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5 Ways PropTech Saves Time & Reduces Risk In The Property Sales Process

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.

Proptech Website page

How PropTech is transforming the Property Industry

How PropTech is transforming the Property Industry

Property technology — known as “proptech” for short — first appeared over 10 years ago when sites like Property Guru enabled buyers to search for property listings online and connect with an agent for a viewing.

Now, it’s the norm for online property listings to include tech-enabled features like 360-degree virtual tours, mortgage calculators, and mobile apps.

Proptech has since grown by leaps and bounds, and the global property industry is on the cusp of being disrupted.

Riding on the coattails of fintech, proptech is the digitization of processes in the property industry to improve functions related to real estate. It uses technology and software to solve problems in operations, marketing and transactions.

The last few years have made industry leaders sit up to take notice, largely due to a surge in proptech start-ups and substantial investments.

It’s been reported that investment in property technology went from $33 million in 2010 to over $5 billion in 2017 — a huge signal that transformation is underway.

Below, we briefly look at how proptech has already begun to transform the property industry.

PropTech is driving greater transparency in Asia-Pacific’s property market

Australia, the UK, North America and some parts of Europe are the most transparent property markets in the world, in large part due to its early adoption of proptech.

Asia-Pacific, however, is catching up at lightning speeds, according to reports.

Australia ranks as the world’s second most transparent real estate market while Singapore, Hong Kong and Japan aren’t too far behind and have the potential to be “highly transparent” markets as well.

Real Estate Transparency in Asia Pacific 2018

Singapore ranked 12th while Hong Kong came in 13th and Japan ranked 14th globally for real estate transparency in 2018.

Malaysia’s ranking as the 30th most transparent property market in the world signals that there’s more to be done.

PropTech is making real estate transactions faster

Well on its way to becoming a blockchain-powered government, Dubai has ambitions to merge all real estate and department-related services to a single digital platform.

Traditionally, real estate transactions in Dubai would take anywhere from a week to 20 days to complete — a result of processes filled with heavy paperwork and manual reporting.

Today, thanks to digitizing its property transactions, it can be done in a mere 30 minutes.

Administrative tasks and paperwork that tend to slow down real estate professionals can benefit greatly from property technologies.

By digitizing paperwork and simplifying processes, the entire sales function in real estate would be able to move faster with less human error and more productivity.

At ProSales, we provide property developers with user-friendly software that automates admin tasks and provides real-time sales reports. Speak to us today about the benefits of digitizing your workflow.

PropTech is enhancing the buyer’s experience

While buyers today can easily access property listings online, their entire experience still has room to improve, especially when it comes to viewing the actual property.

In response to this, property developers are turning towards 360-degree views, 3D models, walkthroughs, augmented reality and virtual reality of properties.

Virtual viewing of properties are more immersive and hold attention for much longer than photos and text. When the experience is more memorable and positive for buyers, it helps move them along the path to purchase.

Virtual tours are also useful in attracting potential buyers located in different states or overseas. By providing them with an impressive virtual viewing experience, developers increase the opportunity to generate leads and close sales.

A property site visit in person after a virtual viewing would then be more time and cost efficient for both buyers and sellers, as it would presumptively mean that the buyer is seriously considering the property.

PropTech is enabling convenience for property professionals

The digitization of traditional processes has undeniably improved how we work and live.

Look at emails, for example.

It’s largely replaced faxing and snail mail, and enabled businesses to work faster and smarter.

Proptech software and platforms are doing the same for the property industry.

Web-based systems are designed with property developers in mind and are often easy to learn and user-friendly. Paired with mobile apps for added convenience, these systems can be easily accessed on a smartphone from anywhere at anytime.

Sales teams would be able to instantly check on units availability while senior management teams can access real-time sales reports.

The future of the property industry will be tech-enabled. Are property developers ready for it?

Start with the basics and ask yourself, “How can we use technology to improve the fundamental things first, like how our teams work?”

“Where are our teams spending unnecessary time performing tasks that can be automated?”

At ProSales, we help property developers digitize their sales process to improve efficiency and increase savings. Contact us today to schedule a demo.