Gone are the days of large budgets for marketing in print media in the hopes of reaching the right audiences. Digital marketing has made it possible to market directly to specific target markets and close sales online at a fraction of the price of using conventional marketing methods.
But how is the real estate industry holding up to the digital marketing and selling trends? While digital marketing has long been adopted by some roleplayers in the industry, sales have been slower. There are so much red tape and regulations to consider in the selling process, that many buyers, sellers, and agents are hesitant to follow this approach. However, this outlook is slowly changing.
Before delving into the digital sales process, let’s explore the difference between digital marketing and digital sales:
Digital marketing vs digital sales
Digital marketing and digital sales are two different concepts. Digital marketing is the process of using online methods to advertise products or services to get prospective buyers’ attention. Digital marketing includes methods such as email marketing, social media marketing and creating a user-friendly website.
Making a digital sale is the process of changing a lead into an actual customer or client with the help of online tools. The sales process entails all the steps from the moment the prospect shows interest, to them signing the purchase agreement.
The digital selling process
The internet has made it possible for many businesses to operate remotely. Not only is it more convenient for all parties involved, but it also saves valuable time and money. Now, the real estate industry is coming on board, with increasingly more businesses moving entirely to digital operations.
- Digital viewings
Nowadays, homeowners and tenants can easily rent or buy online. Properties can easily be viewed online with 360-degree virtual tours and hi-res photos and videos. All information can also be listed for each property, cutting out unnecessary communication between parties.
- Live events
Social media platforms have enabled agents to have live events, including viewings of properties or Q&A sessions. Potential buyers or tenants can join the live broadcasts and ask questions about the properties without being on site. This serves as real-time client interactions between the seller and the buyer and ensures that the seller reaches a much bigger audience than would normally be possible.
- Closing deals online
When parties are interested in buying or selling, all transactions can be done online. Smart contracts enable people to remotely sign paperwork and legal agreements with a PC or smartphone. The software is designed to comply with all relevant legal requirements and can often even cut out expensive legal costs, depending on the legal requirements of a country or region.
Some people may be skeptical about taking the entire sales process online due to the sensitive nature of information and the possibility of security breaches. However, with the use of the right technology and software, all data is encrypted, and security loopholes are covered.
The future is digital
Real estate transactions in digital form may still be a relatively new concept, however, it is fast becoming a trend. Digital marketing has also opened the doors for real estate companies to reach new clients faster and more affordably. The real estate industry is truly becoming digital, and to stay relevant and ahead in a very competitive market, it is best to learn the ins and outs of the digital world early on.