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.