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Challenges in Managing Real Estate Business without an Efficient Proptech System

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In recent years, the real estate sector has been actively enriched with new solutions based on digital technologies. This applies not only to world-famous projects like 3D printers that print buildings, but also to much more modest ones such as desktop applications for managing real estate. Below we will talk about the challenges that such applications can handle in more detail. 

So, let’s find out what aspects of running a real estate business can be solved by an efficient Proptech system.

  • Ensuring competitiveness. How do you think: what do customers (potential and already existing) think of a company that launches its own digital-based solution on the market? Most likely they think that this company is trying to be in trend and offer its customers “the best of the best”. Of course, this directly influences the competitiveness of such companies: while competitors use Excel to store data on current real estate offers, the company in question is actively introducing something much more modern. Therefore, realizing that the launch of real estate management software is a way to create a fairly effective PR for the company will help you reach a stable leadership position in the market.
  • Scaling. The main reason for the slowing development of a business is usually the lack of proper funding. Software solutions can take a share of responsibility for the implementation of certain business tasks, eliminating the urgent need to organize full-fledged workplaces for new employees. At the same time, the initial investment allocated for the development pays off very quickly, as the customer base expands (and in the case of solutions based on multi-listing systems, it grows extremely fast). In particular, such solutions have proven themselves to be very effective in situations where there is a need to open new offices. Thanks to these solutions, you get a centralized database that can be used not only from a remote office, but also on the go, from a smartphone or tablet.
  • Data synchronization. While we are on the subject of multi-listing systems, it is worth noting that software solutions based on them can help even small companies with less than a dozen agents working directly with clients. The fact is that such systems contain all the relevant offers in the region, so it does not matter who the specific object is assigned to — your agency or your competitor’s agency. Thus, your company obtains global awareness: about the pricing, about the quantity of supply and demand, as well as about other data important for high-quality customer service.
  • Automation of manual labor. Are you familiar with the curious forecasts that by 2020 about 260 million people will have lost their jobs thanks to artificial intelligence? In fact, we believe that this should not be feared: on the contrary, entrepreneurs will have much more opportunities to expand their business and open new jobs. As for the real estate sector, automation can significantly improve the quality of customer service (for example, due to CRM systems). Conversely, companies that neglect the introduction of such software run the risk of suffering serious losses due to the inattentiveness of employees in the long run.
  • Planning budget for the implementation of business needs. Finally, one of the main reasons why real estate entrepreneurs are so actively implementing software for managing facilities and client data: this significantly reduces the cost of implementing business needs. This is due not only to a decrease in the need to open new jobs for human workers, but also to a decrease in the risks associated with the human factor, which often leads companies (not only in real estate, but in general) to serious losses.
  • As you can see, these challenges are significant enough to seriously consider real estate management software development. Therefore, do not hesitate to digitize your own business before someone else does it first.