How Is Cloud Computing Revolutionizing The Real Estate Industry?

August 24, 2018 Off By Hoofer

Article Written by Sally Perkins

In 2017, venture investors dedicated over $5 billion to real estate technology, over 150 times what they invested in 2010. The so-called ‘third phase’ of real estate technology also relies heavily on cloud computing and embraces "sensors and virtual reality to create smarter spaces, machine learning to standardize and draw insights from industry data and platforms to more efficiently manage transaction services as well as to design, manage and outfit physical spaces." Real estate firms are realizing that in order to keep updated on the very latest listings, coordinate customer service, and store information on properties (including images and text), reliance on old-style servers just won’t do the job. In steps cloud computing, to provide greater security, speed, and efficiency to a billion dollar industry.

 

Accessible data to everyone on the team

Cloud computing enables all members of a real estate team (everyone from vendors to sales agents, right through to marketing professionals) to check on the state of a sale. It also enables them to safely store and access images of the property, as well as important written information. Cloud computing lets users know if a mortgage has been approved, or if there are new mortgage or refinancing options that may interest a buyer. Because software can be personalized, real estate firms can offer financial information services to buyers as well as vendors, informing them of useful rates and options that could help the sales process run smoother.

CRM software for real estate companies

Cloud CRM for real estate typically involves purchasing a software package for a fixed monthly price and logging in with access codes. This system essentially involves storing customer service management software in the cloud. It can be accessed via mobile or tablet and gives agents access to all relevant information for listed properties. Thus, if a new listing arises while they are visiting one property with clients, they will receive a notification, prompting them to take clients to the new property after the current one they are viewing.

Keeping information confidential

Cloud storage can cost real estate businesses as little as $40 or less per month, yet keep data completely safe in addition to the above-mentioned attributes. According to Forrester Research, the most common reason why businesses opt for cloud-based systems is security concerns. In addition to making information available only to those with login and password details, these systems have a back-up, meaning that all information has multiple replicas in the Cloud.

Task automation

Real estate professionals often have to juggle a host of tasks, including visits, obtaining relevant permits and licenses, attending to clients in-office, etc. CRM software can automate these tasks, sending reminders to follow up on leads, take the steps required to close a deal, and keep vendors or purchasers updated on negotiations, permits and licenses, financing, etc. Real estate companies can also set up scoring rules to focus on more important leads and contacts.

CRM and escalation

A company might assign specific listings to an agent who, for some reason, is out of town or attending to another customer on a specific day. CRM can include a Case Escalation feature, which automatically assigns a listing to another person in the team. This ensures a smooth workflow when staff is away, on leave, or simply attending to another client.

We have mentioned just a few ways in which cloud computing and CRM can keep a real estate business at the top of its game. Safety, efficiency, and better communication are key. So is constant updating of new leads, which enables professionals to give better service to clients and to ensure the team doesn’t miss out on crucial sales.

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About the Author

Sally Perkins is a professional freelance writer with many years experience across many different areas. She made the move to freelancing from a stressful corporate job and loves the work-life balance it offers her. When not at work, Sally enjoys reading, hiking, spending time with her family and travelling as much as possible.