How to use technology in real estate

What are the uses of technology in real estate?

The use of technology in real estate is becoming increasingly important for real estate professionals or businesses looking to efficiently manage portfolios and maximise customer engagement.

From virtual tours to task automation to data analytics, real estate technology is increasing efficiency, improving customer experience, and allowing real estate professionals to make better decisions to drive business success.

In this guide, we will showcase how to use technology in real estate and highlight 4 effective ways to use real estate technology solutions to maximise customer engagement.

How to use technology in real estate

From customer relationship management (CRM) to data analysis to virtual reality tours, there are various ways to use technology in real estate to improve your customer experience and benefit your real estate business.

Below, we have outlined three effective ways you can use technology in real estate.

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Virtual property tours

Virtual property tours are an effective way to utilise real estate technology to attract potential tenants to a property.

Real estate agents can use 3D cameras, drones, and software to create a virtual tour of a property. The virtual tour allows tenants to explore the property’s layout, features, and amenities. Virtual property tours are an immersive way for customers to view a property from the comfort of their homes.

Interactive virtual tours can lead to increased interest and more successful transactions.

Automation of repetitive tasks

Real estate technology can help real estate professionals automate repetitive tasks, allowing them to work more efficiently and effectively.

Here are some examples of how real estate technology can automate repetitive tasks:

• CRM: CRM software can automate tasks such as lead tracking, follow-up reminders, and customer communications. This can help agents stay organised and ensure that they are consistently following up with potential clients.
• Property Management: Property management software can automate tasks such as rent collection, maintenance requests, and lease renewals. This can save time and ensure that properties are managed efficiently.
• Data Analytics: Real estate professionals can use data analytics tools to automate the analysis of market trends, property values, and other data points. This can provide insights that can inform decision-making and help identify new opportunities.

MRI Software is an innovative real estate SaaS solution that will increase the efficiency of your portfolio management by automating repetitive tasks. Our software allows you to save time and focus on higher-value activities, such as building relationships with clients.

Cloud-based software

A cloud-based real estate software is designed to help real estate professionals manage various aspects of their business using cloud computing technology.

Cloud-based real estate technology is a powerful tool that can assist real estate professionals to manage their properties more efficiently and effectively, leading to improved productivity and profitability.

There are many benefits of using cloud-based real estate technology, including:

• Accessibility: Cloud real estate software can be accessed from anywhere with an internet connection. This easy access to data makes it easy for real estate professionals to manage their properties and collaborate with their teams.
• Efficiency: Cloud-based real estate technology can automate many repetitive tasks. This allows real estate professionals to work efficiently and focus on more important tasks.
• Security: Cloud software offers robust security measures to protect sensitive data and information. When utilising real estate technology for lifestyle tracking, you can ensure that this information will be kept secure with cloud-based software.
• Scalability: Cloud software allows you to add new properties and features as your business grows. This means you can easily scale your cloud-based real estate technology to match your scaling business.

MRI Solutions delivers cloud software to ensure efficiency, flexibility, and optimal management of your real estate portfolios. Our cloud real estate technology offers security, stability, and the ability to scale with your growing business or portfolio.

4 ways to maximise customer engagement with real estate technology

The use of technology in real estate can be a highly effective way to maximise customer engagement.

Real estate technology offers a range of solutions that can help real estate professionals place the customer (not the lease) at the centre of the relationship.

By leveraging these real estate technology solutions, agents can provide tenants with an engaging experience, improve customer satisfaction and loyalty, and increase revenue.

We have highlighted 4 ways that real estate technology solutions can enhance customer engagement.

1. Lifestyle tracking

Lifestyle tracking is an innovative tool that provides insights into tenant preferences and behaviours which can increase customer engagement.

Lifestyle tracking captures data related to a tenant’s lifestyle, interests, and needs. It includes features like pre-tenancy tracking of leasing opportunities, paperwork, and space readiness. Tenant satisfaction, financial health, lease options, and upcoming renewals can be tracked during the tenancy. Post-tenancy tracking features will include exit reasons and the next destination.

Lifestyle tracking data allows real estate professionals to gain a better understanding of their customers and what they are looking for in a property. This information can be used to tailor marketing messages and property offerings to match the specific needs and interests of individual customers.

Lifestyle tracking can also help real estate professionals anticipate the needs of their customers, allowing them to provide a more personalised experience. This can lead to stronger relationships with customers and increased satisfaction.

2. Communication history

Real estate technology provides a centralised platform for all communication history, making it an effective solution to maximise customer engagement.

With real estate technology, you can track every phone call, email, and text message. This allows for quick and easy access to all communication related to a particular tenant or property.

By keeping track of all communication, real estate professionals can gain a better understanding of the customer’s needs, preferences, and pain points. This information can be used to create personalised communication with the customer, which can lead to increased engagement and stronger relationships.

Communication history can also help real estate professionals stay on top of their follow-up schedules. They can set reminders for future interactions based on past communication history and ensure that they never miss an opportunity to engage with the customer.

3. Interaction history

Interaction history is a key feature of real estate technology that can help real estate professionals increase customer engagement.

Interaction history allows agents to see a complete history of all interactions with a particular customer. This can include communication history, portal logins, service requests, complaints, payment activity, after-hour needs, and any other touchpoints between the agent and the customer.

The centralised platform for interaction history makes it easier for real estate professionals to access, organise, and review this important information. This can be particularly useful when working with a large number of clients or properties, as it can be difficult to keep track of all interactions manually.

By having access to this comprehensive information, real estate agents can understand the customer’s behaviour patterns, needs, and preferences. This enables agents to personalise their approach and provide a more engaging experience for the customer.

Interaction history also helps agents to identify any issues or concerns that the customer may have. By reviewing previous complaints or service requests, agents can take proactive measures to address any issues, thus improving their services and increasing customer satisfaction.

4. Comparative data

Comparative data in real estate technology provides real estate professionals with valuable insight into their tenant’s performance compared to similar tenants. This information can then improve customer engagement and experience.

Comparative data can be particularly valuable in the retail sector, where tenant performance can be similar across stores in the same category. Agents can use this data to identify areas of strength and weakness for the tenant and to make data-driven decisions about lease renewals or negotiations.

Agents can also use comparative data to make more informed decisions about which tenants to place in which properties, improving the chances of success for both the tenant and the property owner.

This data can also help agents identify early signs of distress with existing tenants. They can then take steps to address the issue before it leads to a vacancy, thus improving customer engagement.

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