Innovation continues to disrupt the property industry. Leading prop-tech commentator Kylie Davis explores what the future of property marketing looks like and presents key strategies to future proof your business so you stay at front of the pack
Kylie summarised her Prop20 presentation with a series key takeaways for all property professionals.
Big Data, Automation, A.I, Machine Learning and Voice Activation are the oil that is driving the changes to our expectations as customers across nearly every aspect of our lives.
We all want service now that is fast, transparent and personalized in everything we do – including real estate.
Key Action: Do an audit of your sales and rental processes in your business. Where are the pain points? Where do things slow down?
How do you respond to change?
There are 3 key ways people respond to change.
- Ignore it and put our heads in the sand.
- Get really excited about it.
- Be like a deer in the headlights and wait to see what happens.
Data shows about 10% of us will behave according to those two extremes. Most of us will do the third option and wait and see.
Key Action: Understand which type you are, and which bucket your peers fall into. Have an open conversation in your next team meeting about how you feel about change.
We check our phones up to 80 times a day and 91% of us ask Google to show us how to do specific tasks.
While our personal lives are mobile, in real estate offices, 65% of us are still using desktop-only computer programs. This shows how far behind we are falling.
Key Action: Identify where in your business you have out of date systems that require you and your team to be at your desk. What are the options out there that are cloud based that could free up your team?
Four hours per property is lost to admin, with Property Managers fielding on average 20,000 emails each year.
There comes a time when the pain of remaining where you are is greater than the fear of moving forward and this has a heavy human cost.
Key Action: Where on the pain versus fear continuum is your business? Ask yourself where in your business are you trying to get new results with old tools?
The rise of personalized power over institutionalized power.
The institutions and ‘big brands’ that you’re used to waiting upon to make decisions or fix things are now being overtaken by mobilized individuals empowered by social media networks.
Key Action: You don’t need permission to affect change or make life better. Good ideas can go viral. What is your personal brand? (Hint – your reviews and testimonials will give you a good indication of what you stand for).
Franchising – like all institutions and big brand concepts - is being disrupted.
The value franchises offer is no longer just a recognizable brand, marketing and some optional training. Newcomers see their role as empowering individuals to achieve top results through the technology they offer. Rather than forcing people to become principals, its encouraging sales agents to run tech enabled teams.
Key Action: Examine what the technology solutions are that your franchise or master group offers you. How is your franchise using data? How does it address lead generation? What support is there for digital marketing? Team performance and measurement? How much of the tech available by your franchise are you using? What problems do they solve? What could you adopt better?
Property is moving from a transaction to a service.
There are exciting opportunities here to reimagine your business – creating customers for life by servicing buyers and tenants better and introducing new revenue streams to your business.
Key Actions: Take a customer-view of your business across not just sales, but across the service levels you offer landlords, buyers and tenants. Where do you need to improve? As you introduce better technology solutions, what new solutions and projects can your team work on to diversity revenue and improve service?
Over the next three years, AI-enabled agents will be commonplace giving us time and headspace back.
AI will sit as an intelligence layer behind our businesses, responding to queries, matching to our CRM – and bigger data universes – automating tasks, prioritizing contacts. AI – ironically – will allow us to be more human.
Key Action: There is a lot of work to do to introduce AI. You’ll need to have a detailed understanding of the processes within your business and what excellence looks like. Mapping your processes now – while a time consuming task – will give you extraordinary clarity on your business.
Change management is a key skill we need to learn in real estate.
The biggest challenges tech proposes to us are in leadership and imagination. It’s time to start building your change muscle in your business. And like all fitness regimes, this is going to take some work.
Key Action: Take some change management training or create a dedicated team member to manage new projects. Learn how to do ‘proof of concepts’ to test if something is going to work in a way that is low risk, then learn from issues, make improvements and scale once you’re comfortable its going to work.
Property is – and always has been - personal.
The agents with the most relationships win in real estate. And the biggest challenges tech proposes to us are in leadership and imagination. Understand what you need to do in your business to amplify and scale your relationships and stop you – and your staff – from being bottlenecks.
Key Action: What is your plan to create amazing property experiences for your clients? How far are you currently from being able to achieve that and where are your blockers? Understand these elements and the technology you need to adopt to get you there will become apparent. You’ve got this!
You may also be interested in
About Kylie Davis
Kylie Davis is a leading commentator and speaker on proptech and innovation in real estate. She is the founder of her own startup, Real Content, and a co-founder of content marketing automation proptech HomePrezzo.
Kylie has an MBA from the University of NSW and a 25-year career across media and big data, holding senior editorial and marketing roles at Fairfax, News Corp and CoreLogic.
Select your city