Breaking Property News – 24/07/2023
Daily bite-sized proptech and property news in partnership with Proptech-X.
Bricks&Logic are capturing property information and creating a story for better completion rates
Michael Joyner, Chief Data Scientist, at Bricks&Logic explains, in the ever-evolving world of property, why staying ahead of the competition is crucial for estate agents, and why iterations of established services really can make a difference. The following article is Michaels comprehensive thoughts first published earlier this year, which pinpoints in his view exactly how forward thinking agents can gain more market share.
‘As technology continues to reshape the industry, agents are constantly on the lookout for innovative tools that can streamline operations and attract potential clients. One such tool that has gained significant traction in recent years is the instant valuation feature on agent websites. While this tool initially delivered promising results by generating high-quality leads, its effectiveness has started to decline due to poor quality valuations and a lacklustre user experience. Agents and clients alike have grown wary of its shortcomings, leading to a loss of trust and missed opportunities.
However, imagine a new and improved version that not only addresses these drawbacks but also revolutionises the way estate agents interact with their clients. In this blog, we unveil the next generation of instant valuation tools—a superior solution that surpasses its predecessors in every aspect. With unparalleled lead generation capabilities, enhanced customer engagement features, insightful data analysis, and a powerful platform to establish expertise, this advanced tool is poised to become an indispensable asset for forward-thinking estate agents. Join us as we delve into the cutting-edge features that set this tool apart and discover how it can reshape the landscape of real estate lead generation.
Capturing property information and creating a story for better completion rates
There is a plethora of instant valuation tools (IVT) available for estate agents to integrate into their websites. However, a significant drawback that we have observed in almost all of these tools is their approach to capturing user data, which often creates a barrier and raises concerns among users. That’s where the Bricks&Logic IVT sets itself apart. Our innovative solution takes a different approach, providing a user-friendly widget that guides individuals through a personalised housing market story, tailored specifically to their property.
Rather than bombarding users with an initial data capture form, our IVT takes them on a journey, step by step, ensuring they provide the most accurate and up-to-date information. By presenting the valuation process as an engaging experience, we empower users to participate actively, while simultaneously offering them the best instant valuation. This approach not only delivers a superior user experience but also equips estate agents with the necessary data to engage in meaningful follow-up conversations with potential clients.
With the Bricks&Logic IVT, we believe in fostering a mutually beneficial relationship between agents and users, where transparency and user satisfaction take precedence.
An inviting starting point with which to begin the process
Interesting and relevant stats specific to the property are provided throughout the journey to keep the user engaged
The Bricks&Logic IVT integrates with our platform to provide additional data to support the valuation process
Educating the customer to set expectations and represent your brand
Once users have submitted their information and their email address or phone number has been captured, the Bricks&Logic instant valuation tool goes beyond the norm. Instead of treating the subsequent report as an afterthought, we recognize its potential to serve as an educational document about both the market and the user’s property, while also showcasing your agency. Our aim is to provide a customisable report that not only offers valuable insights but also leaves a lasting impression on the user.
The generated report serves as more than just a simple valuation summary. It is thoughtfully designed to educate users about the local and national market dynamics, offering a comprehensive understanding of the broader context in which their property exists. By integrating Bricks&Logic heat maps seamlessly into the report, users are presented with a visually immersive experience that enhances their comprehension of market trends and property values.
Moreover, we provide the opportunity to customize the text and promotional video content within the report. This allows your agency to infuse its unique brand voice and personality, ensuring a cohesive representation of your services and expertise. By delivering an educational document that combines valuable market insights, visually engaging content, and tailored branding, you can leave a lasting impression on users while setting realistic expectations for their property’s value.
