As 2020 is closing in, marketers and entrepreneurs across all industries are trying to figure out what tendencies will shape their strategy in the next year. One thing is probably clear to everyone: the latest fancy tech is coming of age now, and we are going to see its role grow along with adoption rates.
The adoption rate growth pace varies from industry to industry. While more flexible markets, like retail, are usually the first to tap into innovation, there are more conservative ones that tend to be more careful — like real estate. However, technology will leave no stone unturned.
The industries that adopt innovation faster shape general customer expectations, which every business will eventually have to meet. If we want to predict the technological future of the property market, it makes sense to look at the changes in these more progressive industries.
In this article, we explore four major digital marketing trends in real estate to follow as general guidelines.
1. Immerse, Don’t Tell
The technology has made a huge leap toward realistic visuals in the past few years. Although the adoption of new visualization tools has not yet become universal in the real estate market, we may see a big change in the next year. According to Gartner, 100 million consumers will use augmented reality (AR) to shop online and in store by 2020.
The same source quotes a survey that discovered that about 46% of retailers are planning to leverage AR or VR solutions in 2020 to enhance customer experience. Given the benefits provided by the technology to property businesses, it’s safe to predict its rise as one of the most prominent digital trends in real estate in 2020. Some of these benefits include:
- Emotional sales. When a customer immerses themselves in their prospective home through a virtual tour, they form an emotional bond with the property at an early stage.
- Less time wasted. Customers and agents don’t have to physically move from property to property to examine each of them.
- Accessing new markets. With VR tours, you have better chances of closing a deal with a client who lives in another country or even hemisphere.
- Shorter sales time for development projects. Investors can accurately estimate a property before it has been built.
- Ensuring that design meets expectations. Customers can acquaint themselves with the design at the earliest stage.
The opportunities for VR in the real estate industry are not limited to that. Your niche and general approach will provide further ideas. If you are interested in concrete use cases, you may want to check out Matterport and VR Global.
2. Be Personal
Recent research by Accenture indicates that 91% of consumers prefer buying from companies that remember them and offer them the most relevant deals. But the best news from the same study is that about 83% of consumers would willingly share their data for the sake of personalization.
There are several ways to introduce personal experiences in real estate marketing using technology:
- Allow your customers to play with their prospective home design. The success of apps allowing people to decorate their virtual dream homes proves that this could be a great hook. Design Home alone has been downloaded more than 46 million times, has more than a million daily active users, and 2.3 million followers on Facebook.
By giving your potential customers the power to explore the opportunities of their future home, you will add the gamification element and personal attachment to the buyer’s journey.
- Create more specific landing pages and drive traffic to them. By creating a landing page for each type of property and tailored to each particular customer type, you will press all the right buttons. Moreover, this will give you an invaluable opportunity to get further insights into your clientele by tracking their journey.
- Implement predictive analytics. Major US retailers in every market are already extensively using predictive analytics methods to identify behavioral patterns of their customers on their way to purchase. Today’s audience is used to this and automatically expects other businesses to pop up with the most timely offer.
Naturally, property purchase rarely happens on a whim. You might already be aware of particular scenarios preceding it — and yet there are factors at play that are hard to explain.
By introducing predictive analytics as an artificial intelligence (AI) technique, you will make the most of your clientele’s data and hack a buyer’s journey like never before. This technology has the power to revolutionize your advertising strategy, messaging, direct sales, and customer support — in other words, patch your entire sales funnel.
3. Boost Interdepartmental Collaboration
As you work on aligning your property marketing with emerging standards, changes may affect your overall business efficiency. The main challenge is ordering all kinds of big data available in a way that allows you to quickly access it and put it to work.
The only way to do this efficiently is by bolstering integration between customer relations, human resources, marketing and sales. This is where the need for a robust custom CRM becomes most apparent. This software will put all your departments on the same page and increase client acquisition and retention by allowing you to:
- match customers with the most relevant specialists
- make decisions informed by interaction history
- follow up on potential customers on a regular basis
- assess property agents by KPIs
- profile customers and sort entries by parameters
- assign task priorities
- reduce paperwork
- identify successful cases for further implementation
- automate marketing across all channels.
As new digital tools keep emerging, you may want to make some of them part of your workflow. Off-the-shelf CRMs will only enable integration when an application has become popular with your competition. Meanwhile, the development team behind your custom solution will integrate it with any service that you feel can instantly improve your operations.
4. Predict ROI
In the digital era, it seems that everything has become more measurable. Advertising platforms provide unprecedented numerical insights into what happens with your campaigns, task management software allows you to measure your team’s productivity by comparing work hours against results, and so on. And what is measurable can be predicted.
Apparently, ROI is the top priority for property investors. In a competition for this customer segment, the winner provides the most accurate, convincing forecasts. Property location, neighborhood information, performance history, and previous owners — all of these matter.
This is a heavy load of information to handle — a problem that we have had a chance to work on solving. Rubyroid Labs built a customer app that simplifies property data management for smarter decision making in real estate.
Processing big data manually takes a lot of time and the result is often subject to human error. The ultimate answer to that is a technology set to grow into one of the most influential software development trends in real estate in the coming years: predictive analytics.
By marrying big data with machine learning algorithms, predictive analytics promises to provide the most accurate forecasts on ROI. The earlier you begin to implement it, the sooner you will have real-life cases on your hands proving your competitive advantage.
Prepare Your Marketing Team for Digital Trends in Real Estate in 2020
This is our vision of the general direction that real estate digital marketing will take in 2020 and the years ahead. If you handle property, you may want to revise your approach to customer acquisition and retention accordingly. And if you are a technology entrepreneur building a product for the real estate sector, we hope our vision will help you come up with new ideas.
Wherever you are in property marketing, Rubyroid Labs can cover the technology side of your efforts. Drop us a line about your project.
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