By: Anil Kumar Nirmal, Chief Technology Officer, Realto Express
Real Estate is at the epicenter contributing to shape up todayâ€™s world. The construction industry is also treated as the backbone in a developing country like ours but in recent times it has been seen slowing down by low margins, negative cash flow from operations, rising interest costs on high working capital , execution delays and poor corporate governance.
Initially the real estate companies were more concerned with the basic requirement of the customer and surprisingly they come up with just the satisfactory output. But nowadays with the help of IT solution, the real estate consultants are moving in multidirectional areas. Majority of the companies has changed the style of thinking in terms of Clientâ€™s satisfaction/Trust, Clientâ€™s referral, Brand awareness, Decrease in man power and Increase in employeeâ€™s efficiency, Automation in production of construction budgets and tracking transactions which in total further improving the real estate consulting industry drastically.
Even in a down cycle, successful companies use IT to reduce costs and improve operational efficiency. Through higher end connectivity solutions, an employee in the field might be able to electronically transmit up-to-date information to an IT system in the corporate office. The information is updated real time and provides management with information not readily available anywhere else. This long-term approach towards IT supports the companyâ€™s long-term goals and objectives. Companies using the IT approach will be able to move beyond elderly methods and will be able to achieve a competitive advantage in their marketplaces.
End customer (an investor or buyer) seeking for fast, accurate, reliable service from the real estate consultants. Clientâ€™s trust always goes to the companies who are providing them right information at right time and in professional manner. IT not only helps in keeping your customer happy but also provides you a data security and various data matrix to analysis the business performance, which helps you in making critical business decisions.
IT is becoming a driving force necessitating change in the way real estate companies market to their clients. Companies that are quick to adapt will survive and those that delay will find it harder than ever to survive against IT savvy competitors.
Employees of real estate companies are wearing more hats than ever. The traditional lines between departments such as investments, corporate leasing, sale/purchase, legal and others have blurred as departments have a need to share the same information. Investing in the IT integration of corporate wide information is essential in order to build a foundation to allow a company to achieve higher level, long-term goals. Effective use of IT is quickly becoming a prerequisite for industry as conservative as real estate.
Real estate executives must play a leadership role in the integration implementation and proper execution of resources and IT thus easing the transition as the lines blur. This requires a blending of people, technology, and connectivity.