All but one of the companies in the real state market are 100% dependent on their agents to drive the conversation with Prospects.
The Real State Market In Portugal is very competitive and pulverized. Even the process of narrowing down to 10 companies was a challenge. Also, it is a market that has shown incredible growth in the last years, as well as an increase in complaints from consumers. Mostly, they complain about lack of communication and transparency from companies.
When we look at the Digital IQ of the companies that intermediate purchase and rent of houses and apartments, couple of things drew our attention. Most companies have a search structure, to help consumers find what they are looking for. However, companies still lack in technology to help consumers in their search. Brands are not using methods such as contextual search, multi faced search and added information to help the decision making process. Information such as school zone, hospitals and public transportation is all but nonexistent to help in the search process
For this study, we analysed the portuguese websites of:
JLL, ERA, Century 21, Remax, Sothebys Realty, Luximos, Engel Voelkers, Zome, KWPortugal and Domus.
Digital Ads, Paid Media and Analytics
When we look at Ads, we can see that most companies in the market have the capabilities to invest heavily in Search, Display and Social Advertising – Google and Facebook in Particular. Two companies are starting to use real time bid optimization and remarketing and programmatic advertising to expand its outreach. On the other hand, when we look at Companies' analytical capabilities, firms cannot yet measure the results of all their investments. Although web analytics, tag management and heat mapping solutions are all well in use in the market, we cannot see advanced analytics initiatives such as customized dimensions, clients ID, events, AB testing and Struggle detection. Meaning that companies still fail to have a comprehensive understanding of their client´s behavior and how advertising impacts the purchase process.
Marketing automation - Driving the conversation with prospects and clients
Real state is a high engagement purchase process. Clients usually take their time, do research, visit several different houses and apartments and collect a lot of information before coming to a decision. However, only one company has the capability to manage that engagement over the long team using automation tools. Marketing Automation would allow companies to map all the interactions, send information on all of the properties visited and similar ones, organize visit calendars and decide when and what clients to put in front of their agents. However, only one company in the study if prepared to do that. All other still have to put all of their leads with an agent without controlling and managing the interactions from then on.
Show me the money
Most Brands in the Residential Real state Market still rely on a very expensive and uncontrolled sales process. This increases the cost of sales and makes it difficult for brands to engage with leads, showing them alternatives beyond what was requested. Brands have an opportunity to both decrease their cost of sales and increase their conversion rates by investing in Marketing automation to support and organize their sales initiatives.