Five ways tech can help you challenge uncertainty in 2023
08 December 2022 5048 Views
The only certainty at the moment is that we are living in a period of uncertainty. The challenges facing the property industry are piling up, and a digital transformation project could be the last thing on many agents’ minds.
However, many of today’s challenges can be addressed with relationship building and customer loyalty, and this is where pairing technology with quality agent-driven customer experiences through digital transformation can be a huge support for your business.
Whereas PropTech was once a trend, now it’s a necessity, and in 2023, PropTech will be a strategic anchor for agencies to thrive in tough economies, with the potential to positively affect housing access and affordability. Here are five reasons digital transformation can help your business to navigate uncertain market conditions:
1. Nurture client confidence with the right information
In the current state of the market, having the right tech is essential not only to meet the demands and expectations of consumers, but to nurture confidence amidst uncertainty. That’s because technology provides options and lets customers choose how they engage. So, whether it’s supporting vendors with the right information such that they proceed with a sale at the right time and for the right price, or supporting landlords and tenants with a high-value, ongoing service to retain their confidence and business, they have multiple forms of engagement for an enriched sales or lettings journey.
2. Deliver more value to your customers
But it’s not just about having the right PropTech, it’s how you use it. You’ve perhaps heard about digital transformation many times over by now, but to summarise again, it’s the adoption and integration of digital technology into all areas of a business. The purpose of adopting such technologies is to fundamentally change how your business operates and deliver value to your customers. It's also a cultural change that requires you to continually challenge the status quo, experiment, and get comfortable with failure.
3. Adapt to changes in the market and consumer behaviour
The process, if approached correctly, can bring significant benefits to agencies in these challenging and uncertain market conditions. The value of your data is immeasurable in these times to help you better understand market trends and discover hidden opportunities in your database. Hence, the advantages for digitally transformed agencies to utilise the power of analytics for actionable intelligence enabling them to adapt and react to the changes not only taking place in the market, but also to consumer behaviour in reaction to these market conditions, can substantially support agencies as they look to future-proof their businesses.
4. Remain competitive in a challenging environment
Digital transformation is a necessity for any digitally inclined business that wants to work smarter and faster, reduce costs, increase revenue and growth, and remain competitive in uncertain market conditions in which adaptability is required and where a lack of resolve for adopting the tech necessary to drive success can potentially lead to the redundancy of your business model.
5. Survive disruption and future-proof your agency
However, the fear of change can often lead to businesses sticking with their tried and tested methods of operating – even as the market around them and the customers they provide products and services for changes. Disruption can be a net positive for businesses and while digital transformation may seem like a risky and unnecessary move in difficult times, it could also be the solution to your challenges.
Want to find out more about how Digital Transformation can help you identify and adopt the right technology to meet the changing needs of consumers?
Download Reapit’s Estate Agency Digital Transformation Guide for advice on the benefits of digital transformation and tips for how to ensure a successful transformation process.
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