The virtual residential future day 2020 was entirely in keeping with the concept of digitization. Marc Schmidt, owner and consultant of ExcellenceSales, interviewed EverReal founder and managing director Nessim Djerboua about future-oriented technologies. The key statements are briefly presented below.
The question whether the coexistence of humans and machines is a conflict is not new. This question was already being asked in the second half of the 18th century, when the industrial revolution began.
At the beginning of the 19th century, over 80 percent of the population in Germany was still working in agriculture. The new possibilities revolutionized manual work by machines. Many people were relieved of hard physical labor and urbanization took its course. The world of work changed - new technologies created new branches of industry and professions.
Now the fourth phase of industrialization has begun, Industry 4.0. Information and communication technologies are re-connecting industry and creating revolutionary possibilities. But not only industry will change. The real estate industry, the banking sector and almost all other branches of the economy can also profit from the new potential.
Nessim Djerboua says of the changes in the world of work brought about by digitization: "Machines will take on tasks that are repetitive, where people's real abilities are no longer needed. People are strong in creativity, empathy, strategic thinking and working with people and less in entering data. That's why I think the machine will really help people to focus on the important things."
With EverReal's software solution, automated processes take over exactly such recurring administrative processes. The software recognizes missing documents, e.g. in self-disclosure, automatically requests them and deposits them with the appropriate interested party and object. Or making appointments for viewings. By means of an online appointment calendar, suitable interested parties receive direct appointment suggestions that they can book themselves.
The real estate industry, similar to the finance and insurance industry, is considered rather conservative. It is difficult for them to digitalize themselves. But why?
There are many different theses about this. One is that B2B companies transform and digitize more slowly than B2C companies. More complex processes and the high value of personal relationships are cited as reasons.
Another explanation is that the real estate industry has not yet been under strong pressure to digitize. Unlike the service sector, static real estate cannot simply be "digitized away".
One industry that has been, and still is, under much greater pressure to digitize is the media industry. Whereas 27.3 million daily newspapers were sold in 1991, by 2019 the figure had fallen to just 13.5 million!
Nessim Djerboua, himself a major technology enthusiast and Silicon Valley veteran, sees great potential for the real estate industry. "Competition between property managers, or estate agents, has always been there, but less on a technological basis. That is changing now."
Again, a practical example: Until recently, the tenant change process was very time-consuming. Administrative tasks such as coordinating inquiries and viewing appointments, selecting the right applicants and repeatedly entering data made the process very tough in some cases.
With its digital solution, EverReal has managed to simplify this process considerably. Employees can once again concentrate on matters that really move the company forward: personal meetings, more time for customers and further training.
To this end, EverReal has digitalized the entire rental process. From the termination of a tenant to the handover to the new tenant, the software takes over administrative tasks for the landlord. "So that this one can really concentrate more on reducing vacancies, has even better customer contact and can react faster to offer the better customer experience."
Measured by their market capitalization, eight of the ten largest companies worldwide are technology companies. All of them use data to support their business model. For at least 50% of them, data is an essential part of their main business model.
The real estate industry also has huge potential for the use of data. But first, data must be systematically collected, processed and evaluated in a structured way. Then important insights can be drawn from the data.
Data helps in decision-making and minimizes possible risks. Furthermore, data enables cross-selling. In this way, tenants can be offered products and services that are ideally suited to their needs.
The question is often asked whether the basic data protection regulation and working with large amounts of data is a contradiction in terms. The answer is no.
By making data anonymous, similar to the Corona-Warn-App, it can no longer be assigned to an individual person. And yet important insights can be drawn from the data. For example, it is possible to see what the typical customer and structure in a residential property looks like.
In EverReal's dashboard you can see all relevant data on your entire property portfolio at a glance. And, of course, it goes into even more detail. For each property, you can see how many interested parties there were, how many applicants, viewing appointments, and even the final conclusion of the contract. In this way you gain important insights into where things are not yet running smoothly in the process. All this data is collected anonymously and, in accordance with the GDPR guidelines, data protection is one of the most important issues for us.
It is important to us that your data also belongs to you. All our processes are 100% GDPR compliant.
In addition to a more comprehensive insight into the above-mentioned topics, Marc Schmidt also asks the exciting questions of whether software-controlled marketing is more of a curse or a blessing and how Nessim Djerboua imagines the real estate industry in the year 2030. You can watch the complete interview here.
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