True performers and innovators are those who can find ways to dig up gold in an otherwise coal-laden mine. They have the knack of disrupting the status quo that everyone was used to, with precision. Translate that to the property domain. Do you want to be a regular user of the best real estate management software, or pull the covers back to explore new possibilities of productivity, speed and efficiency? We presume you have been an existing user of commercial real estate management software, and are now looking to mark the next leg of growth.
Or you could just be unwrapping it for the first time. While 48% of real estate firms are experiencing difficulties matching up to the latest technologies and miss the mark in choosing the right software, you are already one of the few looking to up your game. We take a look at how the market, including how some players are incorporating tips, ideas and hacks to glean more than what the best real estate management software offers on the surface.
Business Intelligence On A Platter, Through Custom Reporting
The commercial real estate management software market is hot property today. Investors have a keen eye. They wouldn’t just look for avenues with huge consumer interest but have to personally see ROI in them as well. With the repertoire of property functions now readily available with the best real estate management software, the reporting capabilities have evolved mainly over time. It gives realtors valuable, crystal-clear reports that dissect topics into granular detail, uncovering insights that would not have otherwise been detected. Some vendors providing the best real estate management software even offer affordable custom reporting capabilities to identify the state of their companies, and use business intelligence to plan their quarterly and yearly strategies.
Up Your Strategy Game With Real-time Social & Competitor Tracking
Property management software might not directly display social and competitor data in its suite of features, but you can use it as a platform to collate valuable intel from information sources. Using social media and its insights for your pages, be it Twitter to Instagram, helps you monitor your competition’s customer engagement schedule, audience interest in particular properties, and more.
This is another way users discover the power of the best real estate management software. This is also a great hack in a more socially connected world. On the competitor tracking side, there are a host of sources which track competitor performance. Rather than monitoring their performance on a quarterly basis, incorporate these news feeds into your real estate software to be informed daily, helping you enhance strategic planning. Such hacks genuinely prove the ability for businesses to configure the software to suit their requirements. This becomes essential in the tightly contested property market which is growing tougher than ever.
Creating Customer Journey Maps To Surpass Set Goals
Statistics reveal that customers are generally inclined to share data on their interactions with you, or relevant data on their purchase behaviour that businesses can leverage to improve the selling experience. But results also show that when a lead is generated through an exciting prospect or a customer looking for an upgrade, the ideal time to respond and engage is within five minutes. But here is where it gets interesting.
The interest reduces by 10x with the passing of every 5 minutes. For a business as critical as real estate where the cost of a lead acquisition and conversion cycle is high, mapping a customer journey right within the best real estate management software you have chosen is a great formula to track various time periods, and undertake a SWOT analysis. When mapped on a larger scale for the entire set of your customers possible mainly with real estate software, there are broader trends that can be identified as well.
Creating Upsell/Cross-Sell Opportunities By Analysing Customer Footprints
The conversation of customer journeys can be broken down into customer footprints as well. Customers usually operate according to the habits they are tuned to in their environment, or show interest when compelling offers are made to them. Studies by the National Association of Realtors show older bloomers use mobile at half the rate of millennials, to search for online properties. With property management software becoming sophisticated, intelligent and automated, the path is set where increasing data sources can fuel the generation of real-time recommendations that are in tune with customer’s habits.
Up-sell and cross-sell opportunities can be detected by artificial intelligence that can be sent through automated emails directly from the best real estate management software, targeting users who are likely to engage and purchase. However, in an age where 51 per cent of firms who are having more than two offices highlight keeping up to date with technology changes as a challenge, there is still some way to go before property management companies can start hacking away their software to realise further potential.
Hacking Bottom Line Efficiency To Fuel Top Line Budgets
This might be a clichéd topic to focus on, but in the legacy-ridden property market, it becomes imperative to repeat the obvious and disrupt the status quo. The property market is usually riddled with inefficiencies that typically lead to a lot of revenue and resource leakage. Here is where the power of commercial real estate management software comes to the fore.
With comprehensive features like supply-chain or vendor management, the property management software can track a movement of supplies, human resource allocation and more to help you identify areas of application and areas of opportunity. On-boarding the best real estate management software has helped every property business realise significant cost savings, freeing up valuable resources like yours so you can focus on growing your business, not generating reports for your vendors. This is the seed of creative thinking to conceptualise new growth avenues and shore up your business progress.
The burgeoning startup real estate software scene (also called protect) is exploding and giving incumbents a run for their money. It shows the ‘break things and build again’ mentality that is synonymous with startups, something we have talked about in this article to hack and grow your property business. Traditional and contemporary players need to move away from the ‘value investor mindset’ where they look only for current yield. Deriving more from the best real estate management software you have chosen is possible by getting into the ‘iceberg’ thinking pattern. There is much more than what the rulebook offers. You can derive much more.