Breaking Property News – 06/02/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
It is just three weeks to the Proptech event of the year, the second annual London Proptech Show (Feb 27-28) at ExCeL London. And the best part is that the event is free to attend, and registration booking is now open.
For exclusive insights, latest industry technology, the ability to network with industry peers and the chance to shape real estate’s future, this two day event is not to be missed. Building on the success of its inaugural launch last year, there will be even more going on, together with a large number of people who made last year such a success. Increase your knowledge base by joining other delegates over the two days.
To ensure you are in the mix, and keeping up with what is happening in the proptech and real estate space make space in your diary and meet up with a who’s who, all in one space. There will also be top line speakers covering the big topics that all companies are grappling with for example Andrew Knight Global Data and Tech Lead at RICS with his thoughts on Generative Artificial Intelligence.
Andrew Knight, a seasoned professional with over twelve years at RICS, holds a pivotal role in steering data and tech thought leadership while championing data standards. His journey spans the evolution of technology, from the days of mainframes and punched cards to the current realms of artificial intelligence, cloud computing, IoT, and blockchain.
Presently, Andrew drives RICS’ focus on data and tech thought leadership, overseeing the adoption of the RICS Data Standard (RDS) that underpins various facets such as valuation, property measurement, building performance, and due diligence.
In a pre-event Q&A taster, Andrew gives his take on the transformative potential of Generative AI in shaping the landscape of property development, infrastructure planning, and valuation within the real estate sector. Addressing pivotal queries, he provides insight into how Generative AI stands to revolutionize document management, enhance valuation accuracy, and usher in a new era of property valuation methodologies.
Join us as Andrew sheds light on the impact of Generative AI in the industry, citing real-world examples from pioneering firms like Zillow and Redfin. Additionally, he expounds on the significance of collaborative platforms like The London PropTech Show in driving innovation, fostering collaboration, and propelling the integration of Generative AI within the property technology sector.
#PTS: How do you foresee Generative AI influencing the future landscape of property development and infrastructure planning?
#Andrew Knight: Generative AI is already allowing planners to automate the management and processing of the huge variety of documents involved in the planning process. With many documents being produced in different formats, these new tools will deliver a step change in productivity by turning documents into data and producing high quality output documents that aggregate data from multiple original data sources. Generative AI can also produce initial visual design options to help planners and developers explore options with affected stakeholders and thus improving the engagement part of the planning process.
#PTS: What potential do you see in Generative AI for optimising valuation processes and enhancing accuracy within the property sector?
#Andrew Knight: Generative AI is already showing tremendous potential to convert unstructured data held in multiple document formats that will then provide additional inputs to the valuation process for both the automated valuation models (AVMs) used in the residential sector and the more complex nature of commercial real estate assets using discounted cash flow and other valuation methodologies.
#PTS: Could you share examples or instances where Generative AI has shown significant promise in transforming traditional property valuation methodologies?
#Andrew Knight: Firms like Zillow and Redfin in the US are using machine learning to analyse variables from multiple data sources to improve the accuracy of their automated valuation models.
#PTS: How do you believe events like The London PropTech Show contribute to fostering collaboration, innovation, and the exchange of ideas within the property technology sector, particularly in advancing initiatives like the integration of Generative AI?
#Andrew Knight: Events like this are essential in educating the sector on the opportunities, and risks, of existing predictive AI and the new wave of Generative tools – it is also critical that stakeholders from the existing property sector attend – not just PropTech people!
LinkedIn an untapped goldmine for estate agents to generate quality leads
If used in the right way, LinkedIn has the potential to be a wealth of untapped leads for estate agents. This is according to Ben Sellers, Co-Founder of Starberry (part of nurtur.group), a digital marketing and lead generation specialist, who adds that estate agents can harness the power of the platform to connect with the ideal clientele and expand their businesses effectively.
Commenting on the significance of LinkedIn for estate agents, Sellers adds: “LinkedIn is more than a professional networking platform; it’s a goldmine for generating high-quality leads. Utilising its business-focused capabilities can significantly impact an estate agent’s ability to connect with the right audience and boost lead conversion rates.”
Why utilise LinkedIn? According to Sellers, there are several reasons, such as the fact that the platform is business focused and has a high conversion rate. “LinkedIn, as a business-centric platform, offers unparalleled lead conversion rates. According to HubSpot, LinkedIn’s lead conversion rate is 277% higher than Facebook or X (aka Twitter),” he adds.
Another reason is that it offers targeted audience engagement. Sellers says that with advanced business features such as a focused search system and InMail, estate agents can seamlessly reach their targeted clientele, making it easier to connect and market their services.
He points out LinkedIn’s enhanced interaction as another advantage. “Comparing LinkedIn to other platforms like Facebook, you might receive more interaction. LinkedIn allows you to receive engagement from connections, as well as those connections’ connections. For instance, if one of your first contacts comments on your post, LinkedIn will display that comment and let their network know about it. By doing this, you can engage those who were previously out of your reach and make yourself more visible,” Sellers comments.
Finally, smart networking. LinkedIn’s algorithm actively makes an effort to link you with relevant connections, events, organisations, and more, facilitating meaningful connections within the industry.
How to use LinkedIn for quality property leads The first step to effectively using LinkedIn to generate leads is building a compelling profile, which includes a catchy headline, accurate contact information, a well-crafted summary, and detailed experience showcasing your unique selling points.
“Agents should also ask their past clients for recommendations, which should be added to their profile. This will help boost credibility and show others that people enjoyed working with you, which could ultimately lead to more sales down the road,” says Sellers.
Building a network Building a robust network is vital. Joining industry-related groups, participating in discussions, and sharing relevant content are crucial steps for effective networking. “Don’t just join groups, get involved by posting links to relevant articles or asking questions about key issues in the industry. These are great ways to start a conversation and engage with potential future clients,” Sellers adds.
Leveraging LinkedIn Ads LinkedIn Ads emerge as a highly effective tool for estate agents. The platform’s targeting capabilities allow precise tailored outreach to potential clients based on demographics, location, and interests, making it easier to reach out to people who are likely to be interested in the estate agent’s services. With various ad formats, estate agents can showcase their services in a style that resonates with their brand.
“And let’s not forget that LinkedIn is one of the world’s biggest social networks with over 500 million active users. That means there are plenty of people with interest in property who will see your ads if they’re using LinkedIn on a regular basis,” comments Sellers.
“Estate agents are encouraged to explore the myriad of possibilities that LinkedIn offers. Whether expanding networks or finding new clients, LinkedIn has something for everyone. By unlocking its potential, estate agents can harness the power of this platform to generate quality leads and elevate their businesses.”
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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