It’s time for real estate professionals within the industry to develop the technological skills to take their projects into the next level.
Taking advantage of digital tools has always been a “plus” for industry professionals: a website makes it easy to reach prospects, a lead management system optimizes processes, and many more examples. But the years go by and the industry changes so that what once was a simple convenience is now a basic requirement.
It’s now or never. The constant acceleration of technology means that the faster you adapt your operations, the faster you can start betting on innovation.
The need to innovate
Adaptability is the most important quality to succeed in a market saturated with competition. You can have all the capital in the world, but that means nothing if you don’t know how to identify the most disruptive trends at the moment they emerge or adapt to them as soon as possible.
There are countless reasons why innovation is a necessity, but these are the most important ones:
- Face trends and competition head on
- Develop a key differentiator for your brand
- Continuously improve your value proposition
1. Face trends and competition head on
Everyone is in the same market, but not everyone has the same tools to exploit it. Real estate is a competitive business, where trends build and break empires.
When supply exceeds demand, buyers have an extensive catalog of developers to choose from when looking into to investing their money. That means that standing out from the competition is necessary, and the best way to excel is to do something that no one else is doing.
Being disruptive in the use of trends is key to attracting attention and ensuring sales.
2. Develop a key differentiator for your brand
What makes you special? Why would someone want to do business with you? What is the mark you leave on all of the prospects you deal with, that will surprise audiences?
The key differentiator is what makes a brand irresistible. That which their clients love and their competition cannot emulate.
The problem is that with time, what makes you unique can be adopted by others. Countless tech companies have gone bankrupt after developing incredible innovations, just because others knew how to better adapt and use them.
Finding a differentiator necessarily has to be an innovation-based process, willing to change and adapt.
3. Continuously improve your value proposition
Before, having a digital presence was an incredible differentiator. Now, if you don’t have a website it is as if you don’t exist.
Before, social media was a new and underused way of reaching the public. Now, it is a marketer’s daily bread.
That’s why innovation has to be based on a continuous improvement philosophy. Never settle nor stay comfortable. There is always something new on the horizon, and whoever is the first to quickly adopt it will see the rewards of their investment.
How can I adapt to technology?
Each element in the real estate world has to adapt to technology in a different way.
Digital solutions for an architect are not the same as for a broker. And yet, many aspects come together and overlap in a single innovation that can add value to each one: virtual reality.
Software design for architects is already common. The days when models and plans by hand were the only way to visualize a project are long gone.
Now, this way of work continues to evolve into new possibilities.
Virtual reality makes it easier for architects to see the projects they develop in three-dimensional space, and in real time, while designing them. This offers opportunities beyond the already common three-dimensional image on a two-dimensional screen. This ability to simulate volume and dimensions has never been seen before.
Just as architects, engineers have made software-assisted design a basic tool of their profession. As the capacity of computers increases, new possibilities in this area are also unlocked.
Interacting in a simulated space with projects in progress through three-dimensional models creates an approach that wasn’t possible before, especially useful for those used to learning and creating by hand.
Real estate professionals can streamline their processes thanks to the multitude of organization management tools that are available today.
From office software suites geared for a modern digital business to complex data analysis solutions to support key decision-making, the digital age cannot be ignored among top management.
At a marketing level, you can capture and develop leads with utilities such as CRM (Customer Relationship Management), as well as promoting developments like never before with hyper real display utilities.
High quality renders, short kinematics and even assisted panoramic simulations can be used to dazzle the public and help them visualize a project still under construction, with graphics indistinguishable from reality.
The same can be said about the interactive possibilities of virtual reality: now, there are not only photographs and videos. Potential buyers can be part of a three-dimensional space and take an active role as they explore properties for themselves with a Real Time Render, also known as a Video Game Ready.
Technology is a key piece on the board
There is no doubt that technology and innovation are needs that everyone in the real estate market must use if they want to excel, deal with any situation and carry out their projects.
The evidence is clear, and so are the opportunities. The differentiator will fall on whoever has the courage to bet on being different and disruptive.