The real estate business is one of the oldest in the world and it is the fastest-growing business. For these facts the challenge is big and to act fast we need to adopt digital transformation.
There is an increase in the rate of urbanization in Tanzania and demand for new houses. On the other hand, internet users have drastically increased to 29.9 Million which is nearly half the population.
The Tanzania real estate business drives the economy and for Tanzania, it has contributed to the GDP by 3.1% which is an increase of 25% between 2015 -2019. See: https://www.tanzaniainvest.com/construction/realestate
This is why 58% of the reputable real estate companies in the world already have a digital strategy while 41% have tried technology.
In this regard, this article discusses what is digital transformation. Why is it important to the real estate business in Tanzania? Where to position the technology and what processes to transform?
If you look to increase efficiency, reach new markets, and serve your customers better with insightful data this article is for you.
What is digital transformation?
It’s better to start with what digital transformation is not rather than saying what it is.
It is not digitization, it is not converting papers and files to paperless or digital. The word transformation in digital transformation is more important than the word digital.
It always starts with the culture of the people who are inspired to change. They come up with new strategies to solve their current problems. Often this leads to changing a business model. They look to position technology to generate desired values out of their strategy.
Based on this regard, digital transformation refers to the positioning of technology at the core of a business model to change its operations, culture, and customer experience to ultimately increase efficiency and unlocking of new value for employees, customers, and shareholders.
This process is intertwined with business transformation. Impacting a business process is the sole foundation of digital transformation. The expected deliverable is the product that is relevant whilst delighting customers. The major goal is to drive business outcomes with better customer experience.
Hence when you think about digital transformation, you should think about creating a new way. Think of a way of doing things in a more efficient and cost-benefit. In the end, the goal is to impact the process, culture, people, and customer experience.
😊To learn more about what is digital transformation and its purpose in your businesses go here.
Why digital Transformation is important in Tanzania's real estate business?
Business environment, customer expectations, competition, and marketing need challenges. The disruptions targeting businesses are constantly happening today and even tomorrow.
Thus the situation forces businesses to change and re-align their models to accommodate changes and survive. They come up with innovative strategies to solve existing problems, and technology is the driving wheel.
The real estate business in Tanzania and elsewhere cannot be excluded, in this face of change.
Organizations need to gain a competitive advantage to face competition and marketing challenges. Organizations or businesses adopting digital transformation are no longer an option.
It needs digital transformation to support its organizations against current and future challenges.
The followings are advantages in the context of businesses selling land plots for commercial, residential, special use, or industrial:
✅ To Solve land disputes caused by double allocations
Double sales or allocation of a plot to multiple users is one of the greatest challenges for companies that manage large plots and projects. This leads to land disputes when verifying real owners.
For the company facilitating title deeds from the ministry of land, it becomes daunting.
If this problem remains unsolved, will lead to chaos and tarnish the brands of organizations in this industry.
✅ To Enhance data-based decisions from insightful real-time reports
Real estate companies need to handle a lot of data. Starting from project details uniquely related to thousands of plots of customer data (KYC) for profitable use.
The unique details can be the plot status, bookings, reservations, or site visits.
Also payment status and progress for every plot, stakeholders, prospects, and market details are vital.
Imagine how hard it is to handle and manual processing this data, leave the answer to yourself.
Inefficient management of this data prevents them to tell you a beautiful story. The story is about the part of success, failure, future opportunities, and even details about your customer's experience.
Putting technology at the core helps to automate operational functions. This helps to process data to give you real-time information for insights. This helps you with a North start for your business to find the right direction.
✅To have a competitive advantage due to the technology shift
Technology assists to attain a competitive advantage in every facet of a business to deliver unique customer value.
The end goal is to improve efficiency, cost-effectiveness, and unique services tailored to the needs of your customers.
Technology new medium for businesses and customers to meet each other swiftly.
Businesses adopt digital transformation so that they are not left behind. This increases competition and to survive you need to shift with the shift of technology to secure your market share.
Did you ask yourself why NOKIA’s market was disrupted by iPhone or Samsung? The reason was not that NOKIA did not have the technical capacity, rather they did not answer new market challenges.
It's because Apple came with more answers and technology that created more value for the customers.
