There is hardly any doubt that technology is impacting almost each and every business. It is also impacting our daily life. It has particularly started playing a big role as far as real estate industry is concerned. There are many aspects of real estate industry. In this article we will try and find out how technology can be a great enabler for pushing real estate valuation to a higher level of success. When a property is bought or sold, there are a number of important steps and processes that have to be gone through. Valuation is considered to be one such important process. Though there are many customers who have a completely different opinion about property valuation, there is no denying the fact that not valuing a property could become very costly. It could result in cancellation of the entire deal leading to heavy loss of money, time and effort. Therefore, valuation of properties continues to play a very pivotal role whenever there is a need to transfer ownership from one entity to another.
While property valuation is a very important component of conveyancing, one has to be bear in mind that running a smooth valuation business is not something that can be taken for granted. This is because of increased levels of competition at all levels and the growing impact of modern day technology on this business. Hence, if you are into property valuation business it is imperative that you start understanding the importance of using technology to further your business. Most of today’s young generation customers make use of the internet for gathering information on various products and services. They do not take decisions based on hearsay alone but would like to check facts before moving forward.
Therefore if you are into property valuation business you should start off your journey to technological advancement by having a website of your own. You should get the website designed by a professional. Further you should ensure that it has all the relevant information that could be of interest to potential customers. Additionally, your website must be actively present in social media networking sites like Facebook and Twitter. Last but not the least, you should use your website to your advantage and try and offer online property valuation. This indeed will be a great value addition to your prospective customers who suffer from a great paucity of time. Offering them online valuation will be a path breaking decision so to say.
When buying and selling real estate properties, there are a number of important things that must be taken into account. Apart from identifying the right buyer and seller there is also the need to identify the right banks and financial institutions for mortgage home loans. Further there are a number of other processes and steps that should also be gone through only after which the ownership of the property can be transferred from the seller to the buyer. Most of these processes and steps are complicated because they have legal implications involved and therefore there are hardly any room for errors and mistakes. This is the main reason why most of the customers prefer handing over the entire job of property valuation to professionals rather than trying to do it on their own.
There are quite a few legal considerations that have to be taken into account while going in for property valuation and it would be interesting to have a look at some of them over the next few lines. Zoning is on such legal regulation that often has to be factored in. These are basically decided by the local governments and the main objective is to have some rules and regulations as to where residential and commercial establishments can be set up. These regulations differ from municipality to municipality and there are no uniform guidelines on the same. Hence, when valuing a property it is important to bear this point in mind because this will have an impact on its value.
There are some environment regulations which also must be adhered to when building homes. Therefore, when buying and selling homes, these points should be kept in mind. The value of the property in question could be impacted by these environmental rules and regulations and it could mean quite a few thousand dollars of impact either way.
Further in some areas there could be a concept called building codes. These codes talk about the minimum standards of building that have to be adhered to when constructing homes or apartments. Non adherence to these standards will lead to the building being declared unsafe and could even face demolition. Hence, the onus is on the property valuers to ensure that the required building standards are in place which certainly will have a bearing on the overall value of the entire building. Hence, there are a number of such factors that should be taken into account by valuers when valuing a property.
If you are running a property valuation business successful for the past many years, it might not be advisable for you to remain complacent about your past successes. This is because running this business now when compared to even a few years back is becoming extremely difficult to say the least. While there is no doubt that the number of real estate customers have increased and there is increased level of buying and selling, the situation is not very encouraging for even established real estate appraisers. They are finding the going tough mainly because of two reasons.
First is of course the increased level of competition in this business. The number of real estate appraisers and valuers might have doubled over the past few years, though the exact figures are not available. This is putting pressure on the existing real estate valuers. They are being forced to enter into a price war. Established valuers may find price wars not manageable beyond a certain extent. This is because they have higher overheads and cutting costs beyond a point is not possible. Quality also gets affected by indiscriminate slashing of prices. Hence, it is important for them to look at other ways and means by which they can move their business higher.
The advancement of modern day technology like the internet and mobile telephony is also playing a big role in changing customers’ buying habits and preferences. More and more customers are using these mediums to identify valuers and other such service providers. They are bypassing the conventional ways and means of identifying service providers. Hence, only those valuers who are making use of the internet and other such mediums are finding the going easy when compared to other. Therefore, the first point that should be kept in mind is to ensure that even conventional and old players are aggressively present on the internet. This is the best possible way to build new relationships and also for extending networking capabilities.
The next important aspect that needs careful thought is to try and offer value additions to customers. For example it would not be a bad idea for valuers to offer online valuation facilities to their customers. This will go a long way in bringing in new prospects at very affordable rates. Further it also makes great sense to be also actively present in social media sites like Twitter, YouTube, Facebook just to name a few. In fine the importance of internet is too obvious to be ignored.
There is no doubt that modern day technology has impacted many businesses. Real estate valuation is also one such business that has stood to gain a lot from such modern day technology. In fact flipping things around it would be pertinent to mention that use of modern day technology is no longer a choice but is fast becoming a necessity for most valuation business, however big or small they might be. It would there for be pertinent to have a closer look at the ways and means by which technologically can be put to use in the valuation business as it exists today.
