5 Ways PropTech Saves Time & Reduces Risk In The Property Sales Process
We’ve recently looked at the exciting ways that proptech has transformed the property industry.
From fuelling a more transparent market to significantly reducing transaction time, it’s evident that technology is changing how real estate is bought and sold.
But when it comes to day-to-day operations, what are some tech-enabled solutions that can save time and reduce risk in the property sales process?
Read on to see how you could benefit from proptech in your sales operations.
Instant and accurate weekly and monthly reports
A common dilemma in the sales process is inaccurate reporting, which leads to sales agents spending extra time needing to fix and review the report.
Why does this happen so much?
The simple answer: human error.
We’re all prone to making human errors when inputting data. One wrong number can lead to the entire report being wrong. Fixing it requires finding the error — a tedious, time-consuming task in itself.
With proptech software that uses real-time data, weekly and monthly reports are automated and generated directly in the system with the click on a button. Reports can easily be exported and printed out for further team discussion, making it easy and most importantly, accurate.
With more accurate reports and a process that’s simplified, this can easily save 1 day of manual work every week, giving sales and admin teams more time to spend on productive tasks.
Calculating commissions: from days to seconds
Similar to common problems with manual reporting, mistakes when manually calculating sales commissions can severely hamper performance.
The manual process of verification, validation and calculation of commissions are all susceptible to human error.
With proptech software, sales commissions can be calculated on the platform in mere seconds, potentially saving 2-3 days of manual work. The commission amount can also be automatically generated during the sales confirmation.
Time saved on tedious paperwork can yield tremendous benefits to a property developer, allowing sales admins to work productively to generate qualified leads.
Less time on paperwork, more time on selling
The property industry is notorious for its high volume of paperwork.
There’s paperwork for every step of the process — booking, loan, sales and purchase — and each step requires processing and keying into systems.
Not only does this introduce more risk of human error, it’s extremely time-consuming for sales agents who should rightly be using their time to get more leads and close more sales.
Organising physical documents can also be cumbersome and prone to misplacement of important paperwork.
As a result, property developers are increasingly using software that digitizes paperwork.
By digitizing paperwork, sales teams and admin in property development companies are able to record and view documents in the system without needing to manually locate physical files or sift through stacks of forms.
With 24/7 access to the system from any location, sales agents are empowered to work with greater mobility. Armed with the ability to access and update the system while on the move, a salesperson would be able to close a sale with greater ease.
Real-time data to get updated, accurate details
Picture this scenario: you need to make a decision based on data from one week ago and your competitor needs to make a decision based on actual real-time information.
Who do you think has the upper hand?
When data such as unit booking status and price changes are outdated, it poses a serious risk for sales agents and sets them up to make major mistakes with potential property buyers like double booking and submitting sales orders with outdated price schemes.
Such errors are enough to drive potential buyers away and damage a sales agent’s reputation, confidence and performance.
With real-time reporting, however, agents and managers are able to access sales data and identify the next steps for action without any guesswork.
Double booking units will be a thing of the past and any change in unit pricing will be known to sales agents in real-time, reducing the chance of misinforming potential buyers.
Managing defects with ease
Property defect management is the last stage of the property buying process where a developer will deal with the property owner.
A reputable property developer should provide the property owner with the best services available in defect management.
When it’s time for a property owner to inspect unit defects, traditional ways need to change to improve the customer experience.
Buyers today are accustomed to a more digitized way of living and doing business. Their habits today are primarily web-based or mobile app-based.
Proptech has enabled a more effective, digitized approach to defects reporting. Via an app, a property owner can report defects and upload photos for a developer’s action.
Developers can then keep owners updated with the status of their defect records through the app.
This improves customer service, the overall experience with the developer and increases word-of-mouth recommendations and referrals.
Using physical forms for defects reporting wouldn’t come close to delivering the same level of efficiency; instead bearing more paperwork for both buyer and seller.
At Prosales, we help property developers digitize their sales process to improve efficiency and increase savings. Contact us today to schedule a demo.