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The real estate industry can benefit immensely from automation, especially now during covid-19.
This is the perfect time to put an automation system in place if you are a real estate agency or even a real estate agent in an agency.
The churn rate in the real estate industry is exceptionally high, this is mostly due to the long cycle between sales for the agents, who cannot afford to stay in the industry.
Estate agents are always selling to cold traffic and spending all their resources trying to convert them to buyers, they do not have time to nurture the leads and build relationships with them.
Estate agents and agencies waste huge amounts of money on ineffective marketing, due to not capturing and analyzing the available user data.
Limited resources with an over supply of agents, all trying to tap into a lucrative niche, means that those that stay competitive will own their local market.
There are many more problems in the current business model, but the good news is, there are solutions that will increase sales and reduce agent churn in your business.
Lets look at the top arguments for automation and industry disruption:
Most estate agencies have one central website that all agents need to use, the main issue is when the estate agents put their own money into marketing, they cannot benefit from any analytics to effectively target their audience.
The result is that agents stop advertising due to zero ROI
When a potential customer reached out to the agent, they are generally ice cold and wary of making a bad decision to the huge capital investment, and will take up ALL the agents time.
This results in agents spending 90% of their time trying to convert cold traffic into buyers, and only 10% on nurturing the potential buyers.
The result is agents drop out without ever making a sale and end up warming up the customer for another agent.
Automate the 80% of the sales funnel and focus 100% of the agents time on nurturing and closing sales.
If every agent has their own “website” that connects to the main website, they can get more accurate analytics and data feedback from their marketing, allowing for cheaper and more refined leads. ( All data can be automatically shared to the agency if required).
Now you can connect A.I chatbots to your marketing systems and funnel all cold traffic into your bot, the chatbot will take over ALL the lead nurturing duties and only connect them with a human agent once they are ready to perform the required action, this can be to buy,sell or rent etc.
Once the handover occurs, the human agent will have all the required information shared with them making it easier to convince the warm lead to take the next step.
The A.I will also do automated follow ups and lead nurturing to ensure that the agent and agency build relationships with each buyer and continues to nudge fence sitters.
There are many more automation components that can be added, especially on the administration and reporting side of the business.