The same for your business no matter giant and sophisticated your organization is, what matters most is a unique value.
Organizations need to gain a competitive advantage to face competition and marketing challenges. Organizations or businesses adopting digital transformation are no longer an option.
It needs digital transformation to support its organizations against current and future challenges.
The followings are advantages in the context of businesses selling land plots for commercial, residential, special use, or industrial:
✅ To Solve land disputes caused by double allocations
Double sales or allocation of a plot to multiple users is one of the greatest challenges for companies that manage large plots and projects. This leads to land disputes when verifying real owners.
For the company facilitating title deeds from the ministry of land, it becomes daunting.
If this problem remains unsolved, will lead to chaos and tarnish the brands of organizations in this industry.
✅ To Enhance data-based decisions from insightful real-time reports
Real estate companies need to handle a lot of data. Starting from project details uniquely related to thousands of plots of customer data (KYC) for profitable use.
The unique details can be the plot status, bookings, reservations, or site visits.
Also payment status and progress for every plot, stakeholders, prospects, and market details are vital.
Imagine how hard it is to handle and manual processing this data, leave the answer to yourself.
Inefficient management of this data prevents them to tell you a beautiful story. The story is about the part of success, failure, future opportunities, and even details about your customer's experience.
Putting technology at the core helps to automate operational functions. This helps to process data to give you real-time information for insights. This helps you with a North start for your business to find the right direction.
✅ To have a competitive advantage due to the technology shift
Technology assists to attain a competitive advantage in every facet of a business to deliver unique customer value.
The end goal is to improve efficiency, cost-effectiveness, and unique services tailored to the needs of your customers.
Technology new medium for businesses and customers to meet each other swiftly.
Businesses adopt digital transformation so that they are not left behind. This increases competition and to survive you need to shift with the shift of technology to secure your market share.
Did you ask yourself why NOKIA’s market was disrupted by iPhone or Samsung? The reason was not that NOKIA did not have the technical capacity, rather they did not answer new market challenges.
It's because Apple came with more answers and technology that created more value for the customers.
The same for your business no matter giant and sophisticated your organization is, what matters most is a unique value.
The size of your company should be equated with worthiness in delivering unique values. It should provide answers to the challenging expectations of the market. It should lead to customer satisfaction.
✅ Keep the people, service, and product relevant to technology
When changes come and a problem arises, it's when the business tries to come up with new strategies. They do this to accommodate the change and alleviate the challenge.
This strategy enforces change in departments, and models of business and leads to an innovative culture. These people embrace facing their problems.
The product, services, and technology should find the mutual spot and relevance to allow technology. To fuel the strategy to speed up the change inspired by their own culture.
Technology does not change the game, but it powers the right strategy to influence success.
If you have an outdated team, with a short-sighted vision, they will fear technology and change. This is because they don’t possess innovative habitant.
PlotBox is the only available real estate software with a digital transformation framework.
To help companies selling land in Tanzania PlotBox has created a solution that
This leading digital marketing company in Tanzania created PlotBox to revolutionize real estate.
The Software incorporates the process, the people, and customer-oriented values in one place. That incorporates the process, the people, and customer-oriented values in one place.
Where to position successful digital transformation for real estate?
1. How to reach, acquire and maintain customers
In an environment where rapid development takes place to place, customer behavior and needs change as well. So they should be some strategies to reach the target audience.
This is not an age where marketers should move to convince prospects one by one, or else you will be left behind.
Most real estate companies work with marketers for commission instead of permanent employment. Hence it's a good opportunity to empower them with affiliate marketing links.
You gain more data and insights and also use their influence on digital platforms to impact your brand.
A company like real biz has deployed a market link, which you can see here:
This link helps to give your digital marketing strategies the ability to empower your business.
Instead of measuring likes, comments, shares, or views here you will measure the number of prospects and track conversions.
❤️❤️ See how the marketing affiliate link works here ❤️❤️
2. Project and Property Management
Land business for real estate business in this context involves managing small pieces of land of different sizes.
They also manage different and unique details that are associated with different people and assets.
Managing all the land and the details of ownership with data integrity in the best way possible can never be done manually.
