Proptech Companies Are Taking a Customer-Centric Approach
Combining Technology with the Human Element
By Matt Olsen
Henry Ford once said, “Most people spend more time and energy going around problems than in trying to solve them.”
This quote perfectly captures how real estate companies should approach technology advancements in today’s digital age. It’s not enough to simply implement a new solution and expect it to resolve every problem; instead, the real estate industry is shifting toward a customer-centric approach.
Whether they serve buyers, sellers, agents, or investors, real estate companies are challenged to stand out in a saturated market by providing the right solutions to build strong relationships while solving their customers’ biggest challenges.
From reducing costs associated with paperwork and manual labor to giving investors access to automated data exchange from one singular platform, technological developments provide tangible benefits for those seeking to maximize operational efficiencies for scale. Innovations in technology are supporting the needs of investors by offering opportunities to automate manual workflows, standardize processes, and create seamless data exchange via APIs.
Putting the Customer First
Proptech companies that take a customer-centric approach are able to show they understand their users’ needs and demonstrate their willingness to address them.
To put this in practice, Endpoint, a digital title and escrow company, took a deep dive into their customers’ specific challenges and technical requirements and focused on solving them with automation.
For example, many real estate investors are looking to scale their businesses and expand into new markets. Traditionally, these investors had to source local title and escrow vendors in every region. However, with advancements in technology, they can now handle their transactions on a national scale with a single point of contact. Having a single platform to house all of their deals with open order automation, instantaneous document exchange, and real-time transaction statuses is a total game changer.
By understanding which parts of the process are most cumbersome, proptech companies can focus on improving the features that would make the biggest impact on efficiency and allow customers to get more done in less time.
“This is a problem in the sector that technology can solve,” said Shawna Hernandez, chief operating officer for Endpoint. “Automating tasks and amplifying the human aspects are big themes to lean into as the industry builds solutions to solve the frictions of volatility and standardization.”
The Human Element
While technology can save time and increase operational efficiencies, there are certain scenarios that still require a human touch.
With large-scale transactions, a human touch is imperative to create confidence for the user, so they can rest easy knowing that they’re receiving personalized customer service and being supported by a team in addition to technology. The human touch is still needed to monitor the intricate details of the transaction process. “The companies that combine technology with people to deliver a seamless customer experience ultimately win,” said Scott Martino, CEO of Endpoint.
Technology needs to address the specific nuances of each business model. Because real estate is a relationship-driven industry, technology shouldn’t replace every human interaction. Even with technological advancements, proptech companies can still build loyalty and trust among their customers by providing a single point of contact that can address any questions or concerns.
A Focus on Standardization
In any product development initiative, it’s important to keep the process and user journey in mind. This means having a standard operating procedure (SOP) in place that guides users through the workflow specific to their respective transactions.
“Standardization is key,” said Hernandez.
According to Hernandez, the team at Endpoint identified standard practices that were ripe for automation, as well as areas where a personal touch was needed. They factored in such nuances to create a system that was effective at empowering employees to step in when a human touch is needed.
This process was critical to ensure that all potential scenarios and outcomes had been taken into account — even situations that shouldn’t be automated. Standardization promotes efficiency throughout the entire process and ensures that all parties involved in the transaction are on the same page.
Custom Solutions Built for Scale
It’s beneficial for tech-forward investors to align with proptech companies that are building with their needs in mind because the solutions will help solve their unique frictions. When selecting proptech companies to work with, it’s important to look at the company’s core values and track record to ensure that the solution is tailored to the investor’s needs and not just a generic one-size-fits-all approach.
When implementing new technology, investment companies should utilize the right change management practices to help ensure that employees are set up for success. A customer-centric proptech company will be able to partner with you to guide you through the process, so all team members can follow the standardized process and seamlessly integrate the technology into daily operations.
Plays Well with Others
Many real estate companies have their own technology and are looking for vendors that can integrate with their current tech stack via API integrations, which can sometimes be faster or easier than implementing an entirely new platform.
Emerging proptech solutions, like those offered by InspectHOA, a platform that streamlines the HOA document acquisition process, can automate a seamless data exchange to improve and accelerate transactions. Endpoint has leveraged InspectHOA’s workflows to streamline an integral part of the closing process. By integrating directly via API, the HOA documents and data that InspectHOA collects can automatically be loaded into the transaction without human touch.
It’s important to consider the resources it will take to implement an entirely new system and weigh that against the ease of using an existing platform via an API integration. By partnering with an outside vendor, you might be able to solve pain points more quickly, while also creating new relationships in the industry.
Keeping the Customer in Mind
As more proptech companies apply a customer-centric approach, investors will continue to benefit from customized solutions that will help them scale.
Knowing the impact customer-centric solutions have on customer satisfaction means that striving to address each customer on a personal level will continue to be a key trend for every proptech company’s strategy moving forward.