However, before getting started it is extremely important for us to understand the need for such technology in the first place. Customers of today are not the same as they were a few decades ago. When these modern day technologies were not available, the customers had to choose from a limited option that was available to them. However, the internet and mobile telephony has literally given a paradigm shift to the way people can now look for products and services. Sitting in the comfort of ones home, it is now possible to look for the best of valuers and appraisers. Hence, customers of today will not jump to conclusions but will take their time and evaluation each option weighing the various pros and cons.
In such a situation, it is important for valuers to also ensure that they are in line with changing times as far as modern day technology is concerned. This will enable them to stay ahead of competition and also add more value to customers. For example, offering online valuation is something that could radically change the business prospects of modern day valuers. It could wipe off competition in on stroke because it will be something that will certainly go down well with modern day customers.
This is because today’s customers would like to go in for products and services where they can save time and effort. When buying a home or selling it, customers would not like to make repeated visits to valuers office. Instead they would be happier getting it done using the power and reach of the internet. However, for this to happen, it is important for valuers to automate the entire back office operations.
Given the increased levels of competition, it is becoming increasingly difficult even for the best of valuation businesses to retain their market share. Hence, they are always finding out ways and means by which they can become more efficient, productive and start adding more value to the customers. Unless customers perceive more value for the money they are buying they are unlikely to stick on for a longer period of time. Therefore, the onus lies on the services providers to find out ways and means by which they always can keep continuing more value to their customers.
In the pursuit for value addition to their customers, it is important for valuation companies to understand the importance of harnessing technology to their advantage. Today, even the smallest of business dealing with basic products and services are dependent heavily on technology. So, when it comes to a crucial service like valuation, there is every reason for valuation companies to find out ways and means by which they can become more price competitive and more sought after.
Modern technology can be used in more ways than one. One could try and automate the entire valuation process at least at the back end to begin with. This in itself will go a long way in removing process bottlenecks and improve productivity and efficiency but quite a few notches. In the same light valuers can also think of going in for online valuation which could also play a big role in adding real value to the customers. However, going in for online valuation is not as easy as it seems and it has to be carefully thought through.
When talking about using technology to the advantage of valuation companies, one must not forget the importance of being actively present on the various social media website like Facebook, Twitter to just name a few. Being actively present here and ensuring that your business become more visible will certain go a long way in bringing in more customers to your fold. It will also help you to diversify easily to other business activity without too much of effort. Hence, at the end of day taking help of technology is not a luxury but an imminent necessity, for all the valuation companies.
There are many reasons why embracing of technology is a must for valuers. The biggest reason is because of changing customer buying habits and behaviors. Today’s customers are hard pressed for time and therefore would like products and services made available at their doorsteps. The same applies to real estate valuation too. Those who have gone through the process of valuation of property would understand that it is quite big, complex and time consuming. There are many documents that need to change hands quite a few numbers of times.
Under such circumstances the customers would be very happy if they could get all these repetitive and mundane tasks done sitting in the comfort of their homes. This would require valuers to understand the importance of offering online valuation facilities to their customers. This would certainly be a game changer and help customers to get their job done sitting in the comfort of their homes or offices.
From the valuers points of view also, they stand to benefit a lot by offering online valuation. They will be able to become more efficient and productive and lot of unnecessary duplication of works can be done away with. They would also be able to offer their services at much more reasonable rates. The speed at which the valuation reports are disposed off will also increase quite significantly. All in all it certainly will be a win-win situation both for the customers and the valuation company. Further, the customers will also be able to find out more about the valuation market because of the information that is available in the service providers’ websites.
But the process of moving from a manual to automated environment cannot happen overnight. It is a time consuming process. Each and every manual process, sub-process and step must be mapped and the equivalent automated process must be put in place. It should be totally free of errors and glitches before being made available to customers.
In modern day business only those who are able to embrace technology and put it to good use are likely to succeed. The same is the case with real estate valuation business also. One has to find out ways and means by which they can reach out to more number of customers or even prospects using the power of the internet and mobile telephony. Sending out email campaigns, SMS marketing campaigns are a few important aspects that could be thought of. As valuers and appraisers one should also be aware of the fact that valuation is a service and not a product and therefore it needs to be sold by way of better networking and building of relationships. This is best done using modern technologies like the internet and mobile phones.
Apart from networking and building of relationships it is also important to find out ways and means by which you can add value to your customers through these technologies. A classic example is allowing customers to make online valuation applications. This could be a good beginning because it saves the customers and also the valuers lot of personal time required in personally sitting across the table and getting the process moving on. Instead if the valuation companies are able to find out ways by which the customers can apply online along with the required documents, it will certainly go a long way in making the customers happy and will ensure that you are adding some value to them.
It could also be a good idea to share relevant information pertaining to real estate valuation using various modes of technology like emails and SMS. The rules pertaining to real estate valuation keep changing every now and then. If as a valuer you are able to share these changes with existing customers and also prospects you would certainly be adding lot of value. Last but not the least being aggressively present in Facebook, Twitter and other such social networking sites is also very important.