It will come to a point one you allocate one plot twice or thrice to different customers which will lead to confusion and even tarnish your brand.
Having a flexible smooth way to identify which piece of the plot is for sale, reserved, or open is extremely important.
Here you can sense the need to put technology at the core of this business to automate processes. This is the vital part that digital transformation should solve to increase efficiency and reduce human error.
Having this strategy in place will assure you use digital marketing strategies to let prospects reach your brand for self-services. They manage their bookings without hustle while the process remains fully controlled.
3. Central data management
The organization needs intelligently informed decision-making across the entire business. Thus it needs to analyze data from multiple angles of business so that they can properly decide. In this regard the vital part of digital transformation lies in the followings:
- Implementing and refining the right and unified tools
- Enhance data strategy and data management
- Process and analytics
In the end, aligning and refining the online and offline data to support insightful reports for an intelligent decision is the main objective.
4. Marketing to optimize digital marketing opportunities
The real estate business in Tanzania is widely growing. We see many investments both small and big rising every day.
This steers more competition that calls for a business to establish smart marketing. For a business to win there is a need to understand its persona very well to enhance the reach of precisely targeted customers.
People now use techniques of social media to reach large groups of people.
The problem lies in the right acquisition and what to measure that matters most.
If you use social media, then what to track that connects to your business model? Are likes, comments, and shares speak precisely enough for you?
PlotBox software has a feature of a marketing link that you can mix with social media strategies. It then empowers migrating the details of your leads into your owned channel. Once you have all the data with you, the Software empowers you with automated processes to manage your leads.
You can use the link to collect the right leads information for further marketing.
Bridging Technologies has a powerful affiliate marketing program, the link that does magic in the lead magnet.
The link is created to associate with a marketer or a brand to create ownership and natural competition to deliver more.
5. Virtual property view and online site visiting – online walkthrough
Currently, all the real estate agencies in Tanzania have not applied for a virtual site visit. Prospects are not empowered to have their best decision in choosing the right product.
Users cannot compare prices or even verify the right company to buy from based. The only way is a physical visit and many questions remain unanswered. Bridging Technology transformed real estate to enhance virtual site visits. The aim is to empower users and simplify the process with automated techniques.
View how to preview DIGITAL MAPS and choose a piece Plot with reasonable data for your best decision. Through this, a business can reach customers throughout the world to visit and book their sites swiftly.
1. Automated prospect response and notifications
When you get prospects who show interest in certain services, you need to work hard to convert them into customers.
Real estate companies can use SMS marketing for an event like Saba Saba to acquire a large number of data. The problem is how to activate with them and build relationships.
Sometimes you need intelligent SMS reminders and promotions that are tailored to one customer to close the deal and optimize your sales.
This feature can help you to position your brand in the minds of your customers for more exposure and relationship. People nowadays buy from brands they trust and that resonate with them.
Imagine having a solution that can say happy birthday to dear Warda precisely at the right time and automate.
Did you know what a sense of being valued can bring back to your brand? ITS trust and connection.
You can use this to auto-reminder and auto marketing your service based on intelligence parameters that PlotBox understands.
2. Multiple Payment management
Here is another area that needs technology, you need to manage payments from different channels.
Most of the time customers do not pay in full, rather they pay in agreed instalments.
You need technology that enhances the collection and management of payments. Payment from multiple channels, be it from all mobile money wallets or all banks.
You need a payment solution that swiftly understands all payments, respective users that pay, the assets they pay for, and the remaining balance on a real-time basis.
This will help you with a decision from multiple directions and the data you handle here you can analyze to find hidden opportunities. You need to centralize data management for your records, partners, and stakeholders.
Sum Up
It's fair to assume that digital transformation has disrupted the real estate industry. The objective of digital transformation is to improve processes whenever possible by utilizing a new technology.
Some Real estate businesses employ digital technologies like blockchain, 3D virtual tours, smart contracts, PlotBox, etc. to prosper in the real estate sector.
Digital transformation, however, goes beyond simply giving businesses a competitive edge; it's also essential to fulfil the shifting demands of customers. Over the upcoming years, the real estate industry's digital transition will intensify. You should therefore keep an eye on it.
If you have any questions concerning digital transformation or require help developing a real estate product, please contact us.
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