By Jony Díaz
The real estate sector was not immune to the effects on life changes imposed by the COVID-19 pandemic. Our consumption habits and preferences have changed drastically, and we observe this daily in the decisions and expectations expressed by our clients, as well as in the rise in commodity, raw material, and shipping prices, which in some cases have increased by more than 100%. And of course, the expected experience when buying and using our services and products has also been affected.
2021 was a year of growth and digitalization for the real estate sector. According to the Central Bank, during the January-July period, the construction sector in the Dominican Republic showed a year-on-year increase of 36.5%, despite rising material prices.
Let's start with the trends:
1- Digitization of the customer experience
Steve Jobs revolutionized the world with a touchscreen smartphone; now it's your turn to be part of the digital revolution in the real estate market. Here are a couple of ideas on how you can join in:
- E-commerce: E-commerce is definitely the present and future of sales, so having a functional website that makes it easy for your clients to learn about you and what you offer quickly and easily is a definite plus that will help you increase sales. That's why it's always a good idea to ensure your properties have all the relevant information just a click away. Including all the documentation digitally for each property and having plenty of professional and relevant photos for our clients is a step that has helped our AlterEstate members be more productive and efficient in their sales processes , and we know it will be for you too.
- Personalized attention: Simply adding your email address as a communication channel is no longer enough. Customers want a personal touch, and chatbots are the perfect tool to deliver it. According to research conducted by Grand View Research are expected to grow by 24.9% between 2021 and 2028. They are definitely an excellent option if you want to improve your lead filtering process, thereby increasing sales and enhancing the personalization of your interactions with potential customers.
Digitalization is more contagious than the new Omicron strain, and since everything about the coronavirus is totally uncertain, the best thing to do is start and see where we end up.
2- Cryptocurrencies as a means of payment?
It's no secret that cryptocurrencies have experienced a boom in the last decade, and further growth is imminent in the coming year. In countries like Spain, the first sales using digital currencies, especially the popular Bitcoin, have already taken place.
Let's look at several examples based on real sales transactions to explain more simply some of the reasons why digital currencies are already part of the real estate sector and will continue to be so in the future:
Let's say we have investor #1, Jose. About six or seven years ago, he acquired a few bitcoins for a relatively low price compared to their current value. Although Jose has seen them appreciate significantly over time, he has also experienced the currency's volatility and isn't comfortable with that situation. So, Jose has decided to make his investment safer and less volatile by converting his bitcoins into cash and buying a property. This is a profile we'll encounter quite often. However, there's a completely opposite profile: Maria, a real estate investor who has accumulated properties for investment purposes. While she currently receives a good return on these properties, she also invests more aggressively in cryptocurrencies. In Maria's case, she decides to sell her properties and migrate everything to digital currencies because she is much more tolerant of the current risk and volatility.
Yes, my dear reader, today more than ever we must know our customers and the intention behind their actions so that we can offer more value by adapting to their needs, and remembering that personalization is the present when it comes to closing sales.
3- Customers are already betting on sustainability
And your company should too…
We are in a complex social process; as we mentioned before, consumer habits and preferences have evolved. For this and other obvious reasons, the United Nations created the SDGs (Sustainable Development Goals), which provide an excellent opportunity for you, as a construction company, agent, or real estate agency, to become a sustainable option for your clients and the properties you market, by adopting some of the objectives set out there.
Good communication is key to attracting clients today, so it's a great idea to include in our messages, details, and advertising photos what makes us a sustainable investment option. Many of them are already adding sustainability to their list of criteria when making real estate investment decisions.
Although there is still much to be done in this regard in the Dominican Republic and Latin America, by each of us contributing value, improving our actions and communication, we achieve an impact and also win over those customers who are looking for increasingly sustainable options.
4- Working from home increases demand in the real estate sector
So yes, get excited, but not too much. We're at a point where meeting demand with the current supply is becoming increasingly difficult, and with it, property prices are rising as well.
Out there are plenty of potential clients who have realized they definitely need a comfortable space to work and spend time with family and friends. Now it's up to you to make your offer attractive enough to capture as much of the available market as possible. Think of it like the game of tag we played as kids, but with properties and strategies.
Focusing on presenting relevant content correctly and through the right channels (yes, where your customers are) to guide their decision-making is definitely a trend that has been gaining strength over the years and that, if applied in 2022, can have a significant impact on your business's sales (if you're prepared).
Having a high volume of potential clients is useless without a system that allows you to provide optimal and efficient support to your clients' decision-making process, from the initial contact to the closing of the sale. At AlterEstate, we are committed to you and your business. If you want to see how you can transform your business and generate more sales in 2022, click here to start your free trial. Don't worry if you're not very tech-savvy; we'll be with you every step of the way to help you achieve your goals— the very goals you have in mind right now!
The author is:
Content manager at AlterEstate. Passionate about digital marketing, he specializes in traffic management for attracting and generating leads across various digital channels, as well as Business Administration (BBA). He aims to create impact through the implementation of agile, creative, and innovative strategies.
