7 Tech Mistakes That Are Killing Real Estate Businesses Now
These tech mistakes are devastating businesses, and are setting many real estate companies and investors up for bankruptcy.
Be sure you aren’t copying these blunders that can cannibalize your venture.
Artificial Intelligence
Just as spell check and autocorrect tools still haven’t been perfected and create a lot of frustration some 20 years later, there is still a lot of intelligence lacking in AI tools.
It may be trendy, and we all have to adapt to the times, yet, poorly implemented this is destroying even large multi billion dollar companies rapidly.
The biggest and most devastating issue here is installing AI chatbots and doing away with human customer service. It is just alienating the best leads and long term customers and revenue sources.
Then there is ChatGPT, spinning out cheap low grade content which is no doubt burning years of work and investment in SEO rankings. It may be used for expanding your non SEO content, such as emails, as long as you manually review them word by word. Though overall, it is likely doing more harm than good to most real estate companies. Many may find it costs an enormous amount to recover from these mistakes, if they can escape Google penalties.
Automated AI based decision making tools, such as for credit, also bring more risk than most have thought through. They have not been tested in the courts yet to fully see the liability at stake.
Privacy & Data Protection
Especially when it comes to plugging in new tech tools and automation businesses are requesting more sensitive data than ever. Including IDs, facial recognition verification, and more.
These are an area of massive legal liability. Only collect what you need. Only hold onto what you need. Be sure you are in compliance with data laws, and have the legal team and finances to deal with any issues that arise from data breaches and hacks.
Not Testing From A Consumer Perspective
Do embrace new technology. Just make sure you are first testing it thoroughly from your customers’ perspective, and routinely test it again.
If it is not adding value to them, and making the experience better, it will cost you a lot more than you think the efficiency is making you.
Failing To Hire The Best Talent
The best team wins. You may not be able to afford to keep up with paying current rates of $390k to $900k a year for AI talent. Though you can, and must afford the best business development and marketing managers you can find. Those that can bring years of experience across all mediums, channels, and technologies, and help implement the right choices for your company with a refreshed and modernized strategy and plan.
Failing To Update Websites
If your website is so outdated that it burns teenagers’ and childrens’ eyes, it’s time for a makeover. Today, it’s not only about design in visuals, but also carefully crafting words that sell.
Not Using The Data That’s Available
The recipe for success is combining human expertise and hard data.
Don’t guess what is working in your business and marketing, or believe the mainstream media headlines for what’s happening in the economy or with inflation.
Use the most accurate data you can find. Make sure that it is interpreted accurately, with relevance to your industry and individual business and customers.
Not Prioritizing The Right Metrics
When you start digging into the data it is easy to get lost and distracted with so many metrics.
Focus on your NPS score and real profit.
Top Funding News
|
|
|
|
|
| Linked In | You Tube | Google+ |
"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
- Frank Olaitan, Real Estate Investor, MD
"I can't thank you and your company enough for providing funding for our latest project, and right at the last minute. You came through with funding in less than 24 hours and coordinated with the closing agent and attorneys like you had been involved with our project the entire way. I'll know exactly where to call for the funding we'll need for our next project."
- Dave Pricken, Real Estate Investor, NJ
"Thank you so much! I just had a talk with our Realtor on both properties and told him amazing things about your company!... Normally I rehab the houses and re resells them. I just don't have the patience for that work anymore. This [transactional funding] is such a better way for me and less stress."
- Steven Kupecz, Real Estate Investor, TN
"We want to thank you for the exceptional customer service you provided. No one comes close. We had contacted a competitor the same time we contacted your company. Your company responded with in a few minutes while the competitor has yet to respond weeks later even after multiple phone calls and emails. Thanks again for the unmatched customer service."
"We had looked into several transaction lenders for a couple properties we were trying to flip. Your company was the most responsive and had the best pricing. Even though we had logistics issues with the B/C lender, your company acted very professionally and handled our requests beyond our expectations."
"Thank you for your commitment to an excellent customer experience."
- Phoenix Properties, LLC, Ronald Destefani, Investor, PA
"I was studying on how transactional funding works and you guys had the best and most thorough explanations posted so I could fully understand the details in back to back closing. I'd already started setting everything up but your video confirmed that I'm on the right track."
- La'Donna Turnipseed-Scott, Investor, LA
"....a few months back, I happened upon a video, on your site, regarding the use of transactional funding with Hud properties; and I found myself replaying the video over and over because of the value that I saw in the message...it actually explained the process, step-by-step on how to submit a Hud deal by using transactional funding. Once I completed the video, my initial response was to take immediate action by duplicating what I had learned from the video into real time. So I did some research on properties in a market where I knew I had buyers; and put together a hud deal. I then located a realtor able and willing to submit my bid online and within a couple of days, to my surprise, received a call telling me that I had won – my very 1st Hud bid."
"To you I say, ”KUDOS to Best Transactional Funding and Thank you for providing the education and services to Real Estate Entrepreneurs like me. Please keep up the good work!'"
- T. A. Davis, Investor, NJ
"You each deserve high marks for your wonderfully quick response time to each of our questions and requests! You hit home runs with us! Your application system was easy to use. Our deal met your qualifications and every time Rob Kozak or any member of Mystic Properties, LLC phoned, we received a "real" person dialing back to speak with us.
Your patience and persistence were exceptional in dealing with our business interests. Thank you for such great customer service! We look forward to working with your staff, again, in the future. We like referring people to you, as us, our team would have missed-out on an excellent earning opportunity.
Your help negotiating with our title company made our back-to-back deal, finally happen. People noticed on settlement day how effectively and efficiently your part of the transaction was organized and executed. Again, thank you for truthfully being the "BEST" at what you do!"
- Diane McAdams, Mystic Properties, LLC, Real Estate Investor, Pennsylvania
"Boy, you guys are impressive! I can’t thank you enough for scrambling and getting my deal done at the last minute like that. You and your team were awesome!"
- Donna Bauer, The NoteBuyer Inc., Real Estate Investor, OH
"Thank you so much for working so diligently with me. Your services really are the "BEST". I look forward to working with you in the near future!"
- Ericka B., Real Estate Investor, CA
