KriyaGo - Blog #digital strategy

How Real Estate Companies Can Benefit From a Digital Tenant Experience

Mon, 07 Feb 2022 01:00:00 -0500

COVID-19 came as a shock to most businesses. Entire industries suffered a lack of demand, while supply chains became more fragile than ever.

Worst of all, many companies had to down their shutters faced by dwindling sales.

However, one thing emerged as a positive factor to make many businesses resilient. The pandemic expedited the digital transformation planned by many companies.

Statistics show businesses across the world increased investment in tech to hasten operational efficiency. In addition, they had to cut costs and even improve customer service.

Real estate was no expectation and felt the need to transform digitally. In fact, 42% of commercial real estate companies plan to increase their tech investment in the next year.

In addition, 14% of companies are going to make their tech budget double, according to Deloitte.

Therefore, real estate agencies are working hard to foster a digital tenant experience. It can be the secret to more deals and longer occupancy rates in a highly cautious market.

Let’s explore how a digital experience for your tenants can help you rise above the water and win the competition.

Personalized Recommendations for More Conversions

Most of us are used to shopping online. So, you must have seen how various eCommerce portals like Amazon recommend you the best products. It takes into account your past purchases, Google searches, websites you visit, and more to make personalized recommendations.

A similar technology helps YouTube recommend songs you may like. It uses several factors like songs you listen to and recent history to make the recommendations.

Needless to say, such tailored suggestions are highly favored by users. In fact, 61% of people want brands to personalize experiences based on their preferences.

As a result, real estate agencies can use the same technology to recommend spaces to potential tenants. It will take different factors like demographics, income, and more to suggest the right products.

Best of all, the data for making this possible already exists with real estate agencies in their ERPs and CRMs.

Maybe they just need to integrate their tools to derive meaningful insights.

Ensure Safety and Health of Tenants

COVID-19 has brought with it a range of requirements for real estate businesses. They have to be more proactive to control the spread of the virus in their properties. In addition, they need to prove to the tenant their seriousness in fostering a safe and sanitized environment.

It is high time for real estate agencies to adapt and listen. Otherwise, they risk losing customers, as 81% of business leaders want to change their workplace safety requirements to deal with COVID.

Fortunately, technology can help property managers ensure the safety of the occupants. For example, they can use a mobile app where tenants can check if the restroom is free or not.

It will prevent crowding in front of the restroom and ensure physical distancing.

In addition, the mobile app can provide data on the latest sanitization drives to boost the confidence of the tenants.

A lot can be done with the culmination of a few technologies like IoT and mobile apps. And as per Deloitte, these two are the best choice to improve front-end tenant experiences.

Provide Tenant Self-Service

Technology has changed how customers interact with businesses. They are not ready to wait at the end of the line for 10 minutes as you play them a boring old tune.

Instead, customers, today prefer speed. They want to use the internet and mobiles to get replies to their queries and request services immediately.

The need is more prominent among millennials who grew up surrounded by technology.

As a result, 40% of consumers prefer self-service compared to human interaction. In addition, 70% of people want a business website to come with a self-service application.

Real estate agencies can cash in on this trend by offering a tenant self-service portal. It will allow your occupants to perform vital tasks without leaving their couches, like:

Submit service requests

Pay rent and charges
Manage their account
View and download financial reports and bills
Get notifications and alerts

A self-service portal can boost your tenant experience instantly. Additionally, it can free up valuable hours for your employees, streamline workflow, and even cut costs.

Engage Tenants Better than Ever

Technology can bring endless possibilities to engage your tenants. This can be a vital strategy to hold on to your occupants, even if they are away from their offices.

A range of technologies can help you engage your tenants better. From mobile apps to virtual reality (VR), you can create unique digital experiences using different technologies to stand out.

The practice is more common than you think and already bringing massive returns. For example, Mixc mall in Shanghai is engaging shoppers with VR-based 360-degree tours of their building. Buyers can tour the mall and visit stores, just like in real life.

In addition, they can browse the shelves and select products to buy. This strategy worked amazingly well for the mall over Valentine’s Day week and generated $71,000 in sales.

Real estate agencies can think of similar approaches to engage tenants. For example, senior homes can provide resources to ensure the well-being of the tenants using mobile apps.

In addition, property managers can conduct competitions or even meditation classes to facilitate virtual engagement.

Other Unmatched Digital Tenant Experiences with KriyaGo

Real estate agencies need to work with an adept partner to excel at digital tenant experiences. KriyaGo can go a long way to help you choose and implement the right technologies for your needs. Our experience in real estate and exposure to different verticals makes us the leading choice for digital transformations.

In addition, we can integrate your existing tools to drive meaningful insights. You can develop fitting tenant experiences based on your insights for more success.

Final Thoughts

Tenant experience technology is the latest trend to generate awesome returns. It can help you engage your tenants and provide stellar service. In addition, you can lower your costs and make your operations more efficient. Best of all, you can improve your retention rates and revenues without exception.

