March 26, 2020
How to increase Real Estate Sales?
Virtual tours and 3D virtual Home Staging become an indispensable sales tool, especially in times of crisis.
1. Add additional services and involve partners.
How to increase income at a real estate agency if there are fewer clients? Well, first of all, offer them additional services and you will receive additional income.
For example, you can:
- Find tenants for investors who buy commercial real estate from your agency, and charge an additional fee.
- Implement a trustee management service. It will be interesting for owners who live abroad. Those who rent out multiple apartments, investors who rent out multiple properties or entire office buildings. They are all physically unable to manage their properties. Real estate agencies sign contracts with tenants, resolve disputes until they are in court, monitor the payment of utility bills, receive payment (once a month / six months/year) and transfer it to the owner, receiving their commission of 10-20%.
- Another way to increase your income is partnership agreements with organizations that participate in real estate transactions. Real estate agents send their clients to their partners and receive from these partners a certain amount. And they provide clients with discounts on their services. Thanks to this service, clients become loyal and apply to the agency again, and most importantly, recommend it to their friends.
Who else can real estate agencies cooperate with:
- Insurance companies. The agency offers real estate insurance to its client right in the office or advised to contact a partner company. The client receives discounts on insurance, and the agency has bonuses from the partner for each insurance policy.
- Builders contractors. The agency advertises objects under construction and looking for buyers, telling them about discounts from different developers. Buyers get this comparison from the agents and choose a more advantageous option. It turns out that the agency helps customers to buy a home cheaper, and developers bring interested buyers. In this case, the real estate agent receives a commission from the developer.
- Designer companies. The agency recommends the services of a designer at a discount and receives a commission from the designers for each given client.
2. Use CRM systems
CRM-systems are becoming more and more popular in the real estate market. Agencies implement them to automate processes and increase profits.
What is it in these systems, since they are implemented by the largest market participants?
All clients, objects, requests and transactions are gathered on the same platform. You no longer have to open a bunch of programs and peek into the notebook.
It does almost all the work for you: puts out ads, makes presentations of objects, looks for the right apartments on external sites and selects apartments on request from the internal database.
3. Choose the right advertising channels
Marketers use about 90 advertising channels to promote apartments, houses or offices. In order to select the most effective ones, you must first determine the characteristics of the property:
- property type (residential, commercial, etc.),
- segment (economy class, business class, elite, luxury, etc.),
- location (a place where the object is located).
Billboards and advertising on transport are suitable for the promotion of luxury properties or large developments, for example, new housing estates. They are located near the property or near the work / recreational facilities of potential customers, otherwise, they will not see it, and you will waste money.
LinkedIn. At the moment it is one of the most effective and fastest-growing social networks, as serious business audiences, representatives of business, production, as well as people from different target communities are actively using it.
What to pay attention when creating the page:
- Photo and profile description. It is important to fill out a profile correctly from the beginning or edit it depending on what information you want to convey to the audience.
- The key thing in your account is the wall. The wall may have your photos, interesting news, but most importantly, it should have quality content in the form of articles, videos and real estate market reviews, interesting solutions, advice for your clients.
4. Teach the owner how to prepare the apartment for the show.
The property is much easier to sell if it is well presented.
Today, there are several specific scenarios for the use of technology, which are most commonly used by developers:
- visualization of apartments with the help of 3D virtual staging (3D visualizations)
- mobile VR (download apartment widget to the client’s smartphone and make a virtual tour);
- VR presentations in the sales office using 3D glasses or virtual reality helmets;
VR in the real estate market in the developed western countries began to be used quite a long time ago. Most large construction companies are aware of the fact that VR is becoming a mandatory sales component in the future. But the stage of mass application of the technology has not yet been reached for a number of reasons.
- The first one is a very favorable situation in the construction market. In the last 10 years, real estate sales in Europe have been growing and properties are being sold before they are delivered. In such comfortable conditions, developers are not motivated to introduce new sales tools at any cost.
- The second is the extremely cautious approach to innovation in the years established model of sales by customers.
- The third is the cost of technology. This reason allows graphic designers to hope for a rapid jump in demand, as the production of solutions is gradually becoming cheaper.
The effect on sales in VR is difficult to measure. We launched A/B testing. Audience A received only 2D content, Audience B received 3D and VR content. The main results of interest in buying/sharing were as follows: the number of requests from the site increased by 10-20% in favour of audience B, the cost of the call decreased by 4-6% in favour of audience B.
That is why virtual tours become an indispensable sales tool, especially in times of crisis. This allows not only to reach a larger audience but also to break away from competitors before they jump in technology.
Charles Darwin said:
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”
Let’s help each other to change and survive!
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David Austin
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