Customer centricity And PropTech

Customer centricity it’s a strategy that’s based on putting your customer first, and not just about offering great customer service, but offering a great experience from the awareness stage, through the purchasing work and finally through the post-purchase process. Only a small percentage of real estate companies are able to translate this kind of culture due to the lack of information about the customer. The secret ingredient is to put the customer at the core of the business, collecting a significant amount of data that can be used to anticipate client has needs and enhance the customer experience, creating loyalty and future sales.

PropTech is giving us the means to turn companies into customer-centric organisations. A study made by Deloitte shows that being customer-centric increases profits by 60% compared with traditional ones.

One of the main advantages of PropTech and the development of new business models is, in fact, switching mentalities when providing services.

By collecting data, companies can now predict customers choices and timeframes. This reduces the risk when building a strategy. As the process of defining the product for each customer’s need gets more accurate, so will be his satisfaction and loyalty. PropTech also benefits in several ways the customer by helping the supplier to be a customer centric organization.

From the point of view of a startup, be able to demonstrate the advantages of its PropTech model by proving focus on the customer; it can be a game changer in this industry. For that, the product has to provide a more efficient way of satisfying professionals and customers of the global real estate industry.

Nowadays the most valuable asset is information. So inevitably, the model has to provide and analyze data efficiently, from the professional perspective, the customer perspective or both. Data is the only asset that leads to evolution, which is beneficial for the overall supply and demand of real estate services.

A couple of examples of customer-centric startups in the real estate environment are:

– Knotel, a company focused on the corporate client’s needs and progression, as well as giving valuable options to landlords and brokers.

– Skyline AI is also a good example of using technology in real estate to collect data and give the best investment vehicles to commercial real estate customers.

– Bowery is also a good example. This tech-enabled appraisal firm brings traditional models together with technicians and gives an accurate idea when pricing a real estate asset.

– REEVO Platform is also a customer-centric example due to the capacity given by its business model to gather behavioural real estate data about customers worldwide. By offering several real estate services and being a global referral network, all sorts of data are monitored and can be used to predict customer’s behaviours. The qualification process is the main ingredient of this network.

It is amazing how technology is actually building bridges for a better relationship with customers, based on better services, faster answers and accurate data.