How Emergent Technologies are Revolutionizing Property Markets in Hong Kong
In the modern era characterized by innovations, technology has played a significant role in the growth and development of various industries and as a result, it has significantly improved productivity and the delivery of goods and services leading to positive growth and sustainability of markets. The housing market has not been left behind either. Innovation has greatly contributed to the expansion of the property market and changed the way business was conventionally carried out.
Of all innovations, digital technologies have been as the center stage of revolutionizing the real estate industry. Investors and other market players have realized the immense potential provided by digital technologies in the transformation of business models and in the growth of their businesses. Hence, market players in all verticals of the real estate industries have aligned their business objectives with the innovations in the bid to tap the potential presented by technologies.
Marketing strategies are the most leveraged operational activities that have hugely deployed the use of digital technologies in seeking new market opportunities as well as in keeping in touch with clients. There is clear evidence that the real estate industry of Hong Kong has tapped into the increasing use of digital innovations to connect with potential clients. real estate intermediaries, markets and the market infrastructure of Hong Kong has deployed various innovative tools that have enabled the property market to accelerate at a quicker phase thus ensuring positive growth and expansion of the market.
Web-based technologies such as social media, mobile apps, websites, blogs, multimedia as well as software have enabled market players of Hong Kong property markets to interact with prospective clients and be in a position to consolidate their bases to attract more investments
The role of digital technologies in market expansion
- Fast and Reliable Communication
Innovation is responsible for bridging the communication gap between business and clients. Today, communication is timelier and the medium used for communicating are more versatile and enhanced. As opposed to earlier days when business messages would take some time before reaching the market and also clients' feedback would take ages before getting back to consumers, the ease of communication has greatly improved thanks to innovation.
Essentially, accurate and timely communication of market information is fundamental in attracting investments and enabling the market to grow faster. With the enhanced development in communication, the real estate industry of Hong Kong has opened up new opportunities for potential investors to seek a slice f the market.
- Wide Reach
Innovation is to compliment for enabling an expansive reach of market information. The various platform used in communication have helped market information and data to be available for a wide segment of the market. Market players can access the information that they require easily through web-based resources at any time of the day. For instance, millennials who were less considered as potential market players have been easily tagged into property investment because of the availability of information within their reach. Moreover, users can gain access to relevant market data via various channels through the internet. They also can also verify the authenticity of data by seeking information from reputable sources. This has been helpful in enabling increasing participation in the markets.
- Increased Participation
We live in the digital age that is characterized by loads of information through various platforms that are customized to meet the demands of the audience. For instance, the use of multimedia such as videos and enticing graphics is a fundamental strategy that is being deployed by industry players to increase participation of the audience; social media has also helped in customizing the information to various users according to the social platforms that are preferred by the audience. It is clear that market player must adopt the use of various strategies to convey information in a manner that ensures increased participation and engagement of the users. Additionally, some technologies such as ‘text analysis' are becoming increasingly popular as market players try to ascertain the responses and engagement of the audience to any information published on different social platforms.
- Customization of the market
One secret that market players have learned that has been imperative in helping them recruit potential investors is the tailoring of a market to suit the taste and preferences of potential investors. Technology has increased more convenience by enabling potential investors to use different innovative solutions to perform various tasks and execute transactions without much ado. Take for instance the ability to complete payments conveniently using web-based solutions such as PayPal; or the convenience of searching and eventually hiring a realtor through mobile apps such as Zillow. These solutions have been customized to provide the convenience that advanced the modern lifestyles of clients today.
Innovative Technologies that are Revolutionizing the Real Estate Industry
- Mobile Apps
Innovative mobiles apps such as Zillow and Trulia have played a key role in the transformation of the real estate industry. Real estate Mobiles apps that have been greatly customized with interactive features and versatile functionalities that suit both realtors, portfolio managers, realtors, property managers, home inspectors and potential investors among others intermediaries to access the property markets. The mobile apps enable eased listing of property, the search of Realtors, rent property, locate property managers and portfolio managers as well as complete other transactions conveniently. The apps allow the search of all this information according to the demographics of a specific property market. Therefore all market intermediaries have realized the need for them to publish their information as well as their services through the apps as a marketing strategy.
The interactive features and functionalities have offer potential investors with powerful tools through which they can make investment decisions and contact the most suitable professionals who are competent to help them in making investments.
The technological approach used by the mobiles has various benefits for both agents and clients looking to buy, sell or rent real estate properties by putting innovative technology at their fingertips.
Moreover, the presence of an offline team of real estate professional enables clients to make the end-to-end finalizing of any deals more efficient thus enriching the consumer experiences. This is typical of the way Uber does business; a client locates an Uber cab online and after making contact with the desirable cab driver, the driver pick the user from a certain destination and delivers them to their preferred destination.
Through real estate mobile apps a client in Hong Kong is able to access powerful online property search tools that can help one locate a desirable realtor based in Victoria City and after making contact with the realtor online, they two parties get in touch offline and seal the investment deal in Victoria city.
