address pain points that impact operational workflows, sales and profitability. They’re seeking “technological innovation that has revolutionised other industries. They want similar benefits like streamlined efficiency, better consumer experience, simpler processes, etc.” [common.com]. And Proptech is providing these benefits. In fact, according to Getsmarter.com, the impact of Proptech on the real estate sector is that:
- It’s changing the way we buy, sell, and interact with our properties.
- It streamlines processes and makes transactions more efficient.
- It presents applied solutions for real estate development and the management thereof.
So much so that according to Forbes, “the fast-track of property technology in the real estate industry has grown by 1072% from 2015 to 2019, and in 2018, venture capital firms invested $8.3 billion in Proptech companies around the world.”
Covid-19, technology, and real estate
The pandemic has undoubtedly impacted the real estate sector worldwide, particularly so far as purchasing behaviours go. With people confined to their homes, the internet has transformed the way property is bought, sold and rented, and how property is managed. Covid-19 is streamlining and transforming the industry again – for the better. And an increased use of technology is not only making it easier for everyone to do their jobs, but also making the real estate industry easier to navigate. [Forbes]
So, how do real estate professionals leverage Proptech solutions to elevate their businesses?
There are several ways that Proptech can be utilised to help your real estate business and sales teams perform better. Qobrix Real Estate software is a sought-after Proptech solution that is being used by real estate enterprises in countries across the globe. Below we bring you 5 of the ways that Qobrix assists these organisations:
1. Improved performance
While real estate firms focus largely on sales and marketing activities to generate leads and opportunities, they rely primarily on nurturing client relationships to drive sales. Real Estate CRM solutions like Qobrix offer the tools to optimise these activities, freeing up time for sales teams to focus on customer interactions more, thereby increasing the likelihood of closing more deals and boosting revenue.
2. Increased efficiencies
Proptech solutions help salespeople do things more quickly and efficiently. The adoption of smart technologies is vital for real estate professionals to optimise their sales pipelines, from lead generation to concluding a deal. Qobrix Real Estate CRM software is built for the real estate industry, addressing all critical pain points, to help streamline workflows, improve operational efficiencies, manage lead conversion and property listings better, and optimise customer relationships.
The Qobrix Client Portal simplifies communication with clients by providing them with secure access to all their property related information and documentation, be this property images, floor plans, project progress, etc. Qobrix’s Agent Portal allows your external agents and/or brokers to access to their own personal online space where they can obtain sales and marketing collateral and project information as generated by you. Through this portal, agents and/or brokers can also make use of tools like loan calculators, currency exchange rates, translation modules, weather widgets, etc. They can also view your property listings easily and better track the status of leads that they generate for your real estate business.
3. Better decision making
Proptech solutions like Qobrix software offer intelligent business insights through smart dashboards and real time reporting. Having the ability to generate reports using real time data, with the flexibility to customise how the data is presented (e.g., bar charts, pie graphs, line graphs, etc), enables real estate companies to make more informed business decisions, more quickly. Change, where required, can then also be implemented faster.
4. Marketing automation
A technology solution that can streamline marketing activities provides great value to teams looking to save time and be more strategic. Qobrix software for example has a useful campaigns module that can help you manage sales and marketing campaigns better. It can be used to easily create promotional campaigns, to manage leads generated by each campaign and to monitor how each campaign performs to modify where necessary. Reports per campaign can also be generated to properly understand where leads are coming from and what leads are converting into sales.
The Qobrix Brochure Creator is another great marketing tool that enables you to instantly generate marketing collateral (brochures, leaflets, etc.) to share with your customers. You can pick a free, ready-made template which can be customised with your company’s logo and branding.
5. Responding to customer needs more quickly
“Access to information and the ability to more immediately address customer needs are the two most important ways Proptech is changing the real estate market.“ [Forbes]. A CRM system like Qobrix offers both of these benefits perfectly through the wide range of vital tools that it offers to real estate professionals. Modules that optimise the processes and procedures pertinent to capturing, accessing and managing contacts, leads, opportunities, viewings, offers, tasks, comments, reports, and so much more, enable your sales teams to access any information required to meet the needs of their clients, quickly and hassle free.Forbes]