23 Apr Digitalisation Stories: Combating Covid-19 in Real Estate
During MDEC’s 2020 SME Digital Summit, the top three barriers to digitalisation were found to be a lack of knowledge and skills (32%), investment required (30%) and cash flow to sustain the transformation (17%).
In this article, we delve into the digital transformation behind Kaizen Realty Group Sdn Bhd (KRG). How did this real estate agency manage to overcome these barriers and remain resilient – even during Covid-19?
1. Introducing a Real Estate Agency Management System
A Real Estate Agency Management System is a platform which allows RENs and REAs to track and scan all transactions. This internal system has been employed by KRG since 2018, and has since helped them manage all property listings and REAs / RENs performance.
Despite the many real estate management systems available on the market, in-house development of such a system is not only more cost-effective, but also allows for more efficient customisation. After all, no two businesses are the same.
With this system in place, KRG was able to forecast and adjust their business strategies when Covid-19 hit.
2. Leveraging on social media
Today, social media permeates every industry – even property. Listings aside, AR and VR technology allow for virtual open houses and 360 degree virtual viewings. This means that keen homebuyers get to view every nook and cranny before stepping foot into an actual unit.
KRG set forth a goal for 99% of their REA and RENs to use social media as a marketing platform over the next two years.
More than just churning content, the company also emphasises on engaging with potential homebuyers – initiating conversations, sharing the latest market data, and overall building long-term relationships.
3. Developing blog and video content for the local market segment
Many developers fail to display accurate, let alone attractive, information for potential buyers online. Here is where REAs and RENs can step in to give homebuyers the data they need to make informed decisions.
Hence, another aspect of KRG’s digital transformation involves the creation of blog and video content to position themselves as a valuable source for property information.
4. Utilising Search Engine Optimisation (SEO)
For those not in the know, SEO involves making your company’s online presence easier for people (and search engines) to find.
According to the National Association of Realtors (NAR, 2018), 44% of buyers begin their property search online. Given this, SEO was one facet of KRG’s digitalisation strategy – boosting their website’s presence in an effort to compete against real estate giants in
Malaysia such as PropertyGuru and iProperty.
5. Employee growth with Digital Competency and Capability Training
Earlier in the article, we mentioned how lack of knowledge and skills posed the biggest barrier for SMEs to take the leap forward in their digitalisation. Here’s how KRG tackled that.
As part of the company’s Continuous Professional Development (CPD), an internal training team was set up to conduct physical and online learning sessions with all REAs and RENs. From desktop productivity tools to social media tools, agents were encouraged to master these tools to help boost sales during Covid-19.