9 Innovative Approaches to Improving Your Property Listing Management

by Chirag Shivalker Digital Content Head

The real estate market has two stakeholder communities that overlap in some areas. On one hand, we have realtors, property brokers, real estate managers, contractors, and building specialists. They are the ones in the business of creating and marketing real estate properties. On the other hand, there are the customers. They are the buyers and sellers of properties.

An immense data pool of existing real estate properties and new construction projects links these communities. This property listing data fuels the real estate industry and its growth every quarter.

The real estate industry amounts to $88.4 billion annually in the US. That is 16% of USA’s national GDP.

There are over 300,000 real estate management companies registered across the United States. In such a competitive industry and market, efficient property listing management is a prime requisite for realtors, brokers, contractors, and builders. And the modern dynamics of the industry need innovative approaches to keep in step with changes. Source

How has property listing management evolved over the years?

The dawn of the 20th century saw a rise in people flocking to cities for jobs. This created the escalating need for rented properties. In the beginning, the supply was greater than the demand. And the owners offered nothing more than basic requirements.

Two world wars and a great depression later, many governments around the world promoted fair practices. Real estate became an industry capable of meeting the growing demand. And this fueled the evolution of property listings. They helped realtors connect with prospective buyers and sellers. Until this stage, it was all about finding the right property in the desired location at an affordable price.

Over the years, multiple listing services (MLS) and property listing management firms have grown to the form that we see today. It is more about huge databases vying for better profiling of properties, mortgages, and relevant information. Data aggregation became vital. Technology, innovation, and modernization now play pivotal roles in compiling and structuring the data in a usable form. The workforce adapted and became skilled in analyzing these data which provides an advantage to the customer.

9 innovative approaches that can enhance property listing management

Modern property listing management is constantly evolving. Innovations are necessary to match the growth of multiple listing services and customer demands. And realtors must offer the best facilities to customers by using these innovations. Currently, seven of the most innovative approaches realtors are using in listing management include:

1. KPIs tracking shelf inventory, overall purchase, sales, and to-let properties

The first factor is knowledge of these KPIs. This is the key to maximizing the benefits of property listing management. The two key factors on which to deliberate are:

a. Knowing the indicators of the competitiveness of the market:

• Being up to date with the latest technology in data management and aggregation
• Getting the workforce upskilled to stay ahead of the competition
• Satisfying modern customers’ expectations
• Use of modern-day terminology and standardization

b. Focusing on the liquidation of assets for builders based on their inventory. The success of property listing management depends on knowledge of inventory and the liquidation of these assets. Some crucial elements are:

• Having a large volume of the inventory listing all the assets
• Detailing property types and their attributes, such as infrastructure, commercial viability, crime rate, etc.
• Segregation of data as per location demographics
• Regular monitoring of variations in prices
• Constant monitoring of inventory sales

2. Introduction of blockchain to secure real estate documents

Blockchain technology offers a new means for buyers and sellers to connect with one another. It has helped cut out intermediaries from transactions, reducing the costs involved.

Nowadays, real estate transactions are conducted without the need to have face-to-face engagements due to smart contracts in blockchain platforms that allow assets to be tokenized and traded, as with bitcoin and ether. These assets can be readily traded as NFTs and exchanged in fiat currencies, like dollars, through worldwide exchanges.

Sellers do not need to wait for buyers to get some value for their property investments. Land deeds and titles can now be purchased, and documents can be securely dispatched through blockchain, staying inaccessible to all but stakeholders.

3. Properties are now being sold through the Metaverse

Real estate in the metaverse now represents a virtual ecosystem that mimics real-world conditions. The metaverse combines augmented reality, virtual reality, and a host of videos to create a virtual space that allows users to interact, converse, play, and transact virtually. Every land parcel shown in the metaverse is like an NFT that is unique and cannot be replicated, which ensures that there could be finite buyers with immutable assets.

Besides properties in the Metaverse itself, it is also gaining traction as a place to show exact digital replicas of properties that a customer can tour in his or her virtual avatar.

With the mammoth rise in interest in the Metaverse, new real estate metaverse platforms are coming into existence that ensures the easy purchase of virtual land pockets as also real property by transacting through digital wallets. One can purchase them as NFTs using popular cryptocurrencies.

4. Real-time updates on property prices

Real estate prices are very dynamic. Keeping track of changing property prices is a major contributor to being efficient. Accuracy in pricing data is crucial. This is crucial because:

• A lot of information is available only on paper. Hence, manual research is required for an updated database. For the information available on the internet, crawler-backed web research is needed to aggregate and enrich property datasets.
• Apart from property listing, customers also need related information. These include information such as real-time property tax, deeds, foreclosures, and mortgage data. Customers are also looking for in-depth information about localities, such as types of neighborhoods, schools in the vicinity, communities, and other demographic information. All these factors affect the prices of properties.
• Filling cross-property fields with data from multiple listing services requires quick updating

5. Property data enriched with lifestyle statistics

A large chunk of customers buying and renting properties belongs to Gen Z. Every realtor must be able to cater to this group. Listed properties must feature a host of amenities that guarantee to attract this generation of buyers and renters. Some lifestyle influencers are:

a. Individual property features:

• Modern appliances like dishwashers, blenders, refrigerators, air conditioners, etc
• High-speed Wi-Fi connection
• Ample storage spaces
• In-unit washing and drying machines
• Smart home technology features such as security alarms, remote locking, etc.

b. Communal apartment features

• Pet-friendly amenities like pet doors and availability of pet zones
• Commercial parcel lockers for holding valuables
• Common health facilities like gyms and swimming pools
• Adequate parking space for vehicles
• Security for the area

6. Enticing property photos and videos

Visual appeal creates an enticement that sells. It is not enough to list great photographs of the property. Since photographs and videos are powerful tools in listing management, they must be able to highlight key aspects of the property:

• Virtual staging creates a visual impact of what the living space will look like. Compared to looking at empty rooms, virtual staging adds things like furniture, furnishings, appliances, etc. The prospect gets a better idea before they make a purchase.
• Day to dusk image editing shows the property in various settings. Property photoshoots are typically done during the day. Specialists edit the photographs to show how the property will look during other times of the day, like dusk.
• Drones are widely used to capture how the property looks from a distance, rendering a bird’s-eye view of the project and ensuring that the space is publicized in an aesthetic style aligned with the surroundings.
• External features of the property are digitally edited and enhanced by experts to look appealing. Edits include color correction, sharpness enhancement, resizing, cropping, etc.

7. Go for property video tours

Video tours are more impactful than still photographs. They create a sense of movement. Customers get a feel of how they would be able to move inside the property. Experts can shoot and edit internal video tours to get a precise effect.

Drone tours can capture the external aspects of a house. They are effective in imparting a professional element to the listing.

8. Forecast the market and the competition

To be successful in real estate, one must possess the skill to forecast. The real estate market is extremely competitive. And here are some points that can help in the accurate forecasting of the market and competition.

• Accurate analytics with better data scraping
• Periodic analysis of trends in real estate markets
• Regular data-driven analysis of competition activities and trends

9. Identify and fulfill the increasing demand for rental properties

Within the current economic picture, it is an uphill task to purchase a house in the United States. According to the National Multifamily Housing Council, 44.1 million American households rent a house. As a result, the number of people renting a house is rising every year. It is important to consider this trend while planning to enhance property listing management. Data of rental properties must be updated on the list so that there is a systematic approach to fulfilling the pent-up market demand.

Takeaways

Property listing management is all about maximizing real estate data access, transactions, and property transfers. It is all about the compilation, digitization, segmentation, and analysis of accurate data. It is about offering enhancements and meeting customer requirements. As a realtor, contractor, or building specialist, without using innovative technologies, it will be difficult for you to continue in the lead, as technology levels the playing field for all.

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Created on Aug 24th 2022 05:12. Viewed 517 times.

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