Optus Enterprise and Business shared research revealing the real estate industry’s plans to invest in technology to combat challenging economic conditions ahead.
Following the decision of the Reserve Bank of Australia to increase interest rates on house prices and sales throughout last year, many in the real estate industry were unsure how the market would react. The
Optus Business Real Estate Industry Pulse 2022 report, conducted by ACA Research, discusses the uncertainty and ways in which the industry plans to respond in order to continue growth.
Despite a challenging close to 2022, the industry continues to be optimistic. Confidence in the market remains high with 100% of firms surveyed in Western Australia, while nationwide levels drop to 81%. Respondents cited time management (25%), economic uncertainty (24%), and mental health struggles (24%) as challenges to achieving key objectives.
Respondents did recognise that technology is an enabler of efficiency, cost control and business growth, leading to improved revenue. For 39% of businesses, technology is imperative to strategic plans, whilst 89% regard it as essential to daily operations.
The majority of businesses (84%) want to improve customer experiences and management. The implementation of technology will be critical to meeting this goal. An example of this is the use of solutions like Optus’ Call Notes, which demonstrates how small businesses, including those in the real estate market, can work and engage with customers, while being on the move with confidence that crucial details are captured.
Real estate companies are also exploring advanced technology such as drones, Internet of Things (IoT) devices, augmented and virtual reality or AI-based applications. By leveraging virtual technology solutions that champion modularity, nurturing client relationships remotely with flexibility and variance becomes easier.
Sean Casey, Vice President Customer Care, Enterprise and Business at Optus, said, “Harnessing 5G technology can keep homes connected to the latest technology and elevate virtual home tour experiences. Real estate agents can give buyers seamless, ultra-high definition, tailored services remotely, with less disruption from geographical borders, upload capacities, or speed limitations.”
With 36% saying new tech is hard to integrate with legacy solutions, some companies run the risk of staying stuck in the past, as well as exposure to growing cyber security threats.
Mark Bouris, Executive Chairman at Yellow Brick Road Home Loans said, “Connectivity will play an important role in empowering the real estate market to return to a growth mindset following the interest raises last year. Through technology and innovation provided by companies like Optus, agents will be able to provide a seamless customer experience like never before.”
Across businesses surveyed 89% indicated a need to upgrade at least one application over the next 12 months. With 54% planning to update their financial software, 42% their project management software, and 44% their communications and collaboration software.