The simplest first step as far as embracing technology is concerned is to have a website of your own. Hence, all valuers however small or big there business might be should have a website of their own. While many of them could be already having their own websites, those who do not have one should immediately go for it. There are certainly a number of benefits that could come your way once you have your own website. The result may not be visible immediately, but it is something that will yield very good results over a period of time.
This is because most of the customers make use of the internet to seek information and knowledge. They even make buying decision only with the use of the internet. Under such circumstances it is very important for valuers to understand the importance of being present on the internet quite aggressively. The first starting point as mentioned above is having the own website. Further, the contents available in the website should be interesting and must drive traffic to it.
Further, the website must be linked to all the major and popular social networking sites like Facebook, Twitter, and Linkedin. This is very important because this is where most prospects hangout for a long period of time and hence it could be the right place to look for the right customers. Last but not the least, the valuers must use the internet technology to their advantage and must offer value for money to the customers. This could be done by offering online valuations to customers. This will certainly be a game changer because given the time constraints that most of the customers find themselves in, this facility will certainly be of lot of use to them. Hence, the internet and mobile phones over the next few years will be the place where a lot of valuation business will originate and it will also be the place where business will be conducted.
Amongst the various things that have changed in all businesses including real estate business, there is no doubt that technology has been a big harbinger of new thoughts and new ways of doing business. It is therefore extremely important for valuers to keep this point in mind. The internet without any doubt is the one that is bringing about radical changes in the way business is perceived and done. Since, property valuation is a service there is all the more need to make effective use of the internet to add value to the customers.
The basic and primary task is to have a website, however big or small ones valuation business might be. The website might look irrelevant and not of much use today but as the business grows from one level to another it will certainly be a wonderful tool to find out new customers and retain existing ones. But it goes without saying that there should be ways and means by which traffic keeps coming and increasing regularly. At the end of the day, the more the footfalls in websites the better the chances of identifying new customers.
There are many ways by which one can make their websites popular to ensure the desired results. It is absolutely necessary for valuation companies to be present actively in social networking sites like Facebook, Twitter, YouTube, Linkedin, and quite a few others. Once the website is actively present and there is activity taking place, it will not be long before the results start manifesting themselves.
While being on the internet is of paramount importance, it is also important to look into the possibility of offering online valuation facility to customers. This will certainly be a feather in the cap and will most certainly take the valuation business to very high levels. Apart from property and real estate valuations, one could also think of becoming real estate agents and property managers which are complimentary to one another.
The biggest reason why internet can help your property valuation business is convenience. Today’s real estate buyers and sellers are mostly retail customers and time is a big constraint for most of them. They hardly have time to run around to real estate lawyers, agents and valuers in a bid to own their dream real estate properties. Hence, they would rather use modern technology to get the job done. It is here that valuers should understand the importance of the internet. Having a website of your own is the first stating point.
Once you have a website that is of good quality, you have to ensure that it generates enough traffic in it. This would call for having information that is relevant to real estate customers and other stake holders like banks, financial institutions and government revenue departments.
Further as a progressive real estate valuer you should be willing to offer value additions to your existing customers and also new ones. You must seriously contemplate offering them online valuations. This could be a game changer given the time constraints that most of the customers face today. However, offering online valuation facilities is easier said than done. Replicating the manual model with an automated one requires understanding each and every process related to valuation. You may have to take the help and assistance of professionals to get the automation job done for you.
You would also require training for your manpower to ensure that they are able to handle such automated valuation processes. It is something that cannot be done overnight but should be thought through. Once you have a fool proof online valuation process, ensuring that it reaches as many prospects as possible is another challenge that you must overcome as early as possible.
Being successful in the real estate valuation business is all about establishing contacts and building relationships. This should of course be ably supported by good services and a 100% commitment to customer excellence and delight. Today the internet and the mobile phones are the best way to develop new contacts and build a network of like-minded people. The biggest example of networking is without doubt the various success stories of MLM companies. Today, when we talk about success in the real estate valuation business, it is all about building networks and making friends with new people and new entities.
As a property valuer if you have your own website it certainly makes a big difference. Today the internet is the place where almost all information is searched for. Hence, by having a website of your own, it is quite possible for you as a valuer to reach more number of prospects. It is however important that you take steps to increase traffic to your website and there are many ways and means by which this can be done.
Many valuation companies have achieved high levels of success because they have been able to leverage the reach and power of the internet. They have found out some great ideas by which they can do so. For example, many valuation companies have found it prudent to take part in different types of web awards and competitions. There are others who have placed a lot of importance on conventional SEO campaigns which even today continues to be very powerful.
There are quite a few others who have who have become members of some reputed online organizations that have a lot in common as far as real estate and other property valuation is concerned. Many have their accounts on Facebook, Twitter, Orkut and other such networking sites by which they are able to not only touch base with new prospects, but also are able to share a lot of useful and pertinent information to the viewers in general. Hence, being present on the internet is something that will over the years become a dire necessity rather than being seen as a choice.