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The real estate industry has always been a fundamental industry anchored firmly in our society, but - just like the other industries currently operating - digitalisation is officially on the cards. This is especially true for an industry that is so volatile to changes in the economy, but is still such a necessity to the public and properties. And thanks to disruptive forces entering the market and driving competitivity, there is a need to find an edge on the competitors with due diligence in the sector.
With alternative digital strategies for asset services and occupier services, sourcing a tailored solution to your real estate is no simple feat.
That’s where our real estate consultants come in.
There are two sides to every story - and this particular tale begins with the fundamental operations of your real estate firm. Whatever your business’ specific objects, whether profitability or reduced costs, whether you operate in private equity real estate or are real estate brokers digitalisation is fundamental to each.
Specifically, our services to support this translate to financial and accounting services that streamline billings and other financial transactions, and asset management to ease tedious tasks and re-apply accuracy via computing capabilities.
You might specialise in physical asset management, but the digital is here to stay. It must also be noted that a divergence exists between occupier and asset services in terms of digital solutions, and that’s why we tailor the solutions to your business.
The real estate sector cannot survive without the customer. That means your process of digitalisation has to consider not just your fundamental operations, but how you interact, support, and gain new clientele. It might not require the customer service expected of other sectors, such as retail, but it does need a tailored technology solution.
The focus here is on navigating interactions with the client: this equates to lease administration services that reshape your current operations and take into account real-time data, lease compliance to streamline operations and deliver real-time data, and audits to guarantee accurate rent payments.
You need to curate customer satisfaction and move with the tide of demand to maintain business stability, all the while upholding the standards required of such complex products. From the managing director to the interns, balancing the ever-changing technological trends for your operations and for your customers are feats not to be taken lightly.
Director of Technology, Simply Brands
For those with an ear to the ground, our services carry out a Digital Transformation.
A Digital Transformation rethinks how you manage your employees', your clients' and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamp your business needs to stay competitive.
And although the real estate sector defines itself as a unique industry similar to public service in that it must be protected, supported, and follow a rigid set of rules as a necessity, the simplicity of running a successful real estate business stops there. From the outset, the difference between asset management and occupier services must be addressed:
The latter must focus its efforts on the vital financial transactions related to leases in order to dive head-first into digitalisation, whereas the former encompasses much broader operational changes that alter your business beyond its bank statement. From the desk of the real estate agent to the business as a whole, the future is digital.
Whatever side of the dividing line your business stands on, your digital transformation is a necessity to remain viable in such a competitive sector that is impacted by the wider economy, and industry-specific disruption. And considering the impacts of Coronavirus on your business' financial situation both now and far into the future, this is essential. Our real estate consulting services can navigate the uncharted terrain that lies up ahead.
This sector might not be driven to focus its efforts on enticing customers, but by providing the personal touch via the newfound resources of data, you can boost your chances of retaining clientele.
GOVERN YOUR DATA
Using this data is the move towards personalisation, but it’s finding, analysing, and safeguarding that data that requires the necessary governance to meet this.
STREAMLINE ACCOUNTING SERVICES
Your marketing capabilities might not be the focus of your 9-to-5, but financial transactions are as personal as real estate gets. To ensure you can achieve this, focus on streamlined accounting services for ease of service.
RESPONDING IN REAL-TIME
Focus your attentions on real-time data; by determining your clientele’s wants and needs as and when they change, you can engage your clientele and forge a bond of trust this sector isn't best known for.
ENGAGE WITH THE ENTIRE SUPPLY CHAIN
By ensuring each member of the team has sufficient knowledge to support customers, you can fix issues and find solutions faster, all the while upholding engagement.
ENGAGE VIA INNOVATION
Technology is on-trend - and it’s what your customer want to see in your business. Your innovation can entice customers and demonstrate your improved efficiency and trustworthiness in a digital age.
ELEVATING YOUR FINANCES
In the real estate sector, financial matters tend to dominate your operations, whether a client is signing the lease or you're shaking hands with institutional investors. That’s why our services are tailored to focusing on streamlining these financial responsibilities and boosting their accuracy.
EVOLVE VIA TECH
Digitalisation is no one-time-fix. By introducing basic technology to your business, you can create a culture of innovation among your employees and future tech can be easily implemented.
STAY CLOSE TO YOUR SUPPLY CHAIN
By introducing the relevant technology across your entire supply chain, you can shave wasted time off each process involved in your operations, and begin to beat the clock.
+ What is the real estate sector?
The real estate sector includes businesses that buy and sell land and the properties on it along with its natural resources. There are 3 segments of real estate including residential real estate, commercial real estate, and industrial real estate.
+ Is the real estate sector growing?
Before the Covid-19 pandemic the real estate sector was on course for strong growth in both multi-family and logistics real estate as well as restructuring within the retail sector. As it reacted to macroeconomic circumstances, its growth has slowed.
+ What is the future of the real estate industry?
The real estate sector relies on data control, analysis, and how this data is utilised to improve tenant experience. Understanding the customer at a whole new level can help decode new opportunities for growth beyond these uncertain times.
+ What are the trends in the real estate industry?
The specific trends forecasted for the real estate sector include digital innovations that rethink the tenant experience via data access and analysis, AI solutions which enhance efficiency of operations and identify issues and opportunities at speed, and cyber security to keep your digital solutions and tenant data under wraps.
+ How is technology changing the real estate industry?
The real estate sector has already harnessed digital innovation including management solutions for repetitive tasks, online marketplaces including video viewings, refined prices via AI and mathematical models, smart devices for property management, and personalised digital marketing.
Taking things technological might seem a challenging feat set to put your troops through their paces, but with Lolly Co at every step of the way, navigating the new territory need not be difficult. In fact, with our tech-team assessing your business’ exact needs and walking you through each step, you don’t need a map, either! But, if you do fancy finding your way around tomorrow’s business technology, you can start here.
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