8 Top Benefits of ERP integration in Real Estate

Thu, 09 Sep 2021 11:37:41 -0400

Real estate technology has been transforming the industry, especially by improving work efficiencies. Rapid digital innovation has presented endless choices to companies looking to automate their processes. From handling tenants to managing payments, real estate ERP provides solutions to every problem.

To make the most out of the various ERP software, it is important that they talk to each other. Apart from the improved efficiency and work organization, here are a few more benefits of integrating various real estate ERP software.

Easier Transition

Even though the real estate industry is quickly adopting technology, 19% of companies do not have a digital strategy. Companies that already use real estate technology do not want to lose their existing data while upgrading their software.

Whether it is Office 365 or full-fledged software, ERP integration makes the transition much easier. Instead of completely moving your data, it lets you gradually shift to a new system. You can simultaneously use existing tools while also leveraging new features.

This will also cut down the training period by decreasing the learning curve. Employees only need to learn the new features while they are still able to work with the old ones. This helps you maintain the same level of productivity without compromising on technology.

Work synchronization across departments

Real estate businesses involve many departments such as marketing, accounting, and sales. Though most departments are non-IT, they use their own software to work more efficiently. This siloed information can complicate the work process, sometimes even requiring duplication of data. According to the TechTrends’ Technology Vision Survey, 55% of the participants faced difficulties in managing data through their software.

This can be easily solved by integrating software across departments. The multifunctional ERP not only syncs data but also creates a single database accessible to all employees. Your sales data will be readily available for accounting. Similarly, the marketing department can access lead information from your CRM. This unified strategy helps your staff make the most out of real estate technology.

Accurate data and insights

The importance of data in real estate is already established. From finding the right leads to making better investments, it can help you maximize profits. According to McKinsey, nearly 60% of real estate predictive power can come from big data.

Conventional analysis methods that evaluate data separately generate multiple reports. These reports can be inconsistent and you will only get a smaller picture from each software.

Integrating your ERP helps you organize unstructured data obtained from various sources. Insights generated from such consolidated data are more accurate in predicting client behavior and market trends.

Maximize ROI

Real estate software comes with incredible features but can also be very expensive. If used strategically, they can give a high return on investment. According to Nuclear Research, CRM software pays back $8.71 on average for every $1 spent.

Using multiple software won’t let you fully realize their benefits. Instead, you can integrate them by choosing the features you actually use. This lets you budget appropriately and gets maximum return on interest, without wasting money on features that you never use.

Increase tenant retention

According to Zillow Rentals, 60% of tenant turnover is controllable. Integrated ERP gives insights into tenant behavior and preferences by collecting data from various sources. These insights can be used to create a better tenant experience which increases tenant retention.

For example, combining the data from tenant portals and maintenance software can help you identify the main problems of your tenants. Which area required the most maintenance? What did tenants complain about? Resolving these issues can increase tenant retention and build a better brand image.

Increase accountability through approval workflows

If a task requires several employees to work on it, you can integrate ERP to increase accountability. Integrated software lets you align processes using approval workflows. These are workflows within the software that requires every employee to update the progress of the task assigned to them. For a multi-step process, employees need to update the completion of the task at every stage.

Not only does it make the staff more accountable, but also helps you delegate tasks effectively. Approval workflows also save time as all the tasks are updated in the same software, regardless of the department.

Enhanced data security

Data security is one of the major concerns when integrating software. According to Perimeter 81, one out of two real estate firms has faced a cybersecurity attack in the past two years. Integrated ERP makes it easier to protect your data through a single database. Apart from setting up firewalls for cyber security, you can also secure the data within your own company.

You can set up role-based security that lets only specific users access the protected data. Additionally, you can also restrict unauthorized users to access the database. If you use multiple software, then setting up security for each application will be tedious.

If you are considering cloud integration, then you also need external security features. You can backup the entire database on a cloud server since they are very secure. They also have features such as multi-factor authentication and data encryption that prevent unauthorized access of data. This is especially beneficial for property managers who work remotely, as they can access the data from anywhere without worrying about its safety.

Increased scalability

An ideal real estate software is readily scalable according to business growth. Instead of upsizing or downsizing individual software, integrating lets you scale your entire tech requirements. Moreover, you can utilize additional features or remove existing ones without switching to different software.

Seamless real estate ERP integration through KriyaGo

An integrated ERP is an asset for businesses looking to streamline their business processes. KriyaGo helps you seamlessly integrate popular real estate software like Yardi, Procore, and SAP Concur. We understand our clients’ needs and suggest solutions accordingly. Apart from software integration, we also help our clients with support, training, and data onboarding.

By choosing KriyaGo, you get to leverage a professional team, market expertise, and comprehensive tech support. Our strategies have helped clients achieve business goals by making optimal use of technology.

Want to know more about our services? Book a free consultation call with KriyaGo!