What Every Business Can Learn from Real Estate’s Technological Disruption
It’s easy to throw around business cliches that are true. Implementing them to drive growth is another story altogether. Executives know the trending buzzwords of the day, like “disruption,” or even the basics like “digital technology.”
How can they meaningfully go from talk to action? Let’s check out how real estate tech disruptors have operated to draw important lessons for business leaders in other sectors.
Transparency
Consumers today want to know what’s going on with products before they complete the purchase. Full transparency means keeping nothing from them and being above board at all times.
The digital disrupter Regan McGee explained how his platform Nobul lets homebuyers connect with an agent whose prices reflect the work they deliver: “The job has completely changed, but the fee structure has stayed the same. With our competitive marketplace, agents that want to charge 5% can, if they justify their 5% through their reviews and their service proposition. If they’re doing something that’s more like a 3% job, then that will come out as well. It’s really about consumer choice.”
Sometimes transparency means ensuring restaurant diners know the staff is paid a living wage or how the fish or vegetables are sourced. Are they eating farmed fish or salmon caught in the wild?
Between prices and sourcing, consumers want to know, and businesses that keep them informed get rewarded with growth and higher sales.
Accountability
Nobul’s platform lets homebuyers access reliable information because they don’t accept money from agents to get listed or ranked higher. The user reviews and profiles listing things like the agents’ fees and experience levels are trustworthy.
Many digital platforms promise users accountability they don’t deliver. If you want to scale up and grow your business with sound fundamentals long-term, you must be real with your users and ensure they can rely on you.
Put another way, your customers may be wary of nice sounding promises you make about quality or standards, and they’ll test to see if you can really deliver.
Consumer First
The business has always known that “the customer is always right,” but digital personalization lets businesses prioritize and address their needs in ways undreamed of before. Nobul lets homebuyers receive the perfect listings right in their inbox as soon as they hit the market.
Anybody who has ever seen their dream home get snapped up before they could pounce on it knows the value of time. If you can save your customers time and better deliver on their needs, you’ll be rewarded with increased loyalty and higher sales.
Don’t just rely on gimmicks or hollow branding campaigns. Save them meaningful time and money. Just like businesses prioritize their bottom line, people will remember the money you saved them.
Business leaders know their own company and their customers well, better than anyone else. It helps to see how executives in other industries incorporate modern technology to deliver promising results. Even if you’re not in real estate, remember the above tips, and your business should thrive.
