The restrictions imposed on the Real Estate Industry to mitigate Covid-19 have forced Agents and Brands alike to quickly rethink and adapt with regards to how to conduct base operations to sell or rent properties. This is let alone the more pointy elements that comprise a good Agent’s arsenal, such as differentiating properties, showcasing key property features, or effectively engaging buyers / renters and enhancing their experience.
We’ve seen Agencies integrate new technologies on the fly such as online auctions, 360 tours, virtual tours, booking inspection technologies etc. with varying results. Within our HitON Interactive Video Products, we have had increases of over 300% in activations of Interactive Property Videos, Walkthroughs and Premium Slideshows which have certainly mitigated the restrictions on physical inspections. As restrictions are lifted and the dust starts to settle from the last 3 months a key question to ask is:
What processes or technologies that were integrated actually created efficiencies and scalability or enhanced the marketing, sales or rental process?
From discussions with our clients, there has understandably been an adaptation of processes that have been a necessity of survival and will not be practical moving forward in a world of easing restrictions. Assuming some return to normality, clearly certain offerings such as online auctions aren’t necessarily going to overtake physical auctions any time soon, however what new “forced” practices have enhanced property marketing?
Some Agents until recently didn’t use any form of video at all and are now embracing it (and various associated technologies) in their digital marketing and will continue to moving forward given they have been forced off the bench. More Agents now understand the importance of video, how it can better showcase their properties as well as their ability to produce videos in a scalable way. Buyers expectations have also changed with entry level videos being shot on Agent’s phones now becoming an accepted form of content within the marketing arsenal.
Outside of the recent challenges of physically selling a property, is the overarching storm cloud of the economy and its impact on the broader property industry and the potential consequence of uncertainty and lack of confidence. As we saw in the not too distant past, this will challenge Agents to differentiate themselves, their properties and their brand from the pack. Another element that has had light shed on it through this Covid-19 crisis has been the engagement and user experience of the buyer. Tools such as video and specific property technologies obviously help to increase this engagement, however the win / win comes in being able to better leverage databases and increase lead generation to maximise owned assets from a marketing perspective. Potential buyers and tenants can now inspect more properties from home as opposed to previously having to physically visit properties across multiple suburbs. They will also be more effectively immersed or informed on a property and are therefore more qualified at the Agent touchpoint, creating efficiencies for both parties.
Out of all of this, we are seeing and will continue to see adoption of more best practices in a content and digital marketing with the increased use of video etc. and perhaps a more even playing field for those more agile Agents and Brands that are willing to adopt some of the new processes that provide genuine tangible benefits to all of the stakeholders in the property sales and leasing ecosystem.
LIFE AFTER RESTRICTIONS - BUSINESS AS USUAL?