Breaking Property News – 10/10/2023
Daily bite-sized proptech and property news in partnership with Proptech-X.
How to unlock a people-centred approach to property with Reapit and Inventorybase
Full transparency Steve Rad and James Taylor, founders of Radweb & Inventorybase are two of my oldest clients, in my other company Proptech-PR ‘A consultancy for Proptech Founders’ and the reason they have such a succesful number of businesses is that they have always had industry oversight, seeing the trends and the way property and technology and the people in the sector fit together. That and nearly two decades of experience in the sector.
The following is some thought leadership from the Inventorybase stable, which highlights the need for strategic partnerships and why always thinking of the user for any service that a property professional needs is core to building a growing and stable business.
‘In the ever-evolving property industry, professionals have always needed to adapt to changing demands. However, more recently, we’ve witnessed the rise of technology and data-driven approaches to property, some of which have become core pillars in our field, making the transition all the more simple.
The era of manually sorting through paperwork and painstakingly entering information is now confined to the past as property professionals can now access and benefit from a whole host of technology solutions that enable them to accelerate processes and enhance their operational efficiency like never before.
However, the benefits of digitisation reach far beyond document management. Utilising digital tools and platforms like Reapit enables the seamless integration of multiple solutions that operate in a frictionless and harmonious way. Connecting all these processes will allow property professionals to swiftly complete day-to-day tasks like maintenance checks, tenant screenings, check ins, and property inspections. This not only saves valuable time and resources but also boosts productivity and facilitates strategic decision-making.
But despite the upsides, we still must be mindful – it is essential that we remain focused on our ultimate goal and the reasons behind our adoption of technology, striking that delicate balance between proptech and personal connections.
Finding the right balance Technology and human interaction go hand in hand, but it’s not always that straightforward. The key lies in finding the right balance that preserves our personal connections – after all, we operate within a people-centric sector and too much tech can make things highly impersonal. So the challenge for property professionals is to not be overwhelmed by technology.
To maintain trust with clients, property professionals must effectively blend technology with their day-to-day tasks, a feat which firstly requires embracing change, adopting the right tools and technologies for the job at hand, all while continually evaluating their use cases to create a seamless integration of technology without risking the personal-touch service our clients both need and want.
As seen in almost every other sector, data has grown in prominence in the property industry. From analysing market trends and property values to screening tenants, vendors, and buyers, property professionals now have access to a wealth of information and tools that can lead to increased service options and, ultimately, success.
But while technology and data offer valuable insights for decision-making and streamlined operations, they can also pose significant barriers when they overshadow the human aspect of our work. The greatest risk lies in an overreliance on technology-driven processes, which diminishes the personal touch clients seek and value in their interactions with us. To both establish and maintain trust with clients, striking the right balance between technology overload and finding appropriate solutions.
The potential impact on personal connections Technology and the insights it provides are revolutionising the property industry, but we must be mindful that data overload does not shift our focus too heavily toward numbers and statistics, overshadowing or leaving behind the human connection.
When property professionals become engrossed in data, the risk of losing touch with clients’ individual needs increases, hindering the ability to truly understand them on a deeper, more personal level. Relying solely on data and technology creates a distant and often impersonal experience that fails to uncover what truly matters to the client.
While technology frees up valuable time from laborious tasks, data overload can quickly consume that time as we grapple with deciphering and managing the vast amount of information being thrown at us from all angles. Additionally, excessive data can lead to missed opportunities and important details slipping through the cracks, necessitating an even keener eye to ensure nothing is overlooked. All this can eat into any efficiency realised, putting us back at square one with little or no change in our organisational behaviour.
Ultimately, we must recognise that technology and data are enablers, augmenting our work rather than replacing it entirely. These elements are not conflicting priorities but rather interconnected routes, which Reapit facilitates by bringing together powerful tools. Finding the right balance between technology, data, and personal connections gives property professionals the time and space to deliver a seamless, people-centric experience. The secret is to make technology fit seamlessly into our workflows without sacrificing the meaningful connections we establish along the way.
Newfound efficiencies lead to deeper connections Proptech offers abundant opportunities to revolutionise processes, boost efficiency, and maintain essential connections. However, a thoughtful and measured approach to its implementation is crucial to ensure it acts as a supportive, complementary force rather than a barrier. To achieve this balance, property professionals must prioritise user-friendly tools that simplify work and use data to understand client needs and preferences. By doing so, we can provide relevant recommendations and a personalised, proactive service that truly resonates with clients.
Danny Steptoe, Finance and Operations Director at & Co Group, says: “When it comes to speed, convenience and efficiency, the modern consumer has high expectations. Therefore it’s only natural that their dealings with property professionals should reflect exactly what they have become so familiar with in other areas of their lives. This requires estate agents to acknowledge and adapt to the changing landscape in order to remain relevant and competitive.”
So it stands to reason that continuously monitoring and adapting to our clients’ changing preferences is vital. Customised services and communications require a blended approach that leverages the best-in-class property technology delivered by Inventory Base and Reapit, while at the same time incorporating learnings from our professional practice and partnerships.
Putting it plainly, proptech simplifies processes and automates tasks, reducing administrative burdens and freeing up time for building personal connections. These connections not only lead to higher conversions and increased sales but also generate positive word-of-mouth referrals, attracting new clients seeking the same level of interaction and service.
Our success ultimately lies in building emotional connections and leaving a lasting impression rather than simply completing transactions or ticking boxes. Embracing property technology, data, and integrations, the kind delivered by Reapit’s vast partner network will help property professionals effectively navigate the property industry landscape, empowering them to reclaim precious time and resources, so they can focus on their core strengths – forging meaningful human connections and driving streamlined, efficient, people-centric success in their business’.
The Guild of Property Professionals launches Autumn edition of ‘Streamed’ to Network
Following the resounding success of its inaugural Streamed event earlier this year, The Guild of Property Professionals is thrilled to announce its second virtual event this Autumn, scheduled for Wednesday, 8th November at 10 am. The Streamed virtual series aims to unite Members of The Guild’s extensive network from across the UK to delve into a wide range of topics, including the latest industry trends, innovations, and best practices. These events serve as a valuable platform for agents to connect, gain insights from industry experts, and exchange experiences in this dynamic and ever-evolving sector.
Anthony Codlings, an overview of the market
The first of the two speakers, property market analyst and Head of European Housing and Building Materials at Royal Bank of Canada, Anthony Codling will dive into the data and provide an overview of the current market, discussing aspects such as transactional volumes, house prices and various other aspects impacting the sector and housing market moving forward.
Richard Rawlings on ensuring the correct asking price from day one
In today’s competitive market, negotiating a sale price with vendors can present challenges. To address this, The Guild is excited to welcome Richard Rawlings as the featured speaker for this upcoming edition of the Streamed series. Richard is a multi-award-winning specialist estate agency success coach renowned for helping agents discover their points of remarkability and enhance profitability through vibrant training and highly effective estate agency marketing – all grounded in real-world experience.
Richard’s session will equip attendees with essential tools, tactics, and persuasion techniques to ensure a smooth agreement on pricing right from the outset. By attending this event, agents can gain invaluable insights to align their goals with their sellers, improving efficiency and results.
Interactive experience: Live Q&A sessions with industry experts
In addition to the keynote presentations, attendees will have the opportunity to engage in live, short Q&A sessions with each of the speakers. This interactive element will allow participants to delve deeper into the strategies and techniques presented, receiving personalised advice and guidance.
Don’t miss this opportunity to enhance your skills, network with industry peers, and stay at the forefront of the real estate sector. Secure your spot for the next Streamed event and take your estate agency career to the next level.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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