It was, therefore, no surprise that the digital solutions most often deployed during the initial expansion of tech-driven innovation in real estate centered around leveraging data and empowering channels of communication with customers. Businesses in the sector sought advantages in strategies based on having more and better-organized information than their competition. While this first generation of digital transformation did indeed add a considerable positive influence on profitability, the next iteration of technologies is introducing far greater avenues for transformation.
In many ways, there have been changes in customer behavior that have driven evolution in the real estate industry in recent decades. Whether one considers Gen X or Gen Y demographic of customers, transformation flowing from improvements in mobile connectivity and services facilitated by the internet were primarily responsible for the adoption of technology. With Gen Z being even more accustomed to these conveniences, such service enhancements have more than enough reason to advance further. However, some of the most interesting new possibilities that technology is enabling are proactive rather than reactive.
It’s not coincidental that real estate-related startups WeWork and Airbnb, are two of the most universally acknowledged and celebrated success stories of recent years(1). The opportunities for innovation within the sector are dramatic. Artificial intelligence and machine learning are empowering data-driven decision making, augmented and virtual reality are revolutionizing aspects as diverse as design – sales & sensors and IoT based systems are redefining possibilities in facilities management. ‘Prop tech’ – as these innovations and many more are being labeled – is emerging as one of the most groundbreaking transformation drivers in any sector of the economy.
Both customer-facing and internal processes of real estate businesses are entering an exciting new era of innovation. For instance, within the sphere of internal business processes, real estate enterprises are increasingly keener to adopt software solutions that enable a customized suite that encompasses listings, leads, and record management as well as CRM and ERP functionality. In an analogous fashion, virtually every single aspect of a real estate business is exploring possibilities for tech-driven enhancement that can radically enhance an existing business model. Not only are the resulting efficiencies compelling due to the upgrade they offer businesses, in comparison to their legacy operations, but the advantages being leveraged by early adopters are also resulting in improved results in performance metrics relative to their competitors.
An industry-wide consensus on the limitations of fragmented and isolated digital solutions targeting individual aspects of a real estate business is driving a preference for comprehensive solutions that can address the entire gamut of requirements in an integrated and synergistic manner. With each element of the business resulting in a direct and immediate influence on another functional attribute, few sectors are as vulnerable to the weakest link in their operations as real estate. Property 365’s extensive and powerful functionality is built on the core capabilities of Microsoft Dynamics 365. While being specifically configured towards industry-specific solutions, it also leverages previous learnings from the roll-out of similar innovations in other industries. The emphasis is on facilitating the entire gamut of interdependent functions and business avenues, from tech-enhanced marketing and property sales to the management of commercial real estate assets. Technology, in real estate, is a powerful tool that optimizes the potential for profit, streamlines customer-facing operations and allows for ease of access and operational control. Some of the most empowering technology-driven functional advantages for real estate enterprises include:
The many aspects of a real estate business are nearly all limited by the performance of related functions that fall within the ambit of the enterprise as a single entity. Truly dramatic operational advantages are only really possible in the industry, if the entire business operation is enhanced, rationalized and made internally coherent. This co-dependent requirement for a platform that can leverage individual innovations and an overarching solution concurrently requires the deployment of solutions that are comprehensive while retaining the possibility to incorporate further iterations of technology as they emerge.
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