Real estate industry : How to gain competitive advantage with your enterprise mobile app strategy?

The immense growth in the use of mobile technology, specifically consumer-facing real estate technology, means change for Realtors when it comes to communication, research and reporting for mobile-first clients.Most Realtors use mobile technology to send new house alerts, neighborhood reports, and financial information to registered users.Realtors, buyers and sellers are all using mobile technology to navigate the real estate industry.

Mobiles Usage

Stastica.com link - Mobile Usage vs Mobile App Usage

So what is the next game changer for Real Estate?

Multiple 2018 report by analytics firm like Flurry & Nielsen revealed that the average Indian smartphone user spends 90 minutes per day on mobile application and the premium segment spends 130 minutes per day. An average U.S. smartphone user spends 5 hours per day on a mobile device, a 20 percent increase compared with 4Q 2015. An average Of that time, 92 percent (about 4.6 hours) is spent inside a mobile application. Real Estate industry has taken to the internet but they are yet to capitalize the power of Mobile Devices. When potential customer is 'Connected' over mobile device the service provider has to provide service using Mobile Applications to stay relevant and competitive. Period.

How apps have changed the game?

Apps enable realtors across to perform specific tasks on the go, such as viewing data, aggregating buyer queries, scheduling real estate visits and opening lock-boxes. Some mobile applications allows agents to send custom reports to clients via app-based messaging. Realtors can 'PUSH' information to buyers and sellers by customer's preferred electronic channel - email/SMS/Whatsapp/etc. This type of simple, customized communication can save Realtors valuable time. Search is the most used functionality in a mobile application because it allows user to utilize the time while he/she is traveling so well designed search that give accurate, meaningful results and is presented in a user friendly User Interface. Personally I feel there is also a need for behavioral change in Real Estate industry and adapt to the habit of mobile savvy Millennial Consumer and provide information in digital format which reduces frequent personal interaction. Millennial consumers wants the service provider to PUSH the most relevant information to them and they also want to be equipped to PULL information on demand. Internet is about 24/7 business and that means real estate can no longer be limited to their human team working 9 to 9. The industry needs to add a virtual team member in guise of a mobile application that caters to the consumer 24/7.

How real estate professionals can leverage mobile technology?

• For recording voice notes about potential property listings
• For recording video footage and photographs of property
• For sharing video and photograph of property
• For  monitoring appointments & time management
• Running mobile marketing programs
• Promoting company brand using mobile applications
• Secure messaging for image and text communications
• Electronically.signed real estate contracts & document management
• Customer Relationship Management
• To get latest industry news 

The real estate industry is very competitive, every customer can be connected via mobile device so it is important to use mobile to stay ahead of the game. Today’s mobile technologies provide a huge capacity for brand building & marketing services and products to a worldwide audience via email campaigns and online advertising. Traditionally real estate data has not been maintained in digital format. Now real estate agents can establish databases that allow them to target particular properties at specific groups of clients. These agents typically spend a considerable amount of time out in the field, either showing or viewing properties, and mobile devices allow them to stay connected.

Connected Customer, Lifestyle Changes &  Real Estate

• As many as 60 percent of homes in the U.S. and India are purchased by people who are between the ages of 28 and 45, which is the age group that is always connected via computers & mobiles.
• Mobile devices allow potential property buyers access to property images and details 24/7 without having to talk to a real estate agent.
• Websites & mobile applications enable uses to compare property features of shortlisted properties
• Software allows home buyers to store 'User Property Preference' in databases & relevant details of applicable listings can be 'PUSHED' to them as soon as they are available (Real Time).
• Potential buyer, the realtor and vendor are always connected over mobile devices.
• Buyers expect details such as home features, information on school districts and neighborhoods to be available over internet & mobile devices.
• Mobile technology is no longer an edge technology but an essential vehicle to stay connected with potential buyers & delivery of information.
• Mobile app is not just an extension of your website but a tool that help you streamline your business and stay connected with clients.

The advanced 'Mobile Applications' should leverage technologies like Real Time Service, Big Data, Dark Data, Social Analytics, Predictive Analytics, Artificial Intelligence & Machine Learning for better understanding of customer requirement, improve recommendations and reduce churn. But first things first, stay connected & keep listening to the customer!