Digital Transformation in Real Estate

Powering Digital Transformation of Your Real Estate Business with Social Data

Digital transformation is not a choice but a necessary step that should be on a must-do list of every real estate business. In the world where online communication is preferred rather than forced, traditional approaches of communicating with clients used by the real estate businesses need to obtain new features in order to remain relevant.

No doubt that digital transformation is a necessary step for the real estate business in the wake of the rapid development of technology. And social media has become a powerful tool to help reinforce the digital transformation of the real estate business. 78% of marketers who've used social media for at least 2 years report that the traffic to their websites has increased dramatically.

Indeed, social media provides valuable social data that can help real estate marketers run their business. Every real estate business is different and there's no way to derive a general digital transformation guide that will work for everyone. But using social data will help you understand and run your business better.

Let's take a look at some more benefits of using social data along with some valuable statistics that will help you understand how to incorporate social data to reinforce digital transformation.

1. Improved organization

Real estate marketers know how busy this business can be. You have to not only keep track of your clients, schedule meetings and file lease agreements but also watch the activity of your customers on social media and on the websites where your customers share their opinions.

Social data is involved in many organization processes and should not be disregarded as it directly represents the relationship between the real estate business and its clients. Social data is an effective tool that can help you automate many organizational processes.

Paul James, a Research&Marketing specialist at the real estate company Flatfy explains which long-term benefits social data brings when it comes to making organization smarter:

  • Social data makes your business more adaptable. For a real estate company, it's crucial to always keep up with the latest trends in the industry and incorporate necessary changes non-stop. Social data is an endless resource of the valuable up-to-date information that will keep you updated on the regular basis.
  • Social data provides valuable insights for improving customer support. Digital transformation often includes developing new software to help customers interact with the representatives of the business. The same can be applied to a real estate business: using social data to develop a customer support software will ensure that all the feedback from your clients is received and taken into account.
  • Finding the gaps in communicating on social media. Many representatives of the real estate business prefer communicating with their clients using the old-fashioned way. However, the statistic shows that people prefer social media interactions and expect the business representatives to respond to their inquiries within 24 hours. If you don't communicate with your clients online, you're at risk of losing your existing clients and potential clients as well. Besides, providing customer support through social media will give you valuable social data to ensure better relationships with the clients.

Related read: What is the Future of the Real Estate Software Industry?

2. Happier clients

Data shows that customers prefer online means of communication. Statistic by MarketingProfs demonstrates that 68% of customers prefer email while others give their preferences to different social media platforms:

Brand communications

Image credit: MarketingProfs

Consumer feedback provides valuable social data necessary for the digital transformation of your real estate business. Your customers know better which kinds of services they want to receive and can give you valuable advice on how you can improve them.

A great way to reinforce the digital transformation of your real estate business is to change the way you communicate with the customers. As you can see, people mostly prefer to connect with the business online and use social media to send a direct message or leave a comment under a post. Smart real estate representatives already know that connecting with the customer this way helps make them feel appreciated.

Luxury Listings

Image credit: Luxury Listings

Comments, likes, and shares are a great source of social data. They help you see which content your followers/clients like better and what they want you to keep posting:

Real Estate Oahu

Image credit: Real Estate Oahu

Customer feedback is very valuable. By treating it right you'll be able to understand your target audience better, keep your existing client base engaged and attract new customers. Digitalizing your real estate business and showing sites on social media will keep your target audience updated and provide valuable social data to help you understand which type of content they want to keep coming.

3. Keeping track of the real estate industry trends

Lastly, the digital transformation of your real estate business wouldn't be complete without conducting a thorough analysis of trends in this industry. Here, you can greatly benefit from social data provided from hashtag analysis and competitor analysis.

And while hashtag analysis can be automated by following the list of popular hashtags and analyzing the performance of your own hashtags, analyzing your competitors can be accelerated by using certain tools, like:

  • Quick Search – a great online tool that allows you to compare brands and regularly get updated brand statistics;
  • BuiltWith – a tool that helps you identify whether your business is gaining or losing market share based on the analysis of the activity of your competitors;
  • SemRush – an all-in-one marketing tool that is great for competitor analysis, and it can also help you regularly get the updated social data.

Performing competitor analysis provides you with the necessary data to see, what your competitors are missing out on and feel the gaps for your real estate business. The one thing real estate businesses always lag behind in is creating software for a better customer support, and following the trends in this industry will help you always be innovative and surprise your clients with new versatile communication features.

Related read: What is a Business Analyst's Role in Digital Transformation

Final words

In our world where digitalization has spread to every industry, social data is a powerful tool for the digital transformation in real estate. It helps you identify what your customers expect from your business and bring their ideas to life.

Don't miss out on the benefits social data can bring for the digital transformation of your business. It won't be long for you to see your clients getting more satisfied and your business growing faster and faster.

This is a guest post by Ryan Pell. Ryan is a writer and passionate blogger. He likes sharing his thoughts and tricks with the readers. Currently he works as the real estate agent at Flatfy. Feel free to contact him on Twitter!