Real estate in Australia is highly competitive. And it’s likely to remain that way. The Australian Bureau of Statistics (ABS) is projecting our population to grow to over 30 million by 2032. Yet new housing supply is not keeping up. The ABS says the number of new homes built since 2013 has been declining year-on-year. As a result, real estate competition is high.
At the same time, buyer and seller expectations are changing. In part, this is a result of demographic changes. The 2021 census found Millennials have become the largest adult cohort in Australia. What’s more, they make up a large share of home-buying activity. Having grown up with the internet, Millennials are generally a digital savvy generation. They’re used to searching for information on their terms. Therefore they may expect real estate agents to embrace digitisation and innovative technologies.
Intense competition for listings and changes to consumer behaviour is driving real estate businesses to transform the way they operate. Technology is helping them become more efficient and connect to new clients in new ways.
With pressure on commissions, efficiency is vital. There’s an array of solutions that can help real estate agents save time. These range from business management software to artificial intelligence (AI).
Business management software has transformed how many real estate professionals operate. Software platforms can help free up time to focus on clients, by streamlining processes.
Some key tasks that platforms can help with include:
Predictive data analytics uses technology to forecast future events. For example, a data analytics tool may help you identify contacts who are likely to sell soon.
Some solutions harness AI to glean deeper insights from data. AI may help you predict property values. Or predict when a certain type of property or suburb will become popular. While these tools don’t replace the value of local knowledge and expertise, they can help speed up your processes and uncover opportunities.
There are many digital tools that use AI to help automate routine or manual tasks for real estate agents. For example, you may be able to automate data entry after a sale, freeing you up to focus on the next deal. AI tools can also help with various tasks including:
Reaching potential buyers, sellers, landlords and tenants is an incredibly important aspect of real estate. Demonstrating how you reach a wide network using all available tools may help you win a listing. Below we explore some ways technology can help.
The way people buy and rent homes is changing. Online platforms like social media are now more important than traditional methods like newspaper ads. Real estate agents can use a range of online marketing techniques to reach potential buyers and sellers. These include:
High-quality photos and 360° videos are the standard in online listings. Interactive 3D virtual tours are the next evolution of property imagery. Virtual reality tours offer immersive and engaging experiences to help a listing stand out from the crowd. They can also help with qualifying leads. This is because potential buyers can better understand the property before they visit.
An AI chatbot can help answer customer queries, streamline sales processes and collect customer feedback. Once reserved for larger businesses, they’re becoming more common among small businesses too.
For real estate professionals, an AI chatbot can help take enquiries and process routine requests. This helps you stay responsive even if you aren’t immediately available.
If you’re investing in digital tools to improve your efficiency and customer experience, you should consider if your business internet is fit for purpose.
Many property management solutions, data analytics tools and AI-enabled tools use cloud solutions. This means you can access them anywhere you have an internet connection. But it also means that your experience can depend on the quality of connection and internet speed.
For example, an agent is putting up a new listing. They have an internet service with higher upload speeds. This helps make it quicker to post high-definition photographs of the property online.
Your connectivity and internet speed is also important when it comes to sharing contracts. Many real estate agents now use digital vaults for secure document sharing. Slow internet speed or interruptions can disrupt the contract workflow of sending, signing and receiving contracts. A reliable and fast internet connection can help you offer a smooth experience.
Business-grade internet may be a good solution. This is because business-grade services typically offer higher capacity and internet speed for large data needs. Some business-grade fibre solutions offer additional benefits, including uncontended connections, symmetrical speeds and enhanced reliability. We unpack what all this means below.
An uncontended connection means it’s not shared with other businesses. Standard business internet services are sometimes offered via contended connections. This means lots of organisations can use the 'pipe' at the same time. Which could negatively impact your experience.
Symmetrical speeds means that equal speed is allocated for your uploads and downloads, even at peak times. You'll see the benefit in apps like video conferencing or when needing to upload large files. For example, a property video.
Discover more ways business grade fibre can boost your productivity.
From property management software to using an AI chatbot, there are innovative solutions for improving efficiency and the client experience. By embracing these technologies and choosing a reliable and fast internet plan, you can gain a competitive edge.
To learn more about tech trends shaping businesses in industries like real estate, download our Tech State of Play reports. In this series we uncover insights to help propel your business further through technology.
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