- Websites and Blogs
Another digital platform that has been widely responsible for the significant growth recorded in the property market of Hong Kong is the development of real estate websites and blogs.
Websites and blogs are responsible for the dissemination of information that empowers potential clients. Webmasters have realized that users need information that can help them make informed decisions and thus strive to publish useful information that provides material value required to guide potential clients in their investment needs.
Moreover, websites have been adopted as digital platforms where the property can be listed and real estate intermediaries can market their services. They provide a link between the intermediaries and potential clients to meet up, interact and finally make contact with the objective of investing in the property market.
Social networks are excellent digital platforms revered for their increased user engagement and interactions. Therefore they offer immense opportunities for developing creative marketing strategies that can help real estate investors to seek potential clients and consolidate their market shares.
A chief reason that has made social media popular is the ability to target specific users according to their demographics, likes, and preferences. Market players are able to succinctly determine the bets approach of engaging social networks' users' base on specific characteristics that are inherent or practiced by the users. They then undertake to develop engaging social media content that resonates with the traits of the users. For instance, millenials who are loves pets could be targeted with intuitive content that features pets as part of the content while the main content will lay an emphasis on the property being marketed. The content created could be vided, blogs, short articles etc. primarily, including desirable traits that the users resonate with help to increase user engagement.
Additionally, social networks enable the ease of sharing content shared on the platform. Therefore by publishing creative content, market players target to benefit from the enhanced outreach and publicity that is brought about by the sharing of the content by the users.
Today market players have realized the importance of setting up social pages; social groups and social network on social platforms to reach out and engage with potential clients thus are able to grow their businesses.
Benefits of Digital Technologies in Real Estate Industry
- Cloud-based Search Inventories
The best way to empower clients is by providing them with greater access to data, which eventually helps them to make informed decisions without having to rely on the advice of agents. This is one area of innovation, which has not been fully adopted and exploited by conventional technologies.
Innovative media seeks to bridge this gap through the creation of massive online search directories, which is cloud-based. Such models provide a versatile platform for clients to access data, make comparisons and thus make informed decisions through the use of their digital devices.
In addition, a cloud-based directory enables fast retrieval of data thus making the technology reliable to clients and help to improve their consumer experiences.
It should be noted that market players have also realized how they can use cloud-based data to personalize their offers according to the needs of their clients. This is achieved through the critical analysis, quantify, interpret and determine user behaviors from cloud data through innovative technologies of big data analysis. By ascertain specific user behaviors and trends, market players are able to provide more customized solutions that offer enhanced benefits to potential clients. Additionally, the analysis of data is enabled market players to predict future models of investment as well as preferences changes in the trends of property investment.
- Requests On-Demand Agents Instantly
Digital technologies have been developed with enabled push notifications that occur in real time. Customizations for these notifications has been set to detect the geo-location of the clients so that a notification can be sent to an agent in the said location to enable easier interaction between clients and the right agents. This means that after a client has done searching for property and made a decision, he/she can instantly contact a real estate professional to close the deal.
A client may opt to choose an agent based on the reviews of the agents in their profiles thus enabling them to make the bests decisions about whom should serve them.
For instance, the mobile apps have interactive functionalities that enable push notifications that helps to alert agents about any contacts from clients who try to get in touch with them. The apps enable the agents to connect with a client and have a live conversation through an interactive toolbar with reply options for calls, SMS, and emails.
Moreover, the notifications sent to agents include the information pertaining to a property thus enabling them to provide professional services to the clients.
- Book or an Appointment
In the instances when a client is not prepared to initiate an online conversation or may shy off from live conversation online, they still have the preference to book an appointment with the agents later when they are adequately prepared to engage agents.
When this is initiated, reminder alerts will be scheduled for both the client and the agents hence making the experiences more enhanced for both of them. The agents have the options to check the contact details of the clients to help them make necessary follow-ups.
- Submit Instant Paperless offer
Digital technologies have made it possible for clients to submit paperless offers on a property that they are interested in buying. A client does not have to be physically present in order to sign and submit a provisional agreement of purchase or sale. Moreover, since the forms are submitted instantly, then an understanding between the client and the agent can be reached on time without either having to meet hence saving time and other costs which could be incurred.
- Make Payment Virtually
We live in an era where the making of virtual payments has been widely adopted in almost all industries. Digital technologies have enabled real estate transactions to be made safely through web-based platforms such as mobile apps and websites. The platforms have been designed to ensure secure and safe transfers of virtual payments thus enriching the client's experiences while safeguarding them from identity thefts and other cyber malpractices. Clients are also empowered to have all their financial documents and reports secured stored for easier reference in future.
It appears that mobile apps are poised to capitalize on the outdated marketing methods used in the real estate industry by enriching the experiences of the clients. Moreover, the technology used is also pivotal in making agents more relevant in the industry by embracing innovative ways of doing business in the real estate industry. This will entirely add value to the industry at large.