Introduce yourself to your client
Integrate engaging personalised video content to really showcase your agency
Choose from a range of heat maps to tell the story of your local market
Improving accuracy and establishing trust with Bricks&Logic’s Automated Valuation Model
At Bricks&Logic, we understand the pivotal role accuracy plays in the valuation process. That’s why we have dedicated years to develop a market-leading Automated Valuation Model (AVM) that places transparency and consistency at its core. Our commitment to precision has led us to pioneer a new approach to house price indices (HPIs) and meticulously collect and cleanse data on every property in England and Wales. This meticulous effort ensures that we provide our clients with the best possible valuation output.
The impact of accuracy goes beyond the valuation itself. With a more precise instant valuation at the beginning of the user journey, trust in your agency is firmly established. We have received numerous testimonials from customers who switched to our instant valuation tool, expressing their frustration with previous providers whose valuations were significantly off the mark. Such inaccuracies not only led to customer annoyance but also put agents in a challenging position when it came to engaging potential clients. Starting a pitch on the back foot due to a flawed valuation can hinder the entire process.
Simple to set up with white labelled hosting
Integrating the Bricks&Logic instant valuation tool onto your website is a seamless process designed with convenience in mind. We offer two straightforward solutions tailored to meet your specific needs:
- White Label Hosted Version: Our quick and easy white label hosted version allows you to effortlessly set up the Bricks&Logic IVT on your website. With this option, you can leverage our expertise and infrastructure to provide a seamless user experience without the need for extensive technical knowledge. We handle the hosting and maintenance, ensuring a hassle-free setup for your agency.
- API for Customized User Journey: For those seeking a more tailored approach, we offer an API that enables you to create a fully customised user journey. This flexible option empowers you to design and integrate the instant valuation tool in a way that aligns perfectly with your agency’s branding, user interface, and specific requirements. Our team will collaborate closely with you to ensure the API integration meets your expectations and delivers optimal results.
At Bricks&Logic, we understand that each agency has unique preferences and operational requirements. That’s why we are committed to working closely with you to identify the most suitable solution for your specific needs. Whether you opt for our white label hosted version or prefer a customised user journey through our API, we are here to support you every step of the way.
Conclusion
The next generation of instant valuation tools offered by Bricks&Logic represents a significant advancement for estate agents. With its user-friendly and engaging approach, this superior solution addresses the drawbacks of traditional valuation tools. By guiding users through an immersive housing market story, capturing accurate data, and providing an educational report, Bricks&Logic establishes trust and enhances brand representation.
Furthermore, the precision of their Automated Valuation Model ensures accurate valuations, setting agents on a solid footing when engaging potential clients. With simplified setup options through white label hosting or API integration, Bricks&Logic offers a tailored solution for every agency. Embrace this innovative tool and revolutionize your approach to real estate lead generation, leaving a lasting impact on clients and driving success in the competitive market.
3Di – How the Right Real Estate Compliance Software Makes Compliance Faster and Easier
Rajiv Desai CEO of 3Di, continues to help demistify the biggest issues in the built environment and gives his take on the best route forward,
‘Real estate development is a complex and highly regulated industry, and for compliance managers, facilities managers, and other roles responsible for ensuring compliance, staying on top of all the regulations can be a daunting task. With a wide range of properties to develop, from residential and commercial to industrial and specialized properties like student housing or hospitals, ensuring compliance can be a full-time job in itself.
While staying compliant with regulations in real estate development can be a tedious hassle, the solution is not. The right real estate compliance software can substantially reduce the workload around compliance, minimize mistakes, and help keep everyone on the same page. Let’s explore how.
Zoning and land use regulations
Compliance with a wide range of local zoning and land use regulations can be difficult for developers to navigate. Failure to comply with these regulations can lead to permits being denied or revoked, or added costs from changes to the design or layout of a development. Sometimes, a project might need to be terminated outright.
Compliance and code enforcement software can make it easier for developers to access and review the information they need and automate many compliance-related tasks. It can also alert developers of potential non-compliance issues, allowing them to take action before they become a problem.
Real estate compliance software (with tools like code enforcement and property management solutions) provide automation tools to make it faster and easier to identify, manage, comply with, and report on relevant requirements.
For instance, the tools on 3Di Engage can be configured to provide reminders and alerts when specific tasks or deadlines need to be met, such as submitting plans or obtaining permits. They can also be used to store and organize all relevant documents and information related to the project, such as zoning maps, land use plans, and building codes. This allows developers to quickly access and reference the information they need.
Environmental regulations
Environmental regulations — for everything from air and water quality to endangered species and everything between — are often complex and hard to manage. Things can slip through the cracks. But a single oversight, such as the improper management of hazardous material, can have drastic consequences for your business.
For instance, the Environment Act 2021 has received Royal Assent and has created higher standards for enforcement and regulation. The act enables national authorities to pass environmental regulations more easily, and that makes it more important than ever to review how you currently monitor and manage waste.
Failure to comply with these regulations can result in expensive fines and project delays, ruin your organizations reputation, and even cause serious environmental damage.
Compliance software can be used to track compliance with environmental regulations, helping developers identify potential areas of non-compliance. It can also help you manage and track the storage and disposal of hazardous materials, ensuring compliance with regulations related to water and air quality.
Building codes and safety regulations
Staying up to date with the labyrinth of building codes and safety regulations can become a full time task for developers, where missteps lead to penalties or project termination. You need to ensure compliance with building codes and safety regulations, and keep track of inspections to avoid fines (and to protect the integrity of the building).
Real estate compliance software can automate the process of tracking building codes and safety regulations, making it easier for developers to stay up to date on the latest requirements. With the inspection solutions on 3Di Engage for instance, employees can more easily complete inspections for property and materials. The platform also includes tools for supply tracking and reporting, helping to ensure compliance and avoid penalties.
Permits and approvals
Developers need to obtain a wide range of permits and approvals from various government agencies before construction. Obtaining permits and approvals from various government agencies can be a bureaucratic marathon, and can slow down the development process, resulting in added costs and dissatisfied customers.
Compliance software can help developers organize their workflows and stay on top of their permit and inspection requirements. For instance, mobile inspection tools can include pre-populated inspection checklists that cover all the relevant codes and regulations, allowing for efficient and high-quality inspections in the field.
Meanwhile, permitting solutions provide a case management system to simplify the tracking and processing of various types of permits and licenses — even alerting you when a permit is due to expire.
Financing
Developers must demonstrate the financial viability and compliance with regulations to secure financing from banks and lending institutions. Lenders have strict underwriting guidelines and you need to establish compliance with regulations if you want secure financing. Otherwise, the project may end up with insufficient funds, leading to delays, corner cutting, or worse, project termination.
Real estate compliance software can help developers to demonstrate compliance with regulations to lenders by providing real-time tracking and reporting of compliance-related activities. It also lets you show your compliance history, which can be important in securing financing.
An All-In-One Compliance Solution for Real Estate Developers
With 3Di Engage, developers can simplify the process of staying in full compliance with relevant industry regulations.
Customized for real estate development, 3Di Engage provides a suite of tools which help you stay on top of compliance requirements and more. It provides tools like code enforcement, mobile inspection automation, and property management solutions to streamline the process of identifying, managing, meeting, and reporting on compliance requirements.
All of these tools are fully integrated on a single platform (i.e. they “talk” to each other), ensuring all your data is updated and accurate, wherever you access it from.
Quick, affordable, and customized for your unique needs
- 3Di Engage is quick to deploy and customize, providing you with an enterprise-grade solution without the enterprise-grade price tag.
- With its centralized data, streamlined workflows, and automation capabilities, 3Di Engage can save your team hundreds of hours of labor per year on compliance tasks alone.
- 3Di Engage has advanced reporting tools that provide unmatched visibility into compliance-related activities, allowing compliance managers, facilities managers, and other compliance leaders to quickly make more informed decisions on key tasks.
- Take advantage of built-in collaboration tools, allowing employees and managers to share information with clients and colleagues easily. You can forget about trudging through spreadsheets and documents to find the right numbers.
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