Port Douglas real estate: The rise and rise of ‘proptech’
REAL ESTATE
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ACCORDING to the Australian Bureau of Statistics, each Australian spends an average of 10 hours online per week – with those in younger age brackets spending up to 18 hours on the net every week.
The continued rise of the internet as a primary source of information and advertising has provided extensive opportunities for those in the real estate industry to expand in the online sphere.
And sites such as www.domain.com.au and www.realestate.com.au are among the most popular sites visited by buyers and sellers; as well as real estate agents for advertising purposes. Unlike newspapers, magazines, flyers or brochures, the internet site (of a property) can provide a range of images which could prove to be a strong selling point.
But we can go a step further to underline why this technology is proving so successful and relevant. Elite Property Managers have outlined what they believe are the biggest advantages of new technologies for real estate agencies.
NEW WAYS TO REACH CUSTOMERS
A study conducted last year by www.realestate.com.au found that 78 per cent of consumers were accessing property listings and information online – rather than through traditional methods – using smart phones, laptops and tablets. Digital technology has provided myriad new opportunities for agencies to market services and properties to a broader audience using digital platforms and online listings.
Mobile content and marketing is one of the biggest targets for agencies, with around 80 per cent of Australians consuming information using devices that fit in their pockets. Optimising websites and delivering advertising that is mobile-friendly can do wonders for a marketing campaign.
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INTEGRATED INTERNAL PROCESSES
Real estate is a paper-heavy industry. Agents are saving extensive amounts of valuable time by managing their documents using internal digitised systems. There are mass-market document-sharing and digital collaboration tools like Dropbox and Google Drive, as well as specialised document management software for the real estate industry, like Rockend’s fileSMART.
Financial transactions are also made easy with cloud-based accounting software and online banking tools – all information is stored and can be shared securely, software updates automatically and business accounting costs are drastically lowered.
Agents can now take down contact details of potential clients using smart phones, set up regular or automated messages advising clients of new properties on the market and even send clients a text when their lease application or price offer has been processed.
INCREASE IN POSITIVE COMMUNICATION
The real estate industry revolves around people, and innovations in technology have led to an opportunity for greater communication between agencies and clients. Where in the past agents may have spent precious time playing phone tag with potential clients or having face-to-face meetings, many now use email or online contact forms as their first port of call and primary form of communication.
Online listings have also helped to streamline the communication process. If a listing is effectively detailed and contains great imagery, potential buyers won’t need to contact agents with initial questions about the property – and their first contact will likely be to arrange a viewing.
INNOVATION IN INFORMATION EXCHANGE
Not only do new technology and digital advancements mean that agencies can remain in contact with clients and colleagues using smart phones and tablets – it also means that they can present information to potential buyers or tenants in new, innovative ways. Many digital consumers are leaning towards video content, with a 2015 Nielsen report stating that at least 55 per cent of all Australians – and around 73 per cent of 16- to 24-year-olds – are choosing to view online video content over regular broadcast television.
Technology has revolutionised the way that real estate agencies and their clients can operate and communicate. Agencies that enjoy embracing new technologies and incorporating different processes into their workflows have the chance not only to impress customers – but to remain a step or two ahead of the competition.
It is also of interest to note that Real Estate Technology or Property Technology, often referred to as (“RE Tech”) or (“Proptech”), is an economic industry composed of companies which use technology to make real estate transactions more efficient, according to Wikipedia.
Real estate technology is a sub-category under financial technology as real estate is an asset class which represents a significant investment.
Real Estate Technology generally refers to a group of start-ups trying to target every segment of the property chain, attempting to disrupt and improve how the current market players (developers, buyers, sellers, rentors, investors, and real estate professionals) design, construct, market, discover, transact and operate real estate.
In 2015, real estate tech reached record funding and deals levels, with more than $1.7 billion deployed globally across more than 190 deals. This represents a 50% increase year-over-year and a whopping 821% increase in funding compared to 2011?s total. Deal activity also soared, growing 378% with respect to 2011?s total, and 12% year-over-year.
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