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Published on 14th August 2018 at 09:55 by Jennifer Armstrong
There are so many real estate marketing tools available that it can be difficult for firms to decide which to invest in. They all promise fantastic results, but it is vital to get the right mix of technologies to harness each one’s potential. What's more, any real estate marketing tool that a firm implements needs to integrate well with existing technologies and processes to deliver its associated benefits.
With so many available solutions it’s important for real estate firms to select the ones that cater to their industry and its specific needs. Vendors are now targeting specific industries and companies to compete against the rising number of solutions. Meanwhile, new trends such as subscription-based models and cloud-based software are giving companies even more elements to factor in.
As we’ve already mentioned, there are a huge number of real estate marketing tools available. Real estate firms are adopting platforms and applications that facilitate leasing, accounting, project tracking and building management to name but a few. These marketing tools can help real estate professionals increase efficiency and accuracy, add value to opportunities and make confident decisions.
A technology, or tech, stack is the group of technologies that a company uses to manage its core functions. The importance of a tech stack is recognized in all real estate businesses, large and small. Key examples of marketing tools are Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). These are already considered must-have systems but other tools to help manage digital assets, optimise sales funnels, automate marketing and nurture leads can work together in a tech stack to give ERP and CRM systems even more power.
Making the right choices of which real estate marketing software to implement is fundamental to them being successful. A tech stack needs to integrate seamlessly to empower marketing, sales and business development teams. With the right tech stack organizations can streamline workflow, better leverage marketing assets, effectively target and nurture leads, and better showcase the firm's expertise.
At first glance, it might be tempting to try to find a single solution that meets all of a business's technology requirements. However, this will more than likely result in an in-house solution that is resource heavy. Integrating cross-functional platforms is difficult and time-consuming and will result in escalating costs.
A tech stack, on the other hand, is a culmination of all of the best solutions available to a business. Each piece of marketing software will have been tested and modified to function perfectly. The lynchpin to success is making sure that each of the systems integrate perfectly, If this is achieved then powerful performance can be achieved across all of the tools within the tech stack.
If a real estate firm implements the right sales and marketing tech stack if will enjoy the following benefits:
As we’ve already touched on, ERP and CRM systems are seen as a critical marketing tool for real estate companies. However, there are many other technologies which are becoming equally as important to ensure efficiency and productivity.
Each of the elements in a tech stack is powerful in its own right. However, the following seven pieces of marketing software integrate seamlessly and are able to truly streamline real estate marketing efforts:
1. Digital Asset Management (DAM)
DAM solutions work as a central repository for managing, organizing and retrieving digital assets. These digital assets are one of the most valuable things to real estate firms, including sales and marketing resources such as project images, videos and graphics. The growth of these digital assets is only going to escalate, making their management ever more important. Having a DAM system is central to the optimum tech stack as it allows the assets to be linked to other vital sales and marketing technology solutions. Marketers become much more efficient in how they handle and interact with images and visual assets and workflows are vastly improved.
2. Enterprise Resource Planning (ERP)
ERP systems focus on managing and integrating essential parts of the business. They streamline processes and promote better communication between departments. Information can be delivered in real-time to project managers and stakeholders, allowing projects to be delivered more successfully. ERP systems serve as a unique source for all project information. Data is kept centralized, up to date and accessible. As with DAM systems, ERP systems can be project focused and will encompass the tools to ensure the profitability of each project.
3. Customer Relationship Management (CRM)
A CRM system is a real estate marketing tool that gives a complete understanding of all customer interactions. The system allows firms to view these interactions on an individual level and to understand where each prospective customer is on the business development lifecycle. Having a deeper understanding of clients’ needs allows companies to tailor their communications accordingly and to build better customer relationships.
4. Knowledge Management
Many systems work to improve customer-facing interactions, but another critical business tool is optimising internal communications. Knowledge management platforms allow experts within a real estate firm to transform their knowledge to others quickly and efficiently. Sharing knowledge within a firm ensures that it isn’t dependent upon any one individual and that the team can be more effective as a whole.
5. Content Management System (CMS)
The majority of real estate firms will already use a CMS to add and edit web content. Having a CMS eliminates the need for a developer for simple content changes and different levels of access and approval ensure consistency and best practice. A CMS is critical to meeting the demand for new and dynamic content. In addition to this, the systems can provide insight into site traffic and how consumers are engaging with content.
6. Marketing Automation
Marketing automation enables real estate firms to use their marketing business and development teams wisely. The technology enables firms to find high potential leads from within its database and then automate targeted marketing programs to those leads. The data-driven marketing that results leads to greater customer loyalty and increased revenues.
Most real estate firms will already use an analysis platform to help inform marketing decisions. Web analytics tools allow firms to gain a better understanding of site performance. The information acquired is vital to continually improving the quality and effectiveness of online marketing content and for improving customer experience.
Although not every real estate firm is using all of these technologies as yet it’s important for them to at least have a knowledge of them and the benefits they could offer. Incorporating this optimum tech stack enables each of the technologies to deliver the advantages that real estate businesses need to compete in the marketplace.
Each of the components in the tech stack described above is powerful in its own right. The most important aspect, however, is how these elements work together by integrating seamlessly. This allows real estate firms to create a system where the whole equals far more than the sum of its parts. Meanwhile, the integrated tech stack eliminates the time and effort that would be involved in implementing a customized solution or forcing solutions that aren’t fit for purpose.
The integration of the tech stack ensures that data and assets are shared to create efficient workflows. If solutions are implemented that don’t work well together, then they could end up causing more problems than they solve. However, when the right tech stack is implemented the combination of technology has the power to deliver outstanding results.