Has the COVID-19 contagion tested the resilience of your real estate business?
Are you grappling with challenges in business development, cost control, client acquisition, and retention?
Here’s good news for you.
In 2021, you will experience a realty rebound!
No, it’s not a crystal ball prediction! According to the Urban Land Institute research, the US real estate market is expected to rebound in 2021 and trend even higher in 2022.
So it’s high time you get your property management roadmap ready for 2021.
In this blog, we’ll help you with actionable insights to build your 2021 roadmap for property management.
Just keep reading.
Focus on opportunities
Every adversity presents an opportunity. The COVID-19 pandemic is no different.
Stalling economies and pushing the world into one of the deepest recessions, this contagion brought about significant social, economic, and political transformations.
The real estate industry bore a significant brunt of the pandemic as entry to office spaces, hotels, malls, and sports and entertainment venues got restricted. Job losses, evictions, and remote working caused mass de-urbanization.
People vacated their expensive apartments and residential properties in prime areas and relocated to affordable single homes in the suburbs.
On the brighter side, logistics facilities, remote operations, and data centers thrived as businesses embarked on the digital train.
Top property managers sustained adversity as they capitalized on opportunities in single-family homes, warehouses, data centers, and commercial spaces.
Get ready for the post-COVID-19 era
As 2020 draws to a close, the coronavirus vaccines are on the way.
People will be moving back to the cities, looking for homes and commercial spaces to resume jobs, education, and business in the post-COVID-19 era.
According to the Urban Land Institute, there will be an increased focus on single-family homes compared to commercial, retail, hotel, and rental properties in 2021.
As A real estate company, you need to gear up for this realty spike.
Emphasize long-term competitiveness and focus on what matters the most. Automate repetitive tasks and invest in technology transformation. Comply with best industry practices by arming yourselves with centralized and standardized solutions that lower business risks.
Realize the realty dream
Maximized occupancy, cash flow, and profits are every realtor’s dream.
Contributing over $2.7 trillion to the US economy every year, the real estate industry is all set to thrive in 2021.
The best way for real estate businesses to realize this dream is by focusing on the critical responsibilities listed below.
- Increase client acquisition and retention
- Enable digital transformation
- Optimize cost and effort
- Maintain higher standards of safety
- Implement corporate social responsibility
Move to the cloud
Digital transformation on the cloud is a key enabler for the real estate industry.
It helps property firms leverage digital capabilities to boost business development and sales while cutting costs.
Deploying a cloud-based real estate property management system such as iEstate is the best way to boost the real estate value chain. It accelerates and streamlines business processes such as site development, construction, property sales, leasing, rental, subcontracting, and facility management.
Built on the Oracle platform, iEstate eases customer relationships, billing, and payment automation. It also provides the following benefits to realtors.
- Provides 360-degree property view
- Lowers TCO and errors
- Facilitates anytime, anywhere accessibility
- Fosters real-time collaboration
- Provides hassle-free backup and updates
- Enhances security and easy integration
Functioning as a comprehensive Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Property Management solution, iEstate leverages the Oracle Financial Cloud.
It offers add-on features such as inventory visibility, customer portal, and dashboards for an administrative view on legal and admin services, incentives and commission, off-plan property management, and progressive billing. It can also easily integrate with Oracle Siebel Helpdesk and Oracle Service Cloud.
Get social
No industry is immune to the power of social media.
With the ability to influence the purchasing decision of over 63% of the global population, social media is a major force to be reckoned with.
The real estate industry relies heavily on social media marketing to accelerate lead generation, property sales, customer support, and experience. iEstate helps real estate companies leverage social media’s power by facilitating social engagement and omnichannel customer experience.
Partner with a SI expert
Don’t forget to partner with a reputed System Integration (SI) expert such as Aspire to accelerate delivery and optimize the cost and value of your iEstate implementation.
Armed with over 200 Oracle certified consultants and more than 100 pre-built components, Aspire has accomplished over 50 iEstate implementations.
As an Oracle Partner, we have helped real estate companies boost business development and reduce marketing costs by 50%.
Conclusion
2021 holds an optimistic outlook for the real estate market. Build a profitable roadmap into the new decade by investing in exclusive digital transformation tools such as iEstate.
Want to know more? Get in touch with us.
PMP certified and passionate about ERP,CX transformation. He is the author of “A Practical CIO Guide for Modern Business Applications”, an iBook articulating next gen application sustenance or maintenance needed by organizations embarking on digital transformation. He is also the Founder and President of “Oracle Applications Forum” (OAF)focusing on latest modern business applications.
At Aspire Systems he also plays a role of account manager for large accounts and heads Enterprise Business Application practice.
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