It starts with a small crack that’s almost invisible. Eventually, the crack grows deeper, and by the time the tenants know about it, the damage is either irreparable or requires extensive repairing.
Now imagine if there was a sensor that identifies the crack and alerts the property manager to take action. Wouldn’t that be great?
Well, those days don’t seem to be far away. Real estate is becoming connected. Connected real estate implies that a single IP network connects the buildings, and their data is collected in a centralized location for operations and management. This helps the property managers to manage multiple buildings efficiently and secures them from hazardous situations.
Connected real estate is also beneficial for real estate companies as they can increase their sales, maximize their revenue, start a new revenue stream, and improve tenants’ experience.
No wonder PWC’s real estate survey showed that 73% of the executives have the Internet of Things (IoT) already on their business agenda.
Here are some ways in which real estate companies can leverage IoT and other modern technologies to build future-ready real estate.
Real estate companies get leads from various channels – phone calls after seeing a billboard, websites, social media, direct mail, TV ad, and also word-of-mouth referrals. It’s almost impossible for the sales team to manage these leads and organize them without using technology. Technology such as a CRM enables the teams to gather data about the prospects and convert them into sales. It allows the teams to streamline the sales processes, improve pipeline management, and automate the administrative tasks to focus on improving the conversion rates and closing more deals. Real estate companies can also use emerging technologies such as virtual reality (VR) to give prospects a virtual tour of the property and use centralized systems with embedded business logic to send pricing and quotes accurately.
Tenants expect experiences that will provide them with convenience. It could range from seamless building access to visitor management, easy parking, etc. Combining the physical aspects and the digital elements can help real estate companies to offer that experience. For example, tenants can use an automated HVAC system to automatically set the right temperature before they enter the room. Using intelligent technologies enables the tenants to raise automated requests for amenities, get real-time updates about their requests, and have seamless communication with the building management without multiple follow-ups. These intelligent systems also prove useful in safeguarding the property by monitoring all the activities and alerting the tenants in case of any suspicion or irregularities.
Property managers have to manage multiple properties together. The only way to manage them efficiently is by using property management technologies. Technology like Salesforce allows the managers to enhance their operations, streamline the business workflows, manage bills and invoices, reduce revenue leakage, and improve cashflows. Intelligent technologies such as IoT help in maintaining the general thermostat in the property and also increase security around the property. Property managers can also save energy and reduce unnecessary expenditures by regulating water, gas, and electricity supply. IoT-enabled predictive maintenance ensures that the property is well-maintained and protected from irreparable damages. Property managers can also use sensors and automated alerts to prevent unauthorized entry into the property and keep the tenants and their property safe.
According to research, 88% of clients expect a response from the real estate company within an hour. Hence, companies need to be responsive and immediately address customer inquiries to help them make the right decision. If all the teams have access to the centralized CRM, there’s a more seamless collaboration between different teams. This enables them to respond to customer queries quickly and improve customer satisfaction. Normally, customers will not purchase a property in the first instance. Hence, real estate companies must send personalized communication and reminders to gently nudge the customers to decide. CRM can help the teams to get a 360-degree view of the customer and enable them to schedule meetings and reminders for the customer, manage campaigns, and keep track of the sales.
Real estate companies are looking for modernized digital solutions that can help them automate and optimize certain processes and allow the workforce to focus on creating superior experiences for tenants. To achieve these goals, they need to work with the right partner to help them stay ahead of the curve.
At PopcornApps, we leverage next-gen technologies to help real estate companies to build connected buildings, improve customer experience and tenant experience, manage properties, and improve sales. Our core offering REspace, powered by Salesforce, helps real estate companies revolutionize their business by empowering the sales team to boost sales, generate revenue, and by creating personalized experiences